- maximize your annual RRSP contribution (example),
- take advantage of unused RRSP contribution room from the past few years,
- make an RRSP contribution even if you don't have funds set aside,
- reach your retirement goals.
Advantages of an RRSP loan:
- the preferred rate (variable or fixed) is lower than the personal loan rate and may even be as low as National Bank's prime rate (check rates)
- loan terms vary from three months to 10 years
- your RRSP loan is granted when you make your RRSP contribution (using the RRSP investment form)
- you can defer repayment (for three or six months)
- minimum loan amount of $ 1,000
- quick loan approval in most cases
- loan insurance (life insurance) is available.
An RRSP line of credit is more flexible than an RRSP loan.
- Minimum $5,000
- You can repay your RRSP line of credit at your own pace.
- You pay interest-only while you wait for your tax refund.
- You can make regular RRSP contributions thanks to National Bank's systematic investment plan.
- You won't need to apply for an RRSP loan every year.
- Your flex line interest rate is usually lower than the rate on a regular line of credit.
Advantages of a line of credit:
In addition to providing the advantages of an RRSP line of credit, National Bank's flex lines allow you to finance additional projects.
Advantages of All-In-One Banking:
Do you have substantial unused RRSP contribution room?
Would you like to qualify for the best financing rate?
Are you looking for a comprehensive and flexible financing solution?
Would you prefer a leading financial management tool?
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