FAQ

FAQ (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
  • 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.

• 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.

  • 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.
  • Vacation Loans will only be made to creditworthy Canadians for the sole purpose of purchasing a Vacation Product from one of our partner resorts in Mexico or the Caribbean.
  • 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 If you withdraw any funds from your RRSP, the Trustee will levy withholding tax and the amount withdrawn must be added to your taxable income.
  • 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.
  • If you have RRSP protection, you have the option of making interest only payments until the maturity of the Vacation Loan
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.
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.

FAQ Retirement Savings Protection Plan (RSPP)

  • The Retirement Savings Protection Plan (“RSPP”) is a financial product which provides you with a Vacation Loan Interest Repayment in twenty years’ time. Provided that all required interest payments are made on your Vacation Loan, SeaPort will rebate your interest payments up to the maximum of the principal outstanding on your Vacation Loan. This allows full repayment of your Vacation Loan while preserving your retirement funds.

• Peace of mind that your Vacation Loan will be fully repaid
• Cash in your RRSP when the SeaPort Trust Units are redeemed at full value.
• The cash in your RRSP will provide funds for a worry free retirement.
• In the event of your death or disability, the benefit of Vacation Loan Interest Repayment passes to your beneficiaries

  • We strongly recommend that all Members purchase the RSPP while at their Resort. If you do not purchase the RSPP, then you will be required to make monthly payments of both principal and interest on your Vacation Loan, based upon a 20 year amortization.
  • When you complete the purchase of your Vacation Membership at your Resort, you will be sent a package confirming the amount of your Loan Interest Repayment. You will receive a signed certificate which should be kept in a safe place for the duration of your Vacation Loan.
  • When you purchase a RSPP, you defer making monthly payments of principal on your Vacation Loan. All of your principal payments are deferred to a time when they can be fully repaid by the Vacation Loan Interest Repayment.
  • Your RSPP must remain in good standing for the full term of your Vacation Membership. This ensures that your and your family will continue to enjoy vacation benefits for the full duration of your Vacation Loan and will allow the Vacation Interest Repayment to be made.
  • The RSPP is available to all Canadians who purchase a Vacation Membership from one of our partner Vacation Clubs in Mexico or the Caribbean.
No. The RSPP can be the same size as your Vacation Loan used to purchase your Vacation Membership and to pay all associated SeaPort fees.

FAQ Vacation Home Buyers Plan (VHBP)

  • This program allows Canadians to use funds in their RRSP to finance the purchase of Vacation Homes. 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.

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.

The Trust engages in the business of making consumer loans to creditworthy Canadians to finance the purchase of both Vacation Memberships and Vacation Homes.
The VHBP program is open to all Canadians with a Registered Retirement Savings Plan account. If you do not have a RRSP, we can assist you to open a new one.
No. The Vacation Home can be located anywhere in the world. Currently, SeaPort is offering the program for Canadians purchasing Vacation Homes in Mexico and the Caribbean.
  • No. You are only limited by the funds available in your RRSP account.
  • Provided that you have available contribution room in your RRSP, you can make additional cash contributions and receive a 100% tax deduction.
  • Provided you transfer your RRSP funds to another RRSP Trustee, the transfer will be tax-free. Like the RRSP Home Buyers Plan, you must repay your loan over up to 20 years time.
No. There is absolutely no connection with the official Home Buyers Plan in Canada. Our program is operated independently by SeaPort.
  • Yes. The VHBP will not affect your current RRSP contribution room or the ability to make future contributions to your RRSP for other investments.  
Yes. You are free to rent your Vacation Home to earn income. As a rental property, you may also be eligible for additional Canadian tax benefits with respect to your operating costs and interest payments. Consult your Canadian tax advisor for more information on this.
  • No. You may purchase as many vacation homes as you choose, provided that you have sufficient funds in your RRSP.