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What is an RRSP loan?

If you are temporarily short on cash and can’t contribute to your registered retirement savings plan (RRSP), an RRSP loan may be just the thing for you. In fact, the money you receive from your tax return and investments might even cover the cost of the loan.

This way, you can continue to contribute to your RRSP or increase your contributions, no matter your financial situation. What’s more, if you use your tax return towards payment of your loan balance, the loan will be repaid more quickly.

Why take out an RRSP loan?

  • You receive a higher tax return
  • You take advantage of unused contributions
  • You reach your savings objectives more quickly

The advantages of taking out an RRSP loan with us

  • A wide choice of investment funds
  • Monthly payments in line with your budget
  • Flexibility to repay your loan, in part or in full, at any time
  • Competitive interest rates

Interest rates

The rates shown are fixed in accordance with the Royal Bank of Canada’s prime rate (PR), which is currently at 6.95%. The interest rates are provided for information purposes only and are subject to change at any time, without notice.

Repayment term Less than $5,000 $5,000 and over
1 year PR + 2.25% PR + 0.75%
2 years PR + 2.25% PR + 1.25%
3 to 5 years - PR + 2.25%
6 to 10 years - PR + 3.00%*

* Available for loans of $12,500 or more