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Even if you don't have extra funds to make a contribution this year, you can still take full advantage of your RSP.
With the Scotia RSP Catch-Up™ Line of Credit or Loan, you can maximize your growth potential with rates as low as Scotiabank Prime + 1%.
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 Try the Scotia RSP Catch Up Calculator
Use this tool to see the benefits of boosting your RSP contributions with a Catch-Up Line of Credit or Loan.
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Check your Notice of Assessment from the Canada Revenue Agency every year to see how much unused RSP contribution room you have available.
The Scotia RSP Catch-Up Line of Credit
Gives you access to up to $50,000 in credit at rates as low as Scotiabank Prime + 1%1 - not only this year, but any time you need extra funds for your RSP.
You can access the funds from your Scotia RSP Catch-Up Line throughout the year to make regular contributions to your RSP.
You pay no interest until you draw from the Line of Credit and you decide how quickly you pay back the borrowed amount. Make minimum monthly payments or pay back the amount all at once. You can even take advantage of a payment deferral feature, allowing you to defer 3 monthly payments (while you wait for your tax refund). Interest is still charged during these months.
The Scotia RSP Catch-Up Loan
Borrow up to $50,000 at rates as low as Prime + 3% and take up to 15 years to repay and even defer 3 monthly payments (while waiting for your tax refund). The longer repayment period means more affordable monthly payments. And, of course, you can repay all or part of your loan at any time.
To protect yourself against rising rates, your loan rate can be fixed for up to 5 years. Disability Insurance and Credit Life Insurance are also available to ensure monthly payments continue to be covered, or the balance owing paid out, in the event of disability or death.
1 The preferred interest rate for the Scotia RSP Catch-Up Line of credit is Scotiabank Prime +1% if the RSP contribution is invested with The Bank of Nova Scotia Trust Company. If your RSP is not with The Bank of Nova Scotia Trust Company, the preferred rate is Scotiabank Prime plus 4.5%. Find full information on interest and non-interest costs on lines of credit on the Personal Credit Agreement Companion Booklet.
The interest rate you pay on a Scotia RSP Catch-Up Line of Credit will vary with Scotiabank Prime. Scotiabank Prime is the prime lending rate of The Bank of Nova Scotia as published from time to time. For current rates and information on fees and interest cost, call 1-888-882-8958.
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