RRSP Loans

Make your money work for you

Why get an RRSP Loan?


Maximize your contribution
Borrow funds to contribute to your RRSP


Save on taxes
By contributing more to your RRSP you reduce your taxable income – saving you money


Save money on interest
As long as you keep your investment with Prospera, your interest rate stays at prime





Options:

1 year Loan

  • Choose an amount: $500 up to $22,450
  • No payments for up to 120 days*. Make your first payment with your tax refund
  • One time application: Re-advanceable to the approved limit once paid off every 12 months

Catch-up loan

  • Choose an amount: $5,000+
  • Select a term up to 5 years, with amortization up to 10 years to keep payments affordable
  • No payments for up to 120 days*. Make your first payment with your tax refund





*Interest on the outstanding balance will continue to accumulate during this deferral period.

 

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