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Borrow better with a TD RSP Loan
Why borrow for your RSP?
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.
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:
- Log in to EasyWeb using your username Access Card number and EasyWeb password.
- From My Accounts > Accounts, click on your loan name in your account summary.
Learn more about planning for retirement
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Application Checklist
To start your application, there are a few things we’ll need from you:
-
Government-issued identification (original and not expired) Examples of valid ID
-
Proof of income
- If employed, provide your last two paystubs
- If self-employed, provide your last two Notice of Assessment documents (tax returns) -
Expense statements: Mortgage/rent payments, utility bills, taxes, other credit statements, etc.
-
Bank account details form for the deposit of funds and to schedule repayment
-
Adding a co-signer?
The same information and documents will also be needed from them -
Applying to consolidate debt?
We’ll need up- to- date statements of those accounts, including their balances and account details -
You consent to credit checks
As part of this credit check, we will give your information to credit bureaus and other lenders. They will give reports and information to us, about you, to help assess your eligibility and creditworthiness.
-
Government-issued identification (original and not expired) Examples of valid ID
-
Proof of income
- If employed, provide your last two paystubs
- If self-employed, provide your last two Notice of Assessment documents (tax returns) -
Expense statements: Mortgage/rent payments, utility bills, taxes, other credit statements, etc.
-
Bank account details form for the deposit of funds and to schedule repayment
-
Adding a co-signer?
The same information and documents will also be needed from them -
Applying to consolidate debt?
We’ll need up- to- date statements of those accounts, including their balances and account details -
You consent to credit checks
As part of this credit check, we will give your information to credit bureaus and other lenders. They will give reports and information to us, about you, to help assess your eligibility and creditworthiness.
How to apply for an RSP Loan
Meet in branch or over the phone