Borrow better with a TD RSP Loan

Making an RSP contribution is a great way to pay less income tax while saving for your retirement. A TD RSP loan can help you maximize your contribution.

Why borrow for your RSP?

  • Tax savings

    Making a RSP contribution may reduce your tax bill.

  • Interest rate options

    Choose whether you’d prefer your interest rate to be fixed or variable.

  • Flexible repayment schedule

    Feel the confidence that comes with a realistic repayment plan.

  • Deferred payment option

    You can delay the repayment of your RSP loan (though interest will continue to accrue).

What kind of RSP loan do you need?

The differences between fixed and variable rates

Fixed Rate

  • With a fixed interest rate, your rate and payment stay the same each month, and you know when your loan will be paid off.
  • Even if the TD Prime Rate changes, your interest rate will stay the same.

Variable Rate

  • With a variable rate loan, the interest rate can change during the term and the amount of your principal and interest payment may change. We will notify you if your payment amount changes.
  • If the interest rate goes down, more of your regular loan payment goes toward the principal, so you may pay off your loan faster.
  • If the interest rate increases and your payment stays the same, more of your payment will go towards interest and it may take longer to pay off your loan.

Retirement Savings Calculator

Answer a few quick questions and we'll tell you where you stand and how much to save to reach your retirement goals.

Frequently Asked Questions

Most Canadians don't make the maximum RSP contribution they're entitled to make each year and miss out on the chance to reach their savings and retirement goals faster.
By bridging the gap between your current contribution level and the maximum contribution amount, you can reduce the amount of tax you pay and boost your retirement fund.

Personal loan payments can be monthly, weekly, bi-weekly and semi-monthly. Each payment consists of a portion of interest and a portion of principal. The proportion of interest is higher in the first payment, and it is reduced as the principal is repaid.

Interest is calculated daily on the outstanding principal balance and payable on a monthly basis.

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.

Using credit to contribute more money to your RSP may be the best way to build up your nest egg but consider these factors before making a decision.

  • Age:
    Loans with a long payback period may not make sense close to retirement because the benefits are greatly reduced
  • Ability to Repay:
    Don't borrow more than you can repay because it may make it difficult to save for the next year's RSP contribution.
  • Ability to Borrow:
    An RSP loan will increase your debt service ratio, which may make you ineligible for additional loans down the road while this one is outstanding

It's easy to view the details of your loan in EasyWeb:

  1. Log in to EasyWeb using your username Access Card number and EasyWeb password.
  2. From My Accounts > Accounts, click on your loan name in your account summary.

Learn more about planning for retirement

  • Learn why a Registered Retirement Savings Plan is one of the smartest ways to plan for your retirement while reducing your taxable income.

  • By the time you’re 71, you’ll have to convert your RSP into some form of retirement income. This article talks about the 3 choices you’ll have.

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How to apply for an RSP Loan

  • Book an appointment

    Meet with a banking specialist in person at the branch closest to you.

  • Call us

    Our banking specialists are ready to answer your questions and can assist you in applying for a loan.

    1-866-222-3456 1-866-222-3456

Have a question? Find answers here

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