Manulife Bank RRSP Loan

An RRSP Loan from Manulife Bank can help you make your contribution before this year’s deadline of March 1st. The advantages of an RRSP Loan include:

  • Loan terms of 12 to 24 months and no penalty for early repayment
  • A variable interest rate of Prime + 1%
  • You can borrow up to $21,000
  • No application fee
  • A deferred payment option so you can realize tax savings this year

Making a contribution in January of the current year will provide the opportunity for the return on your investment to compound tax-deferred over an additional 14 months.

See the RRSP Loan Monthly Payment Calculator to determine what your monthly payment could be.

Please contact us to book a time to discuss the above investment strategy and how it can be tailored to your financial plan. We can be contacted at (250) 405-3550 or via email. As well, please take a moment to verify your RRSP contribution limit for 2009 found on your 2008 Tax Assessment from the Canada Revenue Agency.

Please note: Using borrowed money to finance the purchase of securities involves greater risk than a purchase using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.

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Stephen Whipp, CFP

The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Incorporated and Manulife Securities Insurance Inc.

The information contained herein is for Canadian residents only and does not constitute an offer to sell or a solicitation in any jurisdiction in which Manulife Securities or its Advisors are not appropriately licensed or registered or where any Product or Service is not eligible for sale. Details are available on request.

Stephen Whipp and Manulife Securities Inc. (Manulife) do not make any representation that the information in any linked site is accurate and will not accept any responsibility or liability for any inaccuracies in the information not maintained by them, such as linked sites. Any opinion or advice expressed in a linked site should not be construed as the opinion or advice of Stephen Whipp or Manulife. The information in this communication is subject to change without notice.

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