Contributing to an RRSP is a smart way to save for retirement as well as reducing your current taxable income. Everyone has the opportunity to contribute to their RRSP for last year’s income taxes during the first 60 days of the year. An RRSP Line of Credit will allow you to make your contribution, get a maximum rebate and pay back your loan when you get your return.
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Features
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Borrow up to $25,000 to maximize your income tax return
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Set up an automatic transfer from your account, another financial institution or a direct payroll deduction
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Variable interest rate at prime plus 1%
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Apply once and use annually
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Conditions
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RRSP must be with Oshawa Community
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Line of Credit must be used to make RRSP contributions
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LOC should be repaid within 1 year to allow access to funds to make a contribution the following year
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