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A Loan to RRSP means you borrow money to put into your RRSP (Registered Retirement Savings Plan) right away, instead of waiting to save it slowly.
You then repay the loan over time, while your money is already invested.
You invest sooner
Your money starts growing now, not months or years later.
Immediate tax refund
RRSP contributions reduce your taxable income — many people use the refund to help pay back the loan.
Build retirement faster
Compounding starts earlier, which can make a big difference long term.
Good if you’re short on cash before RRSP deadline
Helps you still maximize your RRSP even if you don’t have savings ready.
Can lower your overall taxes
Especially useful in higher income years.
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Story 1 – Using the tax refund smartly
Mark earns $80,000. He takes a $10,000 RRSP loan.
He gets about $3,000 back in tax refund and uses it to reduce the loan. His RRSP is invested, and his loan drops quickly.
Story 2 – Catching up on retirement
Sarah is 40 and feels behind on retirement. She takes a $15,000 RRSP loan, invests it, and spreads payments over 3 years. Now she’s catching up while her investments grow.
Story 3 – Missed opportunity (lesson)
John took an RRSP loan but didn’t budget properly. He struggled with monthly payments and used his tax refund for spending instead of investing.
👉 Lesson: RRSP loans only work well if you manage cash flow and use the refund wisely.
