FAQs: RSP loan
What is an RSP Loan?
An RSP Loan from Tangerine is a secured loan for RSP investments offered to residents in all provinces of Canada. The funds from the RSP Loan can be invested into an RSP Savings Account.
The maximum amount for an RSP Loan from Tangerine is $15,000.
If you obtain an RSP Loan and direct the funds to a Tangerine RSP Account, the funds are deposited as 'new' money into a Tangerine RSP Account, and an RSP receipt is issued as if you had deposited funds that were not borrowed.
Who can apply for a Tangerine RSP Loan?
To qualify for a Tangerine RSP Loan, you must...
- Be a resident of Canada
- Be at least 18 years old — even if there is a co-applicant
- Have at least two years of credit history in Canada
- Have a valid SIN
- Have a steady source of income
When does the CRA decline to register an RSP?
Generally, the CRA will not register an application:
- If the applicant is over the age of 71.
- If the applicant is not a Canadian taxpayer, or
- If the applicant does not have any deduction room available for further contributions into an RRSP, with certain exceptions.