RRSP Eligible Investments:
Investments in WMIC (Westboro Mortgage Investment Corp.) are eligible for "self directed" RRSP/RRIF's. And, the process is quite simple.
If this is your original investment the easiest way is to make the contribution directly to WMIC by way of cheque and then direct WMIC to register the "Investment Certificate" in the name of your RRSP/RRIF trustee.
- WMIC will require your plan number and the name and address of your trustee. The Investment Certificate will then be forwarded to your trustee where it will be placed in your RRSP/RRIF.
- To invest funds already located in your RRSP/RRIF account the amount you designate to invest will have to be converted to cash, and then invested in WMIC.
- Dividends are usually paid out in cash. However, in the case of an RRSP the interest is usually held within for various tax purposes.
Regardless of the route you choose to take, you have must have a "self directed" RRSP or RRIF account. If your registered plan is not self directed, then the process begins by instructing your trustee to create a self directed plan for you. The WMIC staff would be pleased to provide you with further information and assistance on how to start this process with your trustee.
