We've merged effective January 1, 2020 and while this website may still bear the name and logo of Westminster Savings Credit Union, we are in the process of revising all print and digital materials to bear the name of the new legal entity - Prospera Credit Union. We appreciate your patience during this transitional period.

Catch-Up RRSP Loan

A Catch-Up RRSP loan helps you take advantage of unused RRSP contribution room. Maximize your RRSPs: use a longer loan term to "catch up" on large amounts of unused contribution room or to lower your monthly payments.

Apply online

visit a branch near you or call 604-517-0100 to set up an RRSP today.


Take advantage of unused RRSP contribution room. Borrow larger amounts over a longer term.

  • Available in 12, 24, 36, 48 and 60 month terms
  • Variable and fixed interest rates available - see current RRSP loan rates now
  • Use your tax refund to pay down your loan - you can wait up to 90 days to begin repaying your loan
  • Weekly or accelerated bi-weekly payment schedules - repay your loan quicker
  • Pay off your loan at any time

Why Borrow?

If you don't have money available to contribute to an RRSP then using an RRSP loan to make your contribution can make sense.

RRSP loan rates are very low so you won't pay a lot of interest over the term of an RRSP loan. However, the tax refund that you can receive when you use your RRSP loan to make even a small RRSP contribution is usually much more - even 10 times more! - than the interest you'll pay on the loan. Plus you'll earn interest on your RRSP investment!

Of course you want the best options for your circumstances. Speak to a Westminster Savings representative to help figure out the best choices for you.

To apply for this loan or for more information

To use your already-approved Readvanceable RRSP Loan phone our Member Service Centre at 604-517-0100 or visit a branch near you.

To apply for a Readvanceable RRSP Loan for the first time begin online, on the phone at 604-517-0100 or at your nearest branch.


Need help?

See all our contact options.