Line of credit product

What is an RRSP line of credit?

A Conexus RRSP QuickLine is a flexible line of credit designed to help you contribute to your Registered Retirement Savings Plan (RRSP). Unlike a traditional loan, it offers a revolving credit limit, so you only pay interest on the amount you borrow, with no fixed end date. You can borrow any amount up to your total limit, pay off what you use then re-use the available funds for future contributions, maximizing your RRSP tax benefits.

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Why choose an RRSP QuickLine?

Borrow as needed

Borrow as needed, not a fixed loan amount.

Rather than committing to a fixed lump sum, an RRSP QuickLine lets you draw exactly what you need for each year’s contribution — no more, no less — up to your approved limit.

Reuse funds without reapplying

Reuse funds once repaid, without reapplying.

Unlike a traditional RRSP Loan, an RRSP QuickLine remains open after you pay it off, giving you continued access to credit for future contributions without having to reapply.

Interest only on what you borrow

Pay interest only on the amount you borrow.

You’re only charged interest on the funds you’ve actually drawn — not on your full available limit — making this an efficient way to fund your RRSP contributions each year.

Lower your taxable income

Reduce your taxable income and potentially increase your refund.

Every dollar you contribute to your RRSP reduces your taxable income for the year. Using your RRSP QuickLine to top up contributions helps you capture that deduction before the annual deadline.

No extra fees for early payoff

Pay off your RRSP line of credit faster without extra fees.

There are no prepayment penalties on an RRSP QuickLine — pay down your balance whenever your cash flow allows, including with your tax refund, to reduce your total interest cost.

How does it work?

Start by scheduling an appointment with a Conexus Advisor and bring proof of income and your previous year’s Notice of Assessment or RRSP contribution limit from the CRA. Your eligibility will depend on factors such as your credit history, income and available RRSP contribution room. 

Once approved, you can access your funds almost immediately and use what you need to make your RRSP contributions. As you repay what you borrow, that credit becomes available to use again, giving you ongoing flexibility for future contributions. If you’re an existing Conexus member in good financial standing, you may qualify for our streamlined Quick Approval process, allowing you to access your funds faster. 

You can choose weekly, bi-weekly, semi-monthly or monthly payments to fit your budget. Under certain conditions, interest-only payments may also be available, which can help keep your initial payments lower while your RRSP savings continue to grow. You can pay off your balance early without extra fees, giving you the flexibility to reduce your debt faster and save on interest.

Is this right for you?

Right for you if: 

  • Prefer a flexible approach to contributing to your RRSP, the RRSP QuickLine lets you borrow only what you need, when you need it, and reuse the funds as you repay, making it ideal for regular contributions.
  • Wish to reduce your taxable income and take full advantage of the tax benefits. By contributing to your RRSP throughout the year you can potentially increase your tax refund.
  • Plan to use funds on a continued regular basis (topping up your RRSP each year). Unlike a traditional RRSP loan, an RRSP QuickLine remains open after you pay it off, giving you continued access to credit for future contributions without having to reapply.

May not be right for you if you: 

  • Prefer fixed payments and interest. The RRSP QuickLine has a floating interest rate, which can fluctuate over time, potentially increasing the cost of borrowing. A traditional RRSP Loan might be a better option for you if you're wanting a structured payment that doesn't fluctuate.
  • If you're not comfortable with revolving debt and want a clear, set timeline for repayment, a Personal Loan or a fixed-term RRSP Loan may be a better fit, as they offer a fixed end date and predictable payments.
  • Have limited income or are unsure about your ability to make regular payments, a regular RRSP savings plan may be more suitable, as they don't require the same ongoing financial commitment and flexibility.
FAQs

Common questions.

Here’s what people ask us the most.

An RRSP Loan provides a set amount that you repay over a specific term. An RRSP QuickLine gives you ongoing access to available credit, so you can borrow, repay and borrow again as needed without applying for a new loan each time.

Your approved credit limit depends on factors such as your income, credit history and available RRSP contribution room. A Conexus Advisor can help determine an amount that fits your financial situation.

Yes. You can access your available credit as needed for RRSP contributions. As you repay the amount you've borrowed, that credit becomes available to use again.

Have questions about borrowing?

We’re here to help.

Have questions about our loan options, rates, payments or the application process? Fill out our quick form and a member of our team will be happy to help.

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Loans and line of credits are available to members who meet Conexus’ standard credit criteria.