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How can I use my RRSP loan or line of credit to buy a home (HBP) or go back to school (LLP)?

With an RRSP loan or line of credit1, you can take advantage of the Home Buyers' Plan (HBP) to buy your first home, or the Lifelong Learning Plan (LLP) to go back to school.

Here's how:

  • Take out an RRSP loan or line of credit2.
  • Put the money you borrowed in your RRSP (up to your contribution limit) and keep it there for at least 90 days. Interest charges may apply during this time.
  • Withdraw the amount you need from your RRSP. Note that you will need to pay back your loan in full when you make this withdrawal.
  • Get a tax refund for contributing to your RRSP and put it toward your down payment or use it to finance your studies.


Legal disclaimers

1. Subject to credit approval by National Bank. Consult your accountant or tax advisor to find out if this strategy is right for you.

2. Subject to credit approval by National Bank of Canada. Account statements are produced monthly. Interest accrues as soon as an amount is drawn on the line of credit. $1/month management fee applies. Examples of credit charges calculated for a period of thirty (30) days based on the rate in effect on September 8, 2017:

  Average balance

Regular interest rate (no annual fees)


$3 000

Prime rate + 1.50% (4.70%)



*The prime rate means the annual variable interest rate posted by National Bank, from time to time, and used by the Bank to determine the interest rates on the loans it grants in Canadian dollars in Canada.

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