Island Savings

RSP Loan

This loan is for you if:

  • you can't afford to make RSP contributions just yet but you want
    to get the jump on your retirement plans.
  • you need to get that added tax break.
  • you want to get a RSP now for a down payment on a house later.

Overview

Key Features & Benefits

  • Loan amount: maximum $23,820
  • Loan term: ranges from 1-5 years, with an option of up to 7 year amortization, depending on the loan
  • Maximize your tax break
  • Top up this year's RRSP contribution or unused contribution room from previous years
  • Quick approval
  • Fixed or variable rate options
  • Flexible payment options
  • No prepayment penalties

Here's how it works

  1. Contact us using our secure online contact form or call any of our branch locations
  2. Your application will be sent to your local Island Savings branch
  3. One of our account managers will contact you to discuss the details
  4. You'll need to come in and sign some paperwork
  5. You'll receive your money—quick and simple!

Protection

Types of Protection

Loan life insurance

  • Pays the outstanding insured balance of your loan(s), up to $75,000, should you die
  • Benefits are paid directly to Island Savings, ensuring there are no tax implications for your family
  • Available to anyone (up to age 70), regardless of the type of employment
  • No health questions asked and no medical examination is required
  • Covers short and long-term loans of up to 10 years
  • Protects other insurance policies (private and employee benefits) to provide income for your family

Loan disability insurance

  • Covers up to $1,000 a month in regular insured loan payments if you become sick or injured and are unable to earn an income
  • Benefits are paid directly to Island Savings, ensuring there are no tax implications for you or your family
  • Premiums are included in your monthly payments for your convenience
  • Available to anyone regardless of the type of employment
  • No health questions asked and no medical examination is required
  • Covers short and long-term loans of up to 10 years
  • Protects other insurance policies (private and employee benefits) to provide income for your family

Critical illness

If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, critical illness insurance will pay off your loan balance in full.

  • Coverage amounts must equal life coverage and must be between $5,000 and $1,000,000.
  • Available for purchase between the ages of 18 and 59. (Coverage ends at age 75.) Joint coverage is available at reduced costs.

Eligibility

What You'll Need

You'll need to be at least 19 years of age to apply for a RSP loan with us. It's that simple.

Ready to apply? Applying for a RSP loan with us is easy!

Online

Applying for a RSP loan online just takes a few minutes and just four easy steps!

In Person

If you'd rather visit us in person, we'd be happy to go through the application process with you.

By Phone

If you’d like to call us, here is a complete list of our branch phone numbers.