Personal Credit

RSP Loans and Line of Credit

We have three ways to help you maximize your registered retirement plan contribution. Choose from a TD Canada Trust On-the-Spot RSP Loan, a CarryForward RSP Loan, or a Line of Credit.

Find out why using a loan or line of credit to maximize your RSP contribution makes sense.

TD Canada Trust On-the-Spot RSP Loan

The TD Canada Trust On-the-Spot RSP Loan¹ is extremely flexible. In fact, you can defer both the principal and interest payments for up to 120 days² - until your tax refund arrives. So, if you qualify for a refund, you can use it to pay back part, or maybe all of the loan.

Get more information about this retirement loan option.

TD Canada Trust CarryForward RSP Loan

The TD Canada Trust CarryForward RSP Loan¹ is designed to help you take advantage of any unused RSP contribution room. This amount can be substantial, so TD Canada Trust has designed the CarryForward RSP Loan with a $50,000 maximum limit. To help reduce the amount of the monthly payment, the TD Canada Trust CarryForward RSP Loan may be amortized over a 10-year period, and the payment can be deferred for up to 120 days.²

Get more information about this retirement loan option.

TD Canada Trust Line of Credit

A TD Canada Trust Line of Credit¹ is an ideal way to meet current and future RSP contribution needs. You can use your TD Canada Trust Line of Credit to make your RSP contribution into any of our RSPs and not have to worry about arranging financing during the busy RSP season.

Best of all, you can lock in the amount you use for your RSP contribution (minimum $1,000) with our RSP Fixed Rate Advantage Option and enjoy the same features and benefits as a fixed-rate RSP Loan. Some conditions apply.

You can apply for a TD Canada Trust Line of Credit online, but to use the RSP Fixed Rate Advantage Option, please call 1-866-222-3456 or visit any TD Canada Trust branch.

Get more information about this retirement loan option.

¹ 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.
² Interest on the outstanding balance will continue to accrue during this period.

Why using a loan or line of credit to maximize your RSP contribution makes sense
(Consult with your financial advisor)

• Over the long term, the benefits of deferring taxes and earning compound interest can far outweigh the interest cost of using a loan or line of credit to contribute to your RSP.
• You can apply your tax refund against the loan or line of credit to pay down a large portion of it and substantially reduce your interest costs and payments.
• To help you better understand why investing in an RSP makes good financial sense, we have provided two excellent charts with examples and valuable information:

Visit the RSP Centre for RSP information, investment choices and tools.
Our Contribution Calculator tool can help you determine your retirement needs and goals.