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Unused contribution room RRSP loan

Who should get this loan?

Tax payers who want to borrow money to invest their unused RRSP contribution room. An unused contribution room RRSP loan (often called a "catch-up loan") is an excellent choice for tax payers in the highest income tax bracket who will be able to pay off the loan quickly.

If you haven't made your maximum RRSP contribution each year, the difference has been carried forward since 19911 as unused contribution room, which you can use to contribute at any time.

The benefit of borrowing to contribute to your RRSP is that the amount you contribute can be deducted from your annual income, giving you tax savings or a substantial income tax refund. You can then use your income tax refund to pay off your loan ahead of schedule.


Interest rate

Same rate as an RRSP loan

Amount available

Up to the amount of unused contribution room you have


  • Loan payment frequency is flexible: weekly, bi-weekly or monthly.
  • No prepayment penalties: pay off your loan whenever you want, in part or in full, without being charged extra fees.

Loan term

1 to 10 years


Loan insurance (death and disability) available. See Loan Insurance.


  1. To find out more about your unused RRSP room limit, consult your CRA (Canada Revenue Agency) notice of assessment.

Useful links

RRSP loan (over $12,500)
As of January 18, 2018
Term Rate*
1 year 4.75%
5 years 6.35%

* Certain conditions apply. Find out more

Other rates - RRSP loan