RRSP Loans
Build
up your retirement nest egg while you take advantage of tax breaks.
With the help of an Sun Financial 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 Sun Financial account.
What are my RRSP loan options?
You have two options:
- 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.
- 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 Sun Financial, Credential Asset Management Inc.*, Credential Securities*, Credential Financial Strategies Inc.*, Qtrade Direct Investing™* and Qtrade Guided Portfolios™*.
Looking to learn more? Find it here:
*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.
Qtrade Guided Portfolios is a trade name of Credential Qtrade Securities Inc.
Online brokerage services are offered through Qtrade Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade and Qtrade Direct Investing are trade names and trademarks of Aviso Wealth.