RRSP Loans

Build 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, Aviso Wealth, Qtrade Direct Investing ® and Qtrade Guided Portfolios ®.

Looking to learn more? Find it here:

What should I bring when I apply for a loan?

There are three main things you’ll need to have with you when you’re applying for an RRSP loan.

  • Two sources of income verification.
    • If you’re a salaried employee, this would be your last two paystubs or a letter from your employer and your T4 or Notice of Assessment (NOA).
    • If you’re self-employed or a business owner, you’ll need to supply copies of your T1 General (income tax returns and Notice of Assessment) and T2125 (Statement of Business or Professional Activities) for the past three years. We’ll also need to conduct a Corporate Registry Search, but we’ll do this for you. If your business is a corporation or partnership, you're also required to provide your financial statements for the last three years.
  • A full list of your assets – what you own. 
  • A full list of your liabilities – what you owe.

Every loan is unique so there may be times when we need more information. We’ll let you know if that’s the case.

Call our Contact Centre at 1.866.863.6237 to get your loan application started or get the process rolling online.

*Online brokerage services are offered through Qtrade Direct Investing. Mutual funds and other securities are offered through Aviso Wealth. Qtrade Direct Investing, Qtrade Guided Portfolios and Aviso Wealth are divisions of Aviso Financial Inc. 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.

I’d like to borrow for my RRSP