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.