Unused Contribution Room RRSP Loan

Take advantage of your maximum RRSP deduction limit.

Is this loan for you?

  • You have accumulated unused RRSP contribution room.
  • You wish to borrow to invest an amount that is equal to your RRSP maximum deductible limit in order to save on income tax.
  • You are able to speed up loan repayment.
Outlines

Interest rate: Same rate as an RRSP loan

Maximum Amount Available: Up to the amount of unused contribution room you have.

Terms: 1 to 10 years

Repayment: Weekly, bi-weekly or monthly, with possibility of partial or total repayment at any time, without penalty

Features

 

Interest rate
  • Same rate as an RRSP loan
Amount available
  • Up to the amount of unused contribution room you have
Loan terms
  • 1 to 10 years
Repayment
  • Loan payment frequency is flexible: weekly, bi-weekly, monthly, or single payment in full
  • No prepayment penalties: Pay off your loan whenever you want, in part or in full, without being charged extra fees
Other

 

More information

What is the benefit of borrowing to contribute to your RRSP?

The benefit of borrowing to contribute to your RRSP is that the amount you contribute can be deducted from your annual income, giving you tax savings or a substantial income tax refund. You can then use your income tax refund to pay off your loan ahead of schedule.

How to find out more about your unused RRSP room limit?

To find out more about your unused RRSP room limit, consult your CRA (Canada Revenue Agency) notice of assessment.

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