Conexus - RRSP QuickLine

A Conexus RRSP QuickLine is a flexible line of credit designed to help you contribute to your Registered Retirement Savings Plan (RRSP). Unlike a traditional loan, it offers a revolving credit limit, so you only pay interest on the amount you borrow, with no fixed end date. You can borrow any amount up to your total limit, pay off what you use then re-use the available funds for future contributions, maximizing your RRSP tax benefits.

Benefits of a Conexus RRSP QuickLine:

Borrow as needed, not a fixed loan amount.
Reuse funds once repaid, without reapplying.
Pay interest only on the amount you borrow.
Reduce your taxable income and potentially increase your refund.
Pay off your RRSP line of credit faster without extra fees.

Our RRSP QuickLine gives you the flexibility to manage your retirement savings efficiently. Reach out to us today to learn how it can help you reach your goals.

Start by scheduling an appointment with an advisor. Be sure to bring necessary documents such as proof of income and your previous year’s notice of assessment or RRSP contribution limit from the CRA (Canadian Revenue Agency).

Your eligibility will depend on factors like your credit score, income, and RRSP contribution room.

Once approved, you can access your funds almost immediately and use what you need for your RRSP contributions.

If you’re an existing Conexus member with good financial standing, you may qualify for the streamlined Quick Approval process, allowing for faster access to your funds.

Payment Options & Details

Our RRSP QuickLines offer various payment options, including weekly, bi-weekly, semi-monthly, or monthly, allowing you to choose a schedule that fits your financial situation.

You have the option to make interest-only payments (under specific conditions), which can be helpful if you need lower initial payments while your RRSP continues to grow.

You can pay off your balance early without worrying about extra fees, giving you the flexibility to reduce your debt faster and save on interest.

✔ Right for you if you:

Prefer a flexible approach to contributing to your RRSP, the RRSP QuickLine lets you borrow only what you need, when you need it, and reuse the funds as you repay, making it ideal for regular contributions.
Wish to reduce your taxable income and take full advantage of the tax benefits. By contributing to your RRSP throughout the year you can potentially increase your tax refund.
Plan to use funds on a continued regular basis (topping up your RRSP each year). Unlike a traditional RRSP loan, a RRSP QuickLine remains open after you pay it off, giving you continued access to credit for future contributions without having to reapply.

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May not be right for you if you:

Prefer fixed payments and interest. The RRSP QuickLine has a floating interest rate, which can fluctuate over time, potentially increasing the cost of borrowing. A traditional RRSP Loan might be a better option for you if you’re wanting a structured payment that doesn’t fluctuate.
If you're not comfortable with revolving debt and want a clear, set timeline for repayment, a Personal Loan or a fixed-term RRSP Loan may be a better fit, as they offer a fixed end date and predictable payments.
Have limited income or are unsure about your ability to make regular payments, a regular RRSP savings plan may be more suitable, as they don't require the same ongoing financial commitment and flexibility.

RRSP QuickLine

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