Borrow
No minimum
Best part
Save on taxes and get lower rates
Use an RRSP loan to make part or all of your annual RRSP contribution or catch up on unused RRSP contributions from previous years.
Benefit from tax-deferred growth within your RRSP and a potential tax refund that you can further invest by maximizing your contribution.
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
Borrow at Vancity Prime+0.70% when you use your RRSP Loan to invest with us.
Vancity Prime Rate: 6.45%¹
As at 2024-09-05
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.
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.
Insurance available
Let’s walk through the process of applying for an RRSP loan.
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.
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.
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
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.
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.