Is an RRSP loan worth it? Compare your tax refund against loan interest cost.
Canada only
FinCalc Smart.
fincalcsmart.com
Financial Calculator
RRSP Loan Details
$
$
%
%
Results
Tax Refund
—
Total Loan Interest
—
Net Benefit
—
RRSP Growth (1 yr)
—
Monthly Payment
—
Worth It?
—
Frequently Asked Questions
Take the RRSP loan just before the March deadline, file your taxes ASAP, then apply the entire refund immediately to the loan balance. This minimizes interest. Repaying in 12 months or less with a 40%+ marginal rate almost always makes the loan worthwhile.
Most major Canadian banks: TD, RBC, BMO, Scotiabank, CIBC, National Bank. Credit unions often offer competitive rates. Typical 2025 rates: prime + 0–2%. The loan doesn't need to be at the same institution as your RRSP.
⚠️ Canada only. Marginal rate is simplified. Actual tax savings vary by province and individual circumstances.
Questrade
Buy ETFs free. Stocks from $4.95.
Canada's #1 online brokerage. Open a TFSA, RRSP, or FHSA in minutes.