RRSP Line of Credit
Making an annual RRSP contribution is as easy as transferring the funds from a pre-arranged line of credit. It’s a convenient option for people who borrow to make annual contributions, those who want to maximize this year's contribution or those wanting to take advantage of unused carry-forward amounts.
- Apply only once
- Competitive Rates
- Lump sum repayment available
- Easy phone call authorizes transfer
- Make extra payments anytime, without penalty
- Payment only 3% of outstanding loan balance
- Limits available to $30,000
- Available to purchase Newfoundland and Labrador Credit Union RRSP products
- Credit life and disability insurance available
- Available to purchase Mutual Funds**
**Mutual funds and financial planning are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Using borrowed money to finance the purchase of securities involves greater risk than purchasing 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. Unless otherwise stated, mutual fund securities and cash balances are not insured or guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Their values change frequently and past performance may not be repeated.
*All lending is subject to credit approval within normal credit guidelines.