Hello! I was wondering how I might set-up the following scenario.

We lend privately to real estate investors using promissory notes.

We receive a high rate of interest income. I take this income and deposit it into our RRSPs.

Thanks!

You can now add LOANS specifying that you are the lender and "Other” is the borrower. This feature was added recently so you might want to get the latest eBook version and read the "Loans payable to you, your spouse, or your CCPC” section. The interest, and any principal repayments, will go to your Wallet account in the TIME MACHINE.  My understanding is that interest income does not count as earned income so would not add to the RRSP room and we haven’t set up any way to directly contribute interest income to RRSPs. But I suppose you have RRSP room from other sources of income and there are 2 ways the TIME MACHINE can move the money from the Wallet into an RRSP:

1. Put the RRSP at or near the top of your deposit PRIORITIES, so any funds left in the Wallet will go there, up to your RRSP room.

2. You can also set up an AUTOMATIC deposit to the RRSP.  You’ll have to estimate the interest amount you will be receiving when entering that, so that’s a little trickier. The TIME MACHINE results will show you the net amount of payments from the loan, so you can use that to guide you.