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 of cash.

Cost Savings and Member Benefit

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

Convenient and Flexible

  • Funds can easily be used towards any RRSP product available at Unity Credit Union or its affiliates
  • Flexible re-payment option to suit your needs (weekly, bi-weekly, semi-monthly or monthly)
  • Various terms available - 1 to 10 years
  • Automatic pre-authorized payment available

Peace of Mind

  • Loan insurance available 

Information about your RRSP Loan

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

  •  In-branch assistance
  • Immediate access via Online Banking or Mobile App
  • Monthly detailed statements, including e-statements

Good to Know

  • Floating prime rate where loan amortization is greater than 5 years
  • Fixed rate available where loan amortization is 5 years or less
  • Life insurance is mandatory

Want to take advantage of a CU TAKE TEN RRSP® 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 affordible re-payment schedule with your Account Manager.
  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.

Insurance for what matters most.
We offer loan insurance options for payment protection on personal loans. Our Account Managers can help you choose the options that are right for you.
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