Scotia RSP Catch-Up®
Line of Credit

Maximize your contributions. Get a preferred lending rate of Prime + 1% and invest in an RRSP for your future.1 

Is this Line of Credit right for you?

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Right for you if you:

  • Want to maximize your RRSP Contributions 
  • Would like to keep credit available for your future RRSP needs 
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May not be right for you if you:

  • Are unable to contribute within the contribution limit set by the Canadian Government  
  • Require the consistency of fixed principal and interest payments to pay off your debt within a set time period 
  • Are uncomfortable with a variable interest rate that can increase when Scotiabank’s Prime Rate increases 

Benefits of Scotia RSP Catch-Up® Line of Credit

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No annual fee

No annual fee applies to the Scotia RSP Catch-Up® Line of Credit account.1

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Payment deferral available 

Payment deferral feature lets you defer for three monthly payments while you wait for your tax refund. Interest will continue to accrue from the date of the advance.2

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Preferred lending rate 

Get a preferred lending rate of Prime +1% and invest in an RSP for your future. 3

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Credit limits starting from $1,000 and up to  $75,000 

Apply for your credit limit based on your borrowing needs.

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Flexible payment options

You choose how much to repay, with payments that can be as low as interest only.4

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No need to reapply

You can continue to use your available credit and keep the line of credit available for your future needs.5

Optional Scotia Line of Credit Protection6

Scotia Line of Credit Protection insurance can help pay the outstanding balance on your Scotiabank Line of Credit account if you are diagnosed with a covered critical illness or if you pass away. It can also pay a monthly benefit in the event that you become disabled or involuntarily lose your job.

What do I need to apply?

Here are the documents you need to apply for a Scotia RSP Catch-Up® Line of Credit.

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Identification (one of the following valid pieces of government issued ID):

  • Passport
  • Driver's licence
  • Valid government issued identification card
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Proof of employment:

  • Employment letter
  • Salary slips/letters
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Self-employment documents:

  • Proof of self-employment (e.g., recent CRA My Account Assessment or recent NOA and corresponding T1 General 4-page summary)

Let's get started!

Ways to apply

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Apply online

Start your application for the Scotia RSP Catch-Up® Line of Credit

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By phone

Call Scotiabank, Mon-Fri (8am-6pm)

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In person

Make an appointment

Frequently Asked Questions


Find full information on interest and non-interest costs on lines of credit on the form below.