It's a loan where the lender's only "recourse" or way to get their money back if the borrower defaults is to seize the asset that was used as collateral...
The confusion often arises because of the immediate tax benefit seen during the contribution years. Since RRSP contributions reduce your taxable income for the year, they can result in...
A Modified Endowment Contract (MEC) is a special classification for life insurance policies in the United States, established under the Technical and Miscellaneous Revenue Act of 1988.
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