RRSP Loans

Getting an RRSP loan can be a smart financial strategy when it comes to making your annual contribution or catching up on unused contribution room.

RRSP Contribution Loan

  • Loan minimum is $500.
  • With a 90-day deferred principal and interest payment option, you can use your tax refund for the first payment or to pay off the entire loan.
  • Borrow up to your annual contribution limit and pay back the loan within the 12-month term.
  • Life, sickness and accident, and critical illness insurance available.

RRSP Catch-up Loan

  • Use the catch-up loan if you need a larger amount for a contribution (minimum $5,000).
  • Loans can be paid off over a longer term. Select a term of up to 5 years, with amortization as long as 10 years to keep payments affordable.
  • With a 90-day deferred principal and interest payment option, you can use your tax refund for your first payment.
  • Make lump sum payments onto your loan principal at any time without penalty.
  • Use your RRSP loan to invest in term deposits, mutual funds, or products offered through SASCU Wealth.
  • Life, sickness and accident, and critical illness insurance options are available.

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Mutual funds are offered through Qtrade Asset Management Inc., Member MFDA. Using borrowed money to finance the purchase of securities involves greater risk than using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of your purchase declines.
 

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