Loans to help you increase your annual RRSP contribution or borrow all of your contribution if you find yourself short of cash at RRSP time.
Not contributing one year can have a real impact on your retirement income objectives. Borrowing to contribute to your RRSP might be a better plan. Your tax savings and investment earnings that accumulate on a tax-deferred basis compensate for the real cost of the loan.
Which loan is best for you?
| RRSP loan |
Borrow amounts of over $5,000 at a better rate than a personal loan. Ideal if you plan to repay your loan quickly.
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| Unused contribution room RRSP loan |
Borrow at an attractive rate and repay your loan over a 10 year period.
If you haven't made your maximum allowable contributions each year, the difference has been carried forward since 1991 as unused contribution room, which you can use to contribute at any time.
To apply or find out more, see the section unused contribution room RRSP loan.
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