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Accord D RRSP financing

Accord D RRSP financing

  • Interest rate: fixed, depending on the term you choose
  • The financing must be invested in a Desjardins RRSP.
  • Repayment periods: 1 to 10 years, depending on the amount
  • Payment schedule: monthly
  • Deferred payment of principal: up to 6 months, on request. Pay only the interest for this period.

Annual interest rate

In effect on August 17, 2018

Repayment period: 1 year 4.75%1

Repayment period: 3 years 5.10%1

See all rates - RRSP loans

How does it work?

  • Prerequisite: You need to have a Desjardins credit card and a Desjardins Regular Savings Account RRSP.
  • Amount available: $500 to $50,000
  • Pay off your financing before the due date, in full or in part, without penalty.
  • When you borrow to contribute to your Desjardins RRSP5:
    • you can maximise your unused RRSP contribution room4
    • maximise your annual contribution
    • contribute even when you don’t have available cash

Good to know!

  • Your RRSP investments grow in a tax shelter.
  • It's a good idea to use your tax refund to pay back your financing.

Advice

My taxation

Is an RRSP loan right for you?

  1. Rates are subject to change without notice. To get this rate, the financing provided must be invested in a Desjardins investment product.
  2. Calculations are based on the information entered in the simulator and are subject to the following limitations:
    • The interest rate on your financing is not included in the simulator's calculations.
    • The income tax calculation is an estimate that factors in only gross income and basic deductions (basic personal amount).
    • The amounts shown are rounded to the nearest dollar.
    • Penalties apply if you over-contribute to your RRSP.
    • Your tax refund may be lower if you have income that is not subject to source deductions. An example of income subject to source deductions is your salary.
    • Your unused RRSP contribution room is not taken into account.
  3. The contribution limits set by the Income Tax Act do not take into account your contributions to your employer's pension plan; if you contribute to such a plan, your contribution limit will be lower.
  4. Subject to approval by the Fédération des caisses Desjardins du Québec (the “Federation”). Annual interest rates shown are subject to change. Accord D RRSP financing is a cash advance obtained using a credit card issued by the Federation (the “card”) for the purchase of a Desjardins RRSP product. Payments of principal and interest may begin following a deferred principal payment period at the cardholder's request. During this deferred principal payment period, only interest is payable. At the end of the deferred principal payment period, principal and interest are repaid through equal and consecutive monthly instalments determined at the time the cash advance is obtained. If the deferred principal payment period is not requested, the RRSP financing is repaid through equal and consecutive monthly instalments determined at the time the cash advance is obtained. The interest payable during the deferred principal payment period and the equal monthly instalments are included in the credit card's minimum payment due. If the minimum payment due is not paid by the due date, the card's annual interest rate, which cannot exceed 19.9%, will apply to the unpaid monthly instalment. There is no grace period on cash advances, cheques or balance transfers. There is a 21-day, interest-free grace period, where the account can be settled without paying additional interest, for purchases made on the card from the date the monthly statement is mailed or is made available online. Depending on the card used for Accord D RRSP financing, the minimum card payment is as follows: 2% or 5% of the total balance shown on the account statement for the previous period, the interest on purchases and monthly instalments that were not paid by the due date for that period, regular purchases, cash advances, cheques and balance transfers from the current statement period, and interest on cash advances, cheques and balance transfers. To these amounts are added monthly instalments for the current statement period, deferred payment purchases due on the statement date, past due amounts, and any other amount set out in the credit card agreement. In addition, enrolment or renewal fees ranging from $0 to $399 may apply depending on the credit card. Examples of applicable interest charges for a 30-day billing cycle if the average daily outstanding balance is $100, $500, or $1,000: $1.64, $8.18 and $16.36 respectively with a regular annual interest rate of 19.9%.
  5. Borrowing to invest is leveraging. The risk associated with using borrowed money to buy securities is higher than when using your own cash. If you borrow to buy securities, you're required to pay back what you've borrowed plus the interest stipulated in the terms of the loan even if the securities you bought drop in value. Talk to your mutual fund representative for more information about leveraging.

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