RRSP Centre

• Self-Directed RRSP
• Deduction Limit
• Spousal RRSP
• Investment Options
• Investment Strategies
• RRSP Loans
• How Much Will I Need to Save?
• RRSP Maturity Options
• Annuities
• RRIFs
• Self-Directed RRIF
• How Much Income Will I Need?
• How Long Will My RRIF Last?
• Naming a Beneficiary
• Retirement Planning for Small Business Owners

RRSP Centre

RRSP Loans
How much can you afford to contribute to your RRSP? Does it make sense to borrow to increase your contribution?

Your RRSP deduction limit for this year is calculated using the last year's earned income, in addition to any unused contribution room from previous years. Check your Notice of Assessment from Canada Revenue Agency (CRA) for your total allowable contributions this year.

Should I get an RRSP loan?
An RRSP loan could be right for you if i) you have set very little aside for your RRSP contribution this year, or ii) you have unused contribution room in your RRSP, and would like to increase your contribution.

Try our borrowing calculator to see if a loan would make sense for you.

How do I apply for an RRSP Loan?
Depending on your needs and circumstances, you may apply for one of two RRSP loans: the Retro-Activator® RRSP Loan or the RRSP ReadiLine™ Account.

In order to apply for either of these loans, contact an Investment Advisor at a BMO Nesbitt Burns branch near you.

If you would like a BMO Nesbitt Burns Investment Advisor to contact you, simply complete this brief contact form.

Note: 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.

® "Retro-Activator RRSP Loan" is a registered trademark of Bank of Montreal.
TM "RRSP ReadiLine Account" is a trademark of Bank of Montreal.