Borrow money to save money! A chance to kick-start your RSP

If you're like most of us, despite the best intentions, you haven't always taken advantage of all your RSP contribution room. Whether you've been saving to buy a house, or raising a family, circumstances can sometimes "postpone" even the best savings plans. And that can be a problem. Because RSPs are easily the best way to save for your retirement and save money on your taxes at the same time. An opportunity you don't want to miss.

Well, there is an answer. It's called the Scotia RSP Catch-Up™ Line or Loan, because you borrow money to save money by taking advantage of your unused RSP contributions. To catch up. And keep up.

That's right. Just because you haven't taken advantage of all your RSP contributions doesn't mean you can't. Any unused contributions since 1991 are still available to you. But the sooner you use them the better (think compounding!).

So why not maximize your RSP contribution this year, and take advantage of your unused contributions at the same time.

Here's how it works:

The Scotia RSP Catch-Up Line of Credit gives you access to up to $50,000 in credit at rates as low as Scotiabank Prime + 1% — not only this year, but any time you need extra funds for your RSP. You can access the funds from your Scotia Catch-Up Line throughout the year to make regular contributions to your RSP or to act on promising registered investment opportunities that happen to come along…or to take advantage of any unused contribution room you may have accumulated over the years.

You pay no interest until you draw from the Line and you decide how quickly you pay back the borrowed amount. Make minimum monthly payments or pay back the amount all at once. You're in control!

With Scotia's Catch-Up Loan you can borrow up to $50,000 at rates as low as Prime + 3%, take up to 15 years to repay and even defer payments for four months (while waiting for your tax refund). The longer repayment period means more affordable monthly payments. And, of course, you can repay all or part of your loan at any time.

To protect yourself against rising rates, your loan rate can be fixed for up to 5 years. Disability Insurance and Credit Life Insurance are also available to ensure monthly payments continue to be covered, or the balance owing paid out, in the event of disability or death.

To see for yourself the benefits of Scotia's RSP Catch-Up Loan, use the Scotia Catch-Up Loan Calculator.

Arranging a Scotia RSP Catch-Up Line or Loan is simple. Just call 1-800-575-8888 right now and talk to a Scotiabank representative, or drop by any Scotiabank branch and talk personally with one of our investment representatives.