Can I borrow from my RRSP?
Yes, you can borrow from your Registered Retirement Savings Plan (RRSP) in Canada under specific circumstances without incurring taxes or penalties. The two primary programs that allow you to withdraw funds from your RRSP are the Home Buyers' Plan (HBP) and the Lifelong Learning Plan (LLP).
The Home Buyers' Plan allows first-time homebuyers to withdraw funds from their RRSP to buy or build a qualifying home. You must be considered a first-time homebuyer (you and your spouse or common-law partner have not owned a home that you lived in during the four-year period prior to the withdrawal).
Under such a program you can withdraw up to $35,000 from your RRSP. If you and your spouse or common-law partner are both first-time homebuyers, you can each withdraw up to $35,000, for a total of $70,000.
The Lifelong Learning Plan allows you to withdraw funds from your RRSP to finance full-time education or training for yourself or your spouse or common-law partner. You must be enrolled in a qualifying educational program at a designated educational institution.
You can withdraw up to $10,000 per calendar year from your RRSP. The total limit for LLP withdrawals is $20,000.
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 8.40% | 910 |
| 20,000 | 11.40% | 1,235 |
| 20,000 | 14.40% | 1,560 |
| 50,000 | 8.60% | 2,329 |
| 50,000 | 11.60% | 3,142 |
| 50,000 | 14.60% | 3,954 |
| 100,000 | 8.80% | 4,767 |
| 100,000 | 11.80% | 6,392 |
| 100,000 | 14.80% | 8,017 |
| 200,000 | 9.00% | 9,750 |
| 200,000 | 12.00% | 13,000 |
| 200,000 | 15.00% | 16,250 |
You can see the similar FAQ at the link:
- B2B Bank SMART Loan
- B2B Bank investment loan
- B2B bank RRSP loan
- CIBC collections contact
- CIBC loan and financial calculators
Details of companies offering the financial services:
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
Envision Financial - First West CU
Head office’s address: #200 - 19933 88th Avenue Langley, BC
Contact center: 888-597-6083
Web-site: https://www.envisionfinancial.ca/Personal/
SkyCap Financial
Head office’s address: 1020 Bayridge Dr. #104, Kingston
Contact center: (877) 924-4557
Web-site: https://skycapfinancial.ca
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004
Vancity Savings Credit Union
Head office’s address: 183 Terminal Avenue, Vancouver, British Columbia
Contact center: 868-225-4828
Phone: 604-877-7000
Web-site: https://www.vancity.com/
National Bank
Head office’s address: 600 Gauchetiere St W, 4th Floor, Montreal
Contact center: 888-483-5628
Phone: 844-394-4494
Web-site: https://www.nbc.ca/en/personal.html
Swift code: BNDCCAMMINT
Stock code: NA
BSB: 006
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
Manulife Bank of Canada
Head office’s address: 500 King Street North Waterloo
Phone: 877-765-2265
Mail address: Manulife Bank of Canada 500 King Street North Suite 500-MA P.O. Box 1602 STN Waterloo Waterloo, ON N2J 4C6
Web-site: http://www.manulifebank.ca/
Swift code: MCBTCA2W
BSB: 540
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003