Take advantage of your maximum RRSP deduction limit.
Is this loan for you?
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
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.
To find out more about your unused RRSP room limit, consult your CRA (Canada Revenue Agency) notice of assessment.