RRSP loans: Should you borrow to contribute? [Globe and Mail, The (Toronto, Canada)]
Bank Nova Scotia Halifax Pfd 3 Ordinary Shares (BNS)
Last bank nova scotia halifax pfd 3 ordinary shares earnings: 2/25 05:30 am
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Source: Globe and Mail, The
But should you borrow to contribute? “There are some people it makes sense for, but I would say proceed with caution,” said Shannon Lee Simmons, a certified financial planner and founder of the New School of Finance in Toronto. “It's the exception, not the rule.” RRSP loans are personal loan products that generally have more favourable fixed or variable interest rates than other loans, typically in the range of prime plus or minus 1 per cent. Repayment terms can range from one to 15 years. The loan is contingent on the borrower contributing to their RRSP, usually with the same financial institution. RRSP lines of credit, meanwhile, operate in the same way as other revolving lines of credit, also usually with more favourable interest rates. Both types of loan products are offered by banks and credit unions. Ms. Simmons said that before she would recommend one for a client, she would want to see a very high income, which would translate to a higher rate of tax savings from an
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BNS
Earnings
- 12/2/25 - Beat
BNS
Sec Filings
- 12/19/25 - Form FWP
- 12/19/25 - Form 424B2
- 12/19/25 - Form 424B2
- BNS's page on the SEC website