One Year Investment Loan
- one year term
- available at or below Community Savings' Prime Rate
Take Ten Loan
Our Take Ten Loan helps you take advantage of any unused RRSP contributions. With repayment terms up to 10 years, you can set up affordable monthly payments and have confidence in your retirement.
- repayment available for terms up to 10 years;
- loans for up to $50,000 O.A.C.;
- minimum monthly payment $100, payments on automatic transfer;
- GIC and MIC investments qualify for this loan.
- It is advised that you consult with your tax specialist to determine if the "Minimum Alternative Tax" would apply to your situation as a result of substantial RRSP contribution.
Does it pay to borrow?
Investing in a larger RRSP contribution through a loan can reduce or eliminate your tax bill and contribute substantially to your retirement savings.
Investing in a larger RRSP contribution through a loan can reduce or eliminate your tax bill and contribute substantially to your retirement savings.
| COST | BENEFIT | | RRSP Contribution | | $15,000.00 | | RRSP Loan | $15,000.00 | | | *Interest earned on RRSP (4.0% rate) | | $7,203.66 | | * Interest Cost on Loan (6.00% rate) | $5,290.39 | | | TOTAL | $20,290.39 | $22,203.66 |
* These rates are for illustrative purposes only, assuming terms of 10 years and rates per annum.
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