Reach new heights and retire confidently. Canadian Northern Bank RRSP loans let you borrow money that you can contribute to your RRSP and reduce your taxable income. As your retirement savings reaches new heights, you can secure your financial future.

Maximize your RRSP contributions.

Why use an RRSP loan?

If you don’t have the funds for your annual RRSP contribution, there’s another option – apply for an RRSP loan to maximize your contributions and still meet your retirement savings goals.

Do the math.

Here's a typical base scenario:

  • Unused RRSP contribution room: $10,000

  • Taxable income: $60,000

  • Approximate tax refund: $3,712

  • Your monthly loan payment: $94.96

Value of a $10,000 investment after 10 years.

This example demonstrates an RRSP loan of $10,000 invested for 10 years will return $2,868

Let's take a closer look.

Start with $1,500.

  • Minimum amount: $1,500

  • Maximum amount: $50,000

Interest rate.

  • Interest rate can be fixed or variable.

  • Interest rate varies according to the amount on loan and the amortization period.

Available terms.

  • 1 year to 10 years.

Repayment terms.

  • Fixed monthly repayments: principal and interests.

  • Reimbursement before term without penalty.

Helpful tips and resources.

This financing product might be right for you if:

  • You need some financing to max out your RRSP contribution or your unused RRSP contribution room.

  • You want peace of mind when you retire.

  • You would like to invest an additional amount in your RRSP.

This financing product might be right for you if:

  • You can’t commit to regular debt repayments.

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