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
The rates shown are fixed in accordance with the Royal Bank of Canada’s prime rate (PR), which is currently at 2.45%. 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
RRSP loan advice
How much do I need for retirement?
There’s no magic formula for calculating how much money you’ll need when you retire. A number of factors can come into play. Here are a few pointers to help you start thinking about things.
Registered retirement savings plan (RRSP): Why invest?
Demystify the Registered Retirement Savings Plan (RRSP) and discover the advantages of investing in an RRSP instead of a TFSA.