Solar Bonds in Registered Accounts
Part of SolarShare’s mission is to offer accessible renewable energy investment opportunities to its members, many of whom wish to invest through registered accounts, such as Registered Retirement Savings Plans (RRSP), Tax Free Savings Accounts (TFSA), Registered Education Savings Plans (RESP), and Registered Retirement Investment Funds (RRIF).
SolarShare has commissioned an independent legal opinion that Solar Bonds are qualified investments under Regulation 4900(1)(j) of the Income Tax Act. However, it is up to the discretion of each institution to hold Solar Bonds in a registered account on your behalf. Unfortunately, many brokers are not aware of these challenges, and our members often find that their financial institution will not allow them to include Solar Bonds in their registered accounts.
Therefore, as Option #1 below may not be feasible for some members, we have developed 2 alternative options for members to invest in Solar Bonds as part of a registered account:
Option #1 RRSP/TFSA in a Self-Directed Account
Invest in a Self-Directed Registered Plan through your wealth manager, investment advisor, or discount brokerage firm. Get started by sending a link to the SolarShare Registered Investment Introduction Package to your representative. Please note it is up to your advisor and the institution's compliance department to approve a SolarShare investment and set any fees or criteria for investing, and many of our members experience significant challenges in this regard. Please note that financial institutions may also charge fees or set criteria for investing in Solar Bonds. View the Introduction Package here >>
Option #2 RRSP/RFSA in an Account with the CWCF
Open an RRSP/TFSA account administered by the Canadian Worker Co-op Federation (CWCF). They will hold the bond on your behalf in an account with trust agent Concentra Financial. CWCF charges $55 per year to administer the account and you may only hold co-op securities in that account. Be sure to invest an amount that make sense for you based on the interest you will earn after paying the fees. Get started by viewing the CWCF application package for registered accounts here>>
Option #3 RRSP/TFSA/RESP/RRIF in an Account with Caldwell Securities Ltd.
Caldwell Securities Ltd. (CSL) is an Independent Investment Advisory Service that will work with you to manage your investments. Through Caldwell, you can open a registered account in which you can hold your Solar Bonds as well as other investment products. CSL will charge $65 per year to manage your Solar Bonds in an RRSP, RESP, TFSA, or RRIF. Get started by reviewing the process for opening an account with CSL here>>