WHAT IS THE RRSP ACCESS PROGRAM?

This program allows Canadians to use funds in their RRSP to finance their purchase of a Vacation Membership. Our unique program is inspired by the hugely successful Home Buyers Plan (“HBP”) which allows Canadians to access funds in their RRSP for their first time home purchase in Canada.

HOW IS THIS PROGRAM QUALIFIED FOR RRSP’S UNDER THE TAX ACT?

Qualified Canadians transfer their current RRSP funds on a tax-free basis to a new RRSP. The new RRSP then invests the funds in a Canadian Mutual Fund Trust called the “SeaPort Vacation Fund Trust”. This Mutual Fund Trust is a qualified investment under the RRSP Tax Regulations.

WHAT IS THE BUSINESS OF THIS MUTUAL FUND TRUST?

The Trust engages in the business of making consumer loans to creditworthy Canadians to finance the purchase of Vacation Memberships and Vacation condos and villas.

WHERE CAN I OBTAIN MORE INFORMATION REGARDING THIS MUTUAL FUND TRUST?

You may obtain an Offering Memorandum directly from an authorized Securities Dealer licensed in Canada. The Securities Dealer can answer your questions regarding an investment in the Mutual Fund Trust.

WHO CAN QUALIFY FOR LOANS FROM THE MUTUAL FUND TRUST?

Vacation Loans will only be made to creditworthy Canadians for the sole purpose of purchasing a Vacation Product from one of our partner developer in Mexico or the Caribbean.

CAN I USE TAX FREE RETURNS EARNED IN MY RRSP TO COVER THE INTEREST PAYMENTS ON MY VACATION LOAN?

No. Returns earned within your RRSP must remain inside of your RRSP to retain tax deferred status. If you withdraw any funds from your RRSP, the Trustee will levy withholding tax and the amount withdrawn must be added to your taxable income.

WHAT ARE THE PAYMENTS ON MY VACATION LOAN?

If you have not purchased a Retirement Savings Protection Plan (“RSPP”) you will be required to make monthly blended payments of principal and interested. These payments may be amortized for up to 20 years for qualified Canadians.

WHAT IF I AM COVERED WITH RRSP PROTECTION?

If you have RRSP protection, you have the option of making interest only payments until the maturity of the Vacation Loan

WHEN DOES THE VACATION LOAN COME DUE?

The Vacation Loan becomes due and payable in five years’ time. However, subject to the Vacation Loan being in good standing, the Vacation Loan may be renewed every five years until the maturity of RRSP in twenty years.

WHAT IF I DON’T HAVE SUFFICIENT CASH ALREADY IN MY EXISTING RRSP?

Provided that you have available contribution room in your RRSP, you can make additional cash contributions and receive a 100% tax deduction for these additional contributions to your RRSP account.
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Contact Us

We at Seaport Credit are concerned with client satisfaction.

We invite you to contact us about any questions and suggestions about our services.

Call: Toll Free 1 (844) 777-7828

Or (289) 633-2630 for Direct calls

(Toronto & GTA)

Email: info@seaportcredit.com

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