Overheard a guy at Tim Hortons talking about his HELOC strategy

I was grabbing a coffee in Calgary yesterday and this dude was telling his buddy he took out a $50k HELOC to put into a GIC ladder because the spread was 'free money'. He said he'd done it twice and it paid for his kids' hockey. Is that actually a thing people do, or was he just blowing smoke?

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quinncarr25d ago

$50k in GICs just to pay for hockey, that guys spread must be like 2% before taxes!