RRSP Loans

There are two RRSP Loan products designed to help you either make part or all of your annual Registered Retirement Savings Plan contributions, or to catch up on your unused RRSP contributions from past years. 

The re-advanceable RRSP Loan product eliminates the need for members to attend the branch annually for their RRSP Loans. Subsequent applications may be made via:

  • Telephone
  • Written correspondence
  • Email

RRSP Loan features:

  • Very competitive interest rates
  • Variable interest rate – floats with the credit union’s prime lending rate
  • Quick turnaround time for approvals and processing
  • Flexible payment frequency: monthly, semi-monthly, bi-weekly or weekly
  • 60 day deferred payment option – so tax refunds and pay down or payoff loan
  • Funds can be used to invest in any RRSP investment option available through the Aldergrove Financial Planning family
  • Creditor insurance available to protect you in the event of sickness, injury or death

Re-advanceable Loan

  • Available terms are maximum one year amortization
  • Variable interest rate – floats with the credit union’s prime lending rate
  • Once the first loan is approved, subsequent applications can be done by phone, email or in person

Catch-up Loan

  • Available terms are maximum five year amortization
  • Fixed interest rate – interest rate is set for a term
  • Variable interest rate – floats with the credit union’s prime lending rate

Benefits:

  • Earn more. RRSP Loan is eligible for the memberSHARE Loyalty Program Product Bundles and Bonus on interest paid when approved for payment
  • Flexible payment options – payout at any time without penalty
  • Extra payments at any time saves in interest costs
  • Conveniently available throughout the year
  • Payment protection option protects credit and assets (no health questions for loans under $50,000)
  • Catch-up loans are a great way to maximize accumulated RRSP contribution room and potentially pay less taxes
  • Home Buyers Plan (HBP) – utilize up to $35,000 of qualifying RRSPs to purchase or build a home. Visit the CRA website for more information about HBP.
  • Lifelong Learning Plan (LLP) – withdraw up to $20,000 in total to continue your education. Visit the CRA website for more information about LLP.
  • Contributions can be made to an RRSP until the end of the year in which the member turns 71, provided they still have earned income (or the end of the year in which their spouse turns 71 in the case of spousal plans)
 

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