Recoding money I "owe" myself?
Jason Ahrens
jason.ahrens at rogers.com
Thu Mar 10 21:53:40 EST 2005
Up in Canada we have a plan to help new home buyers.
Under this plan, I can "borrow" money from my RSP to for money for a house.
The amount borrowed has to be paid back within 15 or 20 years.
I'm having trouble figuring out how to record this.
Is this "borrowed" money a liability? It's money I borrowed from myself, but I
have to repay into my RSPs. That money is tied up in the house (Asset) after
purchase but gets repaid from my income (Income). While I have that money "on
loan" from my RSP, it seems to be neither a liability or a direct asset.
What this basically boils down to is that I borrowed money from myself at 0%
interest and have a repayment plan for paying it back.
To make this more fun, the RSP is an investment account, as I pay back into
the RSP, it becomes mutual funds so I cannot use the current monetary value
as an indicator, only the Buy values.
Jason
--
"To see is to forget the name of the thing one sees." -- Paul Valery
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