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RRSP Loans

Maximize Your Tax Deduction

Just because you're short on cash doesn't mean you have to forfeit a financially healthy retirement, or miss out on attractive tax savings.

Contributing to your RRSP on a regular basis is one way to avoid the annual dilemma of having no cash for a deposit to your plan as the deadline approaches.  But don’t overlook the utility of an RRSP Loan.  Borrowing to not miss out on an annual contribution opportunity, or take advantage of your built-up unused contribution room, is a smart way to maximize your tax deduction and build a significant nest egg over time.

Use Your Refund to Pay Down Your RRSP Loan

When you receive your income tax refund in the spring, use it to pay down your loan.  RRSP Loans for an annual contribution are for a maximum term of one year.  But if you have plenty of unused contribution room, terms of ten years are available for larger “top-up” loans.

Terms That Fit You to a Tee

You can choose from a Fixed or Variable rate option.  Monthly, bi-weekly or weekly payment options are available to help you manage your cash flow after tax time.  RRSP Loans are open and so you can reduce the outstanding principal in lump sums at your convenience, with no prepayment penalties.  Plus, optional life, disability and critical illness insurance are available to make sure you and your family are protected in the event of illness or death.

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