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RRSP loans

Make the most of your RRSP.

Borrow

No minimum

Best part

Save on taxes and get lower rates

Get started

Use an RRSP loan to make part or all of your annual RRSP contribution or catch up on unused RRSP contributions from previous years.

Reasons to borrow for your RRSP.

Reach your investment goals

Benefit from tax-deferred growth within your RRSP and a potential tax refund that you can further invest by maximizing your contribution.

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Save on taxes

Use RRSP contributions to lower your taxable income this year. With great rates, you may pay a little in interest to save a lot on taxes.‍

Calculate loan interest

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Save on interest

Borrow at Vancity Prime+0.70% when you use your RRSP Loan to invest with us.

Vancity Prime Rate: 5.95%¹
As at 2024-10-24

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RRSP loan options.

RRSP Re-Advanceable

RRSP Top-Up

Is this for me?

I want to fund RRSP contributions every year without having to re-apply for an RRSP loan.

I want a one-time top-up loan to catch up on unused RSP contributions from previous years.

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Loan length

12 months

Up to 120 months

Minimum

None

$5,000 for terms up to 84 months;
$15,000 for terms from 85 to 120 months

Maximum

Up to your annual contribution limit for this year

Up to your total unused contributions from previous years³

Rate

From Vancity Prime¹+0.70%²

From Vancity Prime¹+0.70%²

Payments

First payment may be deferred up to 90 days after advance.

You can use your tax refund as first payment.

Loan is repayable at any time without penalty.

First payment may be deferred up to 90 days after the advance.

Loan is repayable at any time without penalty.

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Insurance available

Apply for an RRSP loan

Make it happen.

Let’s walk through the process of applying for an RRSP loan.

Talk to us.

Chat with an Account Manager or Lending Specialist. We'll answer your questions and help you move forward with confidence.‍

Or, meet with an investment professional about more ways to manage your RRSP.

Hear your options.

We’ll look at different ways to reach your goal and help you on your path forward. We may even uncover something more favourable than what you came in for.

Provide application documents.

Once the Account Manager or Lending Specialist finds the right solution for you, they’ll put together the application and handle the rest for you.

See document checklist

Sign for your loan.

If you’re an existing member, you can sign virtually. If you’re new, we’ll set up a time for you to visit a branch. If you got a RRSP Re-Advanceable loan last year, you won’t have to sign at all.

Book a call

More on RRSPs.

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Learn about RRSPs and how to open one.

All about RRSPs
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Learn how to plan for retirement.

Retirement planning
6 min read

Why everyone needs an estate plan.

Estate planning basics

View legal details

¹ The Vancity Prime rate represents a variable rate of interest announced by Vancity from time to time as its Prime Lending Rate and Prime rate for interest earned on select accounts. Rate subject to change without notice.

² The annual percentage rate (APR) is compounded monthly, not in advance, APR assumes no fees or charges apply. If additional fees and/or charges apply, the total Cost of Credit and APR would increase. This product, its features and advertised interest rates may change at any time and may be withdrawn by Vancity at any time for any reason without prior notice to the member.

³ Applications and the amount you can borrow are subject to meeting Vancity's usual credit criteria.

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Vancity is proud to operate on the traditional territories of the Coast Salish and Kwakwaka’wakw peoples, and we are committed to Reconciliation as a core value.

© Vancouver City Savings Credit Union