Registered retirement savings plan (RRSP) loan
Planning for the future sometimes takes a back seat to the more immediate needs of daily life. After paying the bills, the mortgage and the weekend getaway, many Canadians find they lack the cash flow to maximize their RRSP contributions every year. The Solutions Banking RRSP loan makes contributing to your RRSP easier.
Contributing to an RRSP is an important part of your financial security plan. By maximizing your RRSP contributions every year, you benefit from long-term compounding of returns and tax-deferred growth of your savings. Using an RRSP loan to maximize your unused contribution room helps you provide the capital you need for your investments to grow large enough to provide a sufficient retirement income. The Solutions Banking RRSP loan can help you invest more money in your RRSP sooner, helping you keep your retirement plan on track.
Features
Our RRSP loan program provides you with a means to top up your annual contribution or get caught up on previous years’ missed contributions.
You can:
- Borrow with interest rates as low as prime1
- Borrow any amount starting at $1,000
- Borrow for up to a maximum of 10 years
- Defer your first payment for three or six months
- Choose a variable or fixed interest rate
- Make additional payments or pay off your loan in full at any time without penalty
- Make loan payments on a weekly, bi-weekly or monthly basis
Want to learn more about the RRSP loan?
Contact a financial security advisor and investment representative to find out if an RRSP loan can help you keep your retirement plan on track. Or if you're already a Solutions Banking client, call 1-866-888-1379 to find out more.
1Prime means the annual variable interest rate published by the National Bank of Canada from time to time. The National Bank uses its prime rate to determine the interest rates it charges on the commercial loans it grants in Canadian dollars in Canada.