Retro-Activator RRSP Loan
Plan for a better retirement by catching up on all that unused contribution room in your RRSP.
Why you'll like it
Catch up on your R R S P
This one-time loan is ideal if you have unused room in your R R S P 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 B M O R R S P options. Choose whatever products work for you, whether it’s GICs, mutual funds, stocks or a savings account.
Repay your way
Let’s find out what your loan payments could look like
Already know how much you want to borrow? Let’s get started.*
How to apply for a Retro-Activator RRSP Loan
Book an appointment at a B M O branch to talk with a lending expert.
Come in, bring the documents below and let’s talk about what can work for you.
We’ll review your situation and come up with a loan amount and repayment plan.
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 R R S P Loan
- Learn More
Your loan balance may be reduced or paid off if you pass away.
- Learn More
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.
Retro-Activator R R S P Loan Frequently Asked QuestionR R S PRetro-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 R R S P 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 B M O 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 B M O 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:
Have more questions?
Find a branch
Locate a B M O 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.
Footnote StarThese calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Please do not rely solely on this information or result when making financial decisions; please visit your branch. Amortization can only be entered in full years (not months or partial years). Loan amount is rounded to the nearest $1,000.
footnote 1 details Applications and the amount you can borrow are subject to meeting B M O’s usual credit criteria.