AbstractThe RSP-Mortgage is the creature of financial institutions. It arises out of an agreement between an annuitant and a Trust Company, which is completed by law for tax requirements (registration of the RRSP) and for civil law requirements (relationship between the parties). The RSP-Mortgage is essentially a loan made by the RRSP to the annuitant. The loan is secured by a mortgage on an immovable of the annuitant. A loan however requires a separate debtor and creditor. The thesis of this article is that the RRSP cannot be a lawful lender to the annuitant. Under the Civil Law of Quebec the RRSP is not a trust, with the trustee being the owner of the monies in the RRSP. Nor is the RRSP otherwise constituted as a separate legal person. There is thus no separate debtor and creditor. As a result there is no loan, the mortgage is void, all the monies in the RRSP belong to the annuitant and the annuitant's tax liability determined on that basis.
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