Get a Prime +0% rate offer on a TD RSP Loan until March 1, 2023.

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 an 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?

On-the-Spot RSP Loan

  • Great for: making this year’s RSP contribution
  • Borrow up to: your unused RSP contribution limit for this year
  • Term/Amortization: 1 year
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CarryForward RSP Loan

  • Great for: catching up on missed contributions from past years
  • Borrow up to: $50,000
  • Term/Amortization: Fixed rate loan: maximum 5 year term/10 year amortization (maximum 5 year amortization for Quebec loans) Variable rate loan: Maximum 10 years
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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

Learn more about planning for retirement

  • What is an RRSP?

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

  • What are Retirement Income Options?

    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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