Boost your retirement savings with an RRSP Loan
Don’t let this year’s RRSP contribution room go unused. With an RSP loan from YNCU, you can contribute now, put the potential tax benefit to work sooner, and pay it back over time with a plan that fits your budget.
Make RSP contributions sooner- Flexible repayment options
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Make the most of your RRSP contribution room
An RSP Loan1 can help you make a larger RRSP contribution today, even if you don’t have the cash available upfront. Your contribution may help reduce your taxable income for the year, while giving your retirement savings more time to grow. With YNCU, you can spread the cost of your RRSP contribution over time with a loan that fits your budget — helping you put more toward your retirement now while paying it back over time. Let us help.
FinanceUse your available RRSP room
Use your available RRSP room
If you have unused RRSP contribution room, an RRSP Loan can help you make a larger contribution sooner rather than waiting until you have enough cash saved. This may allow you to put more money into your RRSP earlier and potentially benefit from tax-deferred investment growth over time. Before borrowing to contribute, consider the loan payments, interest costs and your overall budget.**
SaveMake your contribution before the deadline
Make your contribution before the deadline
If the RRSP contribution deadline is approaching and you haven’t set aside enough cash to make your desired contribution, an RRSP Loan can help you contribute in time. This can allow you to use available RRSP contribution room for the applicable tax year rather than waiting until you’ve saved enough. Before taking out a loan, consider the interest cost, repayment schedule and whether the payments fit comfortably within your budget.***
BudgetGive your money more time to grow
Give your money more time to grow
The sooner you contribute to your RRSP, the longer your money has the potential to grow before you need it in retirement. Making a contribution earlier can give your investments more time to benefit from compounding, where potential returns can generate additional returns over time. An RRSP Loan can help you make a contribution sooner if you have available contribution room but don’t have the cash on hand.****
Good to know. How an RSP Loan works.
Check your RRSP contribution room
Step 1
Start by confirming how much room you have available, so you know how much you can contribute.Become a member
Step 2
Open an account in minutes and get access to great RSP Loan rates.Borrow to make your contribution
Step 3
If approved, your RSP Loan helps fund your RRSP contribution before the deadline.Repay the loan over time
Step 4
You make regular payments based on the repayment plan you choose.
Subject to credit approval. Available RRSP contribution room is required. Borrowing costs apply, and investment growth and tax refunds are not guaranteed. Interest on an RRSP loan is not tax-deductible.
What happens if I get a tax refund?
Commonly asked questions
The loan itself does not reduce your taxes. The RRSP contribution may reduce your taxable income, depending on your contribution room and tax situation.
No. Interest paid on money borrowed to contribute to an RRSP is not tax deductible.
Many people choose to use part or all of their tax refund to reduce the loan balance. Whether that makes sense depends on your budget and repayment plan.
That depends on your available RRSP contribution room, your financial situation, and YNCU’s lending criteria.
A spousal RRSP may be an option, depending on your situation and available contribution room. We can help you understand the borrowing process, but tax advice should come from a qualified tax professional.
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¹ Loan eligibility and terms
RRSP loans are subject to credit approval and YNCU’s lending requirements. Approved amounts, interest rates, repayment terms and any applicable fees depend on your circumstances and the loan agreement. Applying does not guarantee approval. You are responsible for repaying the loan and interest regardless of investment performance or any tax refund received.
** Contribution room and tax benefits
Borrowing does not increase your RRSP contribution room. Confirm your available room and deduction limit before contributing, taking into account contributions to all your RRSPs and any spousal RRSPs. CRA records may not reflect recent transactions. Excess contributions may result in tax penalties. Eligible contributions may reduce taxable income, but a tax refund is not guaranteed. Interest paid on money borrowed to contribute to an RRSP is not tax-deductible.
*** Contribution deadlines and funding
To be eligible for deduction for a particular tax year, RRSP contributions generally must be made during that year or within the first 60 days of the following year, subject to your deduction limit and applicable rules. Loan approval alone does not constitute an RRSP contribution. Allow sufficient time for approval, funding and processing; submitting an application before the deadline does not guarantee that your contribution will be completed in time.
**** Borrowing to invest and potential growth
Borrowing to invest involves risk and may not be suitable for everyone. Investment returns may be lower than your borrowing costs, and investments may lose value. Compounding and contributing earlier do not guarantee growth or a positive return. Consider the interest cost, repayment obligations and your ability to make payments without relying on investment returns or a tax refund.
General information
This page provides general information and does not constitute individualized investment, tax or legal advice. Tax treatment depends on your circumstances, and rules may change. Speak with a qualified advisor before borrowing to contribute to an RRSP.