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Home Financial Health Blog It’s time to make up for lost RRSP saving time

It’s time to make up for lost RRSP saving time

by Tim Weichel

If you find yourself short on cash, or you’ve fallen behind with your RRSP contributions, an RRSP loan at today’s low interest rates can help recoup some lost time and get your retirement savings back on track.

At first glance the missed contribution is just dollars and cents. But in the bigger picture there’s also lost time to consider. Time is key to retirement savings and compounding growth, with only so many years available to build wealth in preparation for retirement.

With an RRSP loan, you could recover some of that lost time, boost your retirement savings and take advantage of tax relief all at the same time. Today’s low interest rates also make it an attractive time to borrow.

Easy online application process

We can complete and submit an RRSP loan application online in minutes. For many loans, you’ll know immediately about approval, with funding your investments occurring the next business day.

2017 RRSP Loan Program: Download RRSP Loan Brochure

Here are basic facts about the 2017 RRSP loan program. Contact us for complete details.

Maximum RRSP Loan amount – $25,370

  • Loan terms of 12 to 24 months available
  • Flexible payment options – you can select a 90-day payment deferral for a loan with a 12-month term and have the option to use your tax refund to repay the loan without penalty
  • Competitive interest rate
  • Wide range of investment options:
  •     GICs and Registered Advantage Accounts
  •     Guaranteed Investment Funds

To qualify for a ‘first 60-day contribution’ receipt, your signature must be obtained by midnight March 1, 2017 and documents received in good order by midnight March 1, 2017.

Borrowing to invest in an RRSP may not be appropriate for everyone. You will need the financial means to meet your loan obligations. In addition, investments held in an RRSP may fluctuate in value. You should be aware that, regardless of your RRSP’s performance or value of any investments held in your RRSP, you will be required to meet your loan obligations in full. Please ensure you read the terms of your loan agreement and the investment details for important information.

*With the deferred payment option, interest is accrued for 12 months and payments are divided over a 9 month period.



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