RRSP & TFSA Loans

A little short on cash? If you find that you're a little (or maybe even a lot) short of making your annual RRSP or TFSA contribution, then an investment loan could be the ideal solution!

An investment loan at Northern Savings is a fast, easy, and efficient way to take advantage of tax savings. Whether you are looking to maximize your annual contribution, or to catch up on unused contribution room from previous years, Northern Savings has flexible loan features to suit your needs.

Short-Term Loans

  • Interest rate options as low as Prime*
  • Minimum amount $2,000
  • Maximum amount $5,000
  • 1 year amortization
  • Delay payments for up to 90 days
  • Repay whole or part of the loan at any time with no penalty
  • Instant tax receipts available for RRSP loans

Catch-Up Loans

  • Interest rate options as low as Prime* for 1-year loans
  • Interest rate options as low as Prime + 2% for loan terms of 2-5 years
  • Minimum amount $5,000
  • Maximum amount $20,000
  • 1-5 year amortization
  • Delay payments for up to 90 days
  • Repay whole or part of the loan at any time with no penalty
  • Instant tax receipts available for RRSP loans

Where to Invest?

Now that you have your investment loan, where should you invest your money? There are a variety of investments and alternatives, from easy-to-access savings plans to long-term fixed-rate investments.

    Loan Payment:
     
    *Offer available from January 2, 2018 - March 1, 2018. Rates are subject to change without notice. The Annual Percentage Rate for a representative loan of $5,000 which has no fees with interest compounded monthly, with an interest rate of 3.25%, with a 12 month term which will be repaid in 12 months with payments of $424.04 per month which can be paid at any time with no penalty is 3.251%”