(January 27 – 10:45 ET) – Scotiabank has launched the Scotia RRSP Catch-Up Line, a line of credit designed to help Canadians maximize their RRSP contributions.
“The Scotia RRSP Catch-Up Line provides a simple way for Canadians to save for their retirement by offering them the convenience of a line of credit.” says Alberta Cefis, Scotiabank’s Senior Vice-President, Retail Lending Services. “They can contribute at any time during the year to top-up their RRSP or to catch-up on their unused RRSP contribution room from previous years.”
The Scotia RRSP Catch-Up Line Of Credit can be used to purchase any RRSP eligible investment. The line of credit features a floating interest rate as low as prime, a credit limit up to $50,000, and can be paid down at any time with no extra costs. It also offers three payment deferrals so customers can use their tax return to pay down the line of credit.
Cefis emphasized that it is important to have a financial plan before borrowing for an RRSP. “A financial plan will help the customer choose the right vehicle to reach their retirement goals. Combined with the Scotia RRSP Catch-up Loan, the new RRSP line of credit is part of Scotiabank’s strategy to provide tailored RRSP solutions to meet individual needs,” concluded Cefis.
-IE Staff