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“Green” community bonds gather momentum in Ontario

There is plenty of good news happening around community bonds in my home province. SolarShare, for example, announced on Dec. 6 that it had been approved by the Financial Services Commission of Ontario to sell bonds (which offer a 5 per cent annual return) beyond a cap of $1,000. It is now selling up to $25,000, and can go even higher if requests are approved on an individual basis by their board of directors. This has opened up the possibility off pursuing projects more aggressively. The co-op is now going through a process to make its bonds RRSP-eligible. “Once an independent evaluation of SolarShare mortgages that secure your bonds is complete and we have received a legal opinion based on that evaluation, a self-directed RRSP account can be opened through Concentra Credit Union via the Canadian Workers Co-op Federation (CWCF),” the co-op reported in a recent newsletter. “You are also welcome to take that legal opinion to your own wealth management representative and request an account through other channels” –  i.e. you can take it to your own bank and make a case for carrying the bonds in your existing self-directed RRSP.  MORE

 
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