If you don’t have the cash available to make your RRSP investment, borrowing the funds with an RRSP Loan or RRSP Line of Credit (R-LOC) from Winnipeg Police Credit Union is the next best solution. RRSP Loans and R-LOC’s are offered as low as the prime interest rate. The actual interest rate charged depends on the type of RRSP investment you make. By applying your tax refund to the loan, you reduce your overall borrowing costs.

If you’re borrowing funds to make your annual RRSP contribution, you have up to one year to repay the RRSP Loan or R-LOC. If you’re borrowing a larger amount to take advantage of your accumulated RRSP “room” as reported on your last income tax assessment notice, you can extend the repayment period.

*All RRSP Loans and lines of credit can be repaid at any time without penalty.

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