RRSP loan and line of credit1
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Are you short on cash to contribute to your RRSP?
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Are you looking to maximize your income tax return?
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Are you looking to take full advantage of your unused RRSP contribution room?
If you answered yes to any of these questions, this type of financing could be just what you need. At National Bank, we have RRSP financing solutions adapted to YOUR needs.
RRSP lines of credit are beneficial because they allow you to use your available credit limit to contribute to your RRSP. RRSP loans could be an excellent choice if you prefer to make structured payments.
Contact us!
Contact us today and a National Bank advisor can tell you about our special offers currently in effect.
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RRSP loan |
RRSP line of credit |
| Possible uses |
These solutions can be used to:
- Contribute to your RRSP
- Maximize your RRSP contribution
- Catch up on any unused contribution room
- Help you maximize your income at retirement
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| Minimum amount or minimum credit limit1 |
$1,000 |
$5,000 |
| Term |
From 3 months to 10 years |
You no longer have to submit a RRSP financing application every year. |
| Rate |
Fixed or variable rate |
Prime rate2 + 1.50%
Equal to 3.75% (2.25% +1.50%) on December 11, 20093. Management fee of $1 per month. |
| Repayment conditions |
- Loan repaid through automatic instalments.
- First payment can be postponed for 3 or 6 months1 however interest will continue to accrue during this period.
- Additional payments can be made or the entire loan can be paid off with no penalty.
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- You decide when you make payments. Only the interest are due every month. |
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In both cases, you could eventually pay off a portion of your outstanding balance using your income tax refund. Ask your advisor! |
| Eligible RRSP investments |
Many investment solutions offered by National Bank and its subsidiaries are RRSP eligible.
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| Additional services |
- Life and disability insurance4
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- Life, disability and critical insurance4
- Systematic Investment Plan |
1 Subject to credit approval by National Bank.
2 The Prime rate is the annual variable interest rate published by National Bank from time to time and used by National Bank to determine the interest rates on demand loans in Canadian dollars granted by it in Canada.
3 Statements of account are issued monthly. Lines of credit start to accrue interest as soon as they are used. Examples of credit fees calculated for a 30-day period based on rates in effect on December 11, 2009.
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Average balance |
| Annual interest rate (without annual fees) |
$500 |
$3,000 |
| Prime rate + 1.50% (3.75%) |
$1.54 |
$9.25 |
4 Subject to the terms and conditions specified in the insurance certificate.
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