Home > My ideas > RRSP > RRSP line of credit
RRSP line of credit

Take action now!

Call an advisor at 1-877-522-3863 for more information.

No RRSP contributions for a year could mean hundreds of dollars less come retirement! The RRSP line of credit was designed just for this kind of situation! It’s a convenient way for you to optimize your RRSP contributions and make the most of your unused contribution room.


Why use an RRSP line of credit?

One simple reason: you will avoid applying for credit when income tax season approaches. As long as you don’t exceed the afforded limit, you can borrow for your line of credit. A good solution if you would like a hand to help you contribute to your RRSP every year without having to go to your branch.

CHARACTERISTICS*
Minimum and maximum amounts
  • Minimum amount: $1,500
  • Maximum amount: RRSP contribution limit determined yearly by the government.
Interest rate
  • Attractive variable interest rate.
  • The rate fluctuates according to the Laurentian Bank line of credit base rate.
  • Interest applies only to the funds used.
Access to funds Access your funds solely to contribute to your RRSP by contacting your advisor.
 
Repayment terms Flexible repayment terms are available:
  • 3 % of your line of credit balance;
  • fixed monthly payments based on a 24-month amortization.

Contact one of our advisors at 1-877-522-3863 to see if this product is for you.



Summary

This financing product is suited for you if:

  • You want to max out your RRSP contribution or your unused RRSP contribution room and need some financing to do so;
  • You are somewhat comfortable with interest rate fluctuations;
  • You want peace of mind come retirement;
  • You want to avoid applying for credit each time income tax period approaches;
  • You seek flexible repayment terms.

This financing product is not suited for you if:

  • You are not disciplined in your debt reimbursements;
  • You are not comfortable with interest rate fluctuations.

 

Your next steps