Navigation skipped

Retro-Activator RRSP Loan

Plan for a better retirement by catching up on all that unused contribution room in your RRSP.

Book an appointment
Know what you want?Apply online now.

Why you'll like it

Catch up on your RRSP

This one-time loan is ideal if you have unused room in your RRSP and want to maximize your contribution. Loans start at $7,500.1 Enjoy competitive fixed or variable interest rates.

Choose your investments

Build a better retirement with any number of BMO RRSP options. Choose whatever products work for you, whether it’s GICs, mutual funds, stocks or a savings account.

Repay your way

Depending on how much you borrow, you can pay it back according to a schedule that’s good for you – up to 15 years.
You can also pay down your balance faster using your tax refund since there are no prepayment charges.

Let’s find out what your loan payments could look like

Already know how much you want to borrow? Let’s get started.*

Enter the total amount you want to borrow.
Enter an interest rate.
How often would you like to make payments?
Select the number of years you’ll need to pay back your loan.
Your estimated monthly loan payment
$38
BOOK AN APPOINTMENT

How to apply for a Retro-Activator RRSP Loan

step one

Book an appointment at a BMO branch to talk with a lending expert.

step two

Come in, bring the documents below and let’s talk about what can work for you.

step three

We’ll review your situation and come up with a loan amount and repayment plan.

step four

Complete the application process and move the money to your account.

Let’s do this! What do I need before I apply?

  • Government-issued photo ID
  • Proof of employment such as:
    • a letter from your employer
    • recent paystubs
    • recent T4/T4A slips or RL1 if you’re a resident of Quebec, or T1 income tax return or Revenue Quebec TP1 with corresponding notice of assessment
  • If the loan is for debt consolidation, bring monthly credit card statements, loan balances, etc. for the different accounts you’d like to pay off

For full details on what to bring, check out What to bring to a borrowing appointment.

Protect your Retro-Activator RRSP Loan

  • RRSP Loan Plan Life Insurance ›

    Your loan balance may be reduced or paid off if you pass away.

    Learn More

  • RRSP Loan Disability Insurance ›

    Your loan payments may be fully or partially covered if you’re unable to work due to a disability such as injury or serious illness.

    Learn More

Retro-Activator R R S P Loan Frequently Asked QuestionRRSPRetro-Activator R R S P Loan Frequently Asked Question

  • We can help with that! Use our RRSP Savings Calculator to see how much you should be saving for retirement.

  • It’s easy! Try our Loan Calculator to get an idea of how much your payments will be.

  • Happy to help you sort this out. The Retro-Activator RRSP Loan is a one-time loan for a set amount of money you can use only once. Our RRSP ReadiLine® is an ongoing revolving loan which you can use year after year until you hit your credit limit.

  • When you get a loan, you can choose between a fixed or variable interest rate.

    A fixed rate means the interest rate you pay stays the same for the length of your term, so your payments remain the same from month to month.
    A variable rate can go up and down depending on what the current BMO Prime Rate is. This means the amount of interest you pay each month could increase or decrease. If the rate decreases, you may be able to pay down your loan earlier than scheduled. If the rates go up, your payment may have to increase so you can pay off your loan as scheduled.

  • The BMO Prime Rate – also known as the prime lending rate – is the annual rate we use to set variable interest rates for our loans, lines of credit and mortgages. The actual rate you’ll get on your loan or line of credit is based on many factors in addition to the Prime Rate. These include how much you’re borrowing, your credit history and if you’re using collateral. You can see our current Prime Rate here. 

  • Good question. Your credit history shows us how well you’ve handled debt and repayments in the past, so we check it carefully when reviewing your credit application.

  • You can get a copy of your credit history from:
    Equifax Canadawww.equifax.ca1-800-465-7166
    Trans-Union Canadawww.transunion.ca1-877-713-3393 (Quebec only)1-800-663-9980 (All other provinces)

Have more questions?

  • Find a branch

    Locate a BMO branch near you.

  • Come talk to us

    Visit a branch to get expert insight and discuss your options.

  • Call us

    Give us a call, 24 hours a day, 7 days a week.

    1-877-225-5266