RRSP Loans

Young mother cooks with toddlerBuild up your retirement nest egg while you take advantage of tax breaks. With the help of an Affinity RRSP loan, you can max out on your contributions each year and build a retirement fund that’ll leave your opportunities wide open. 

What can I do if I don't have money for RRSP contributions?

An RRSP loan is a great option. The magic in an RRSP loan lies in the fact that you get tax benefits from your RRSP contributions – tax benefits that can translate into a tax refund. Use your refund to pay down your RRSP loan and you’ll be well on your way to paying off your loan.

Pre-authorized contributions (PAC)

It’s tough to save the money for a big, lump sum RRSP contribution. You can get the jump on next year’s RRSP contributions by setting up pre-authorized contributions from your Affinity account.
See more on  pre-authorized contributions.

What are my RRSP loan options?

You have two options:

  1. RRSP Quick Loan
    This pre-approved, revolving loan helps you contribute to your RRSP year after year.
    • Interest rates are competitive and lower than normal consumer loans.
    • You have 12 months to pay off the balance.
    • There’s no application fee.
  2. Take 10 RRSP Loan
    Maximize your tax savings and top up your RRSP contribution with this one-time loan. It’s a great way to cover a lot of extra contribution room.
    • Competitive rates are guaranteed for five years.
    • You have up to 10 years to pay off the balance.
    • There’s no penalty if you pay off the loan early!
    • $5,000 is the minimum loan amount.
    • $100 is the minimum monthly repayment amount.

Both loans can be used for all RRSP investments offered by Affinity, Credential Asset Management Inc., Credential Securities, Credential Financial Strategies Inc.*, Qtrade Direct Investing and Virtual Wealth.

Looking to learn more? Find it here:

  • What should I bring when I apply for a loan?

  • What’s payment protection?

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Credential Financial Strategies Inc. offers financial planning, life insurance and investments to members of credit unions and their communities. Using borrowed money to finance the purchase of securities involves greater risk than purchasing using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.

VirtualWealth is a trade name of Credential Qtrade Securities Inc.

Online brokerage services are offered through Qtrade Investor, a division of Credential Qtrade Securities Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.