RRSP Loans

If a Registered Retirement Savings Plan is a component of your retirement plan, you'll want to take full advantage of this program every year.

But sometimes life intervenes, and you don't have all the cash you need to maximize your annual contribution. When that happens, an RRSP loan from Wainwright Credit Union can help. You'll be able to make your contribution before the annual deadline, get the tax break, and then use the resulting tax refund to help pay down the loan.

Wainwright Credit Union RRSP Loan options:

The RRSP Loan

Making an RRSP contribution every year makes good sense for so many reasons. But what if you don’t have quite enough cash to make the full allowable contribution? An RRSP loan could be just the thing to help you take advantage of the tax break and prepare for retirement. When you purchase a Wainwright Credit Union or PlanWright investment product, you get a preferred interest rate. You can start to pay off the loan with your tax refund if you like, and make monthly payments for up to one year. Of course, you can make extra payments at any time without penalty. A Wainwright Credit Union RRSP loan…it’s the right choice.

If you are interested in an RRSP Loan, contact your branch for an appointment, apply online or email us for more information.

The RRSP Top-Up Loan

When you look at your Canada Revenue Agency income tax Notice of Assessment, how much RRSP contribution room do you have? Could you come up with that much money all at once so you could add to your retirement fund? Not likely. A Wainwright Credit Union RRSP Top-up loan could be the way to do it. When you purchase a Wainwright Credit Union or PlanWright investment product, you get a preferred interest rate.

You can borrow from $5,000 - $50,000 (depending on your RRSP contribution room), and pay it back over 5 years. Start to pay off the loan with your tax refund if you like, and make monthly payments after that. Of course, you can make extra payments at any time without penalty. A Wainwright Credit Union RRSP Top-up loan…it’s the right choice.

If you are interested in an RRSP Top-Up Loan, contact your branch for an appointment, apply online or email us for more information.

The RRSP Line of Credit

You know you will be making an RRSP contribution every year. As the deadline looms, you might not know what that contribution will be until the last minute. Having an RRSP line of credit in place lets you decide the amount and the timing when it suits you best. The best part is that all you have to do is call us with your instructions. When you purchase a Wainwright Credit Union or PlanWright investment product, you get a preferred interest rate.

You can borrow up to $5,000 per year, start to pay off the loan with your tax refund if you like, and make monthly payments for up to one year. Of course, you can make extra payments at any time without penalty. An RRSP line of credit…it’s the right choice.

If you are interested in an RRSP Line of Credit, contact your branch for an appointment, apply online, or email us for more information.