About TD RSP Loans
Get the most from your RSPs
Ce qu’il vous faut pour prendre votre retraite
A Registered Savings Plan (RSP) Loan is a way to get the funds you need to maximize your RSP contributions, every year and for past years.
If you have an existing Retirement Savings Plan and make regular contributions, but you haven’t been able to save quite enough to maximize your contribution amount each year, you can use an RSP Loan to help make up the difference.
An RSP Loan lets you borrow money in order to help you put more money away now for retirement, and the funds go straight into your RSP. It works just like a regular loan, where you will pay back the amount you borrowed over a specific period of time, except that RSP loans are often shorter than other types of loans.
Even if you’ve missed the chance to top up your RSP contributions in past years, you can catch up quickly with an RSP loan that will allow you to take advantage of income tax breaks and grow your retirement savings tax-free.
The included chart shows the one and 10-year growth potential of two RSP Loan2 amounts at an average annual rate of return of 6%.1 As you can see, borrowing $30,000 could create an additional $23,725 after 10 years.3
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1 Rates are for illustrative purposes only. They are not intended to be representative of current rates.
2 Subject to meeting TD Canada Trust lending criteria. Using borrowed money to finance the purchase of securities involves greater risk than a purchase 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.
3 The figures used in this example are for illustrative purposes only. Figures are not intended to represent present or future rates of return. The cost of borrowed funds is not included.