RRSP Loans

Unity Credit Union makes saving for your retirement a whole lot easier with a CU TAKE TEN® RRSP Loan.  You can max out your Registered Retirement Savings Plan (RRSP) contribution room with a CU TAKE TEN® RRSP Loan and start realizing the benefits of compound interest today.

Using the RRSP Loan, you can make a lump sum investment into your RRSP now, and take up to ten years to pay it off.  This means that while you are paying it off, your investment has more time to grow for your retirement.

Who Might Use this Product?

Individuals who want to take full advantage of their allowable Registered Retirement Savings Plan (RRSP) deduction limit but are short on cash.  

Cost Savings and Member Benefit Expand/Collapse

  • Floating rate of Prime regardless of security pledged*
  • Repayment term up to 10 years
  • Decisions are made quickly and locally, to ensure you get a response as quickly as possible
  • You can prepay your loan at any time with no penalty
  • Members are eligible for cash rebates through our Patronage Program

Convenient and Flexible Expand/Collapse

  • Funds can easily be used towards any RRSP product available at Unity Credit Union or its affiliates
  • Flexible Repayment Option to suite your needs (weekly, bi-weekly, monthly or semi-monthly)
  • Various terms available – 1 – 10 years
  • Automatic preauthorized payment available

Peace of mind Expand/Collapse

  • Loan Insurance available (life and disability)

Information about your Loan Expand/Collapse

You have many different ways to access your account information or history

  • In branch assistance
  • Immediate access via online banking, telephone banking or mobile services
  • Monthly detailed statements including e-statements


Good to Know Expand/Collapse

  • Floating rate of Prime where loan amortization greater than 5 year
  • Fixed Rate available where loan amortization is 5 years or less
  • Life Insurance is mandatory


Want to take advantage of a CU TAKE TENĀ® Loan?

  1. Look at your tax assessment notice to find out how much RRSP contribution room you have.
  2. Visit Unity Credit Union and take advantage of a CU TAKE TEN® RRSP Loan to maximize your contribution.
  3. Set up an affordable repayment schedule with your loans officer.
  4. Sit back, relax, and watch your RRSP grow!

Borrowing to invest in your RRSP with the CU TAKE TEN® RRSP Loan is like a monthly savings plan, with the benefit of a lump sum investment earning interest from day 1.  At the end of the term, even though you have been paying interest on the loan, the interest earned on your investment will be greater, resulting in a net benefit for you.

Example:  A $20,000 investment earning 2.60% for ten years, will earn $5,852.57 in interest.  A loan for $20,000 at a rate of 3.00% over ten years will only cost you $3,174.58.  This means that you would have a net benefit of $2,677.99.**

® CU TAKE TEN and CU TAKE TEN & Design are registered trade-marks owned by Canadian Credit Union Association, used under license.
*Rates are subject to change without notice. O.A.C.
**For illustration purposes only. 


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