Scotia RSP Catch-Up^®Line of Credit

Maximize your contributions. Get a lower interest rate of Prime + 1% and invest in an RRSP for your future.¹

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Is this Line of Credit right for you?

Right for you if you:

Want to maximize your RRSP Contributions
Would like to keep credit available for your future RRSP needs

May not be right for you if you:

Are unable to contribute within the contribution limit set by the Canadian Government
Require the consistency of fixed principal and interest payments to pay off your debt within a set time period
Are uncomfortable with a variable interest rate that can increase when Scotiabank’s Prime Rate increases

Benefits of Scotia RSP Catch-Up® Line of Credit

No annual fee

No annual fee applies to the Scotia RSP Catch-Up^® Line of Credit account.¹

Payment deferral available

Payment deferral feature lets you defer for three monthly payments while you wait for your tax refund. Interest will continue to accrue from the date of the advance.²

Lower interest rate

Get a lower interest rate of Prime +1% and invest in an RSP for your future. ³

Credit limits starting from $1,000 and up to $75,000

Apply for your credit limit based on your borrowing needs.

Flexible payment options

You choose how much to repay, with payments that can be as low as interest only.⁴

No need to reapply

You can continue to use your available credit and keep the line of credit available for your future needs.⁵

Optional Scotia Line of Credit Protection⁶

Scotia Line of Credit Protection insurance can help pay the outstanding balance on your Scotiabank Line of Credit account if you are diagnosed with a covered critical illness or if you pass away. It can also pay a monthly benefit in the event that you become disabled or involuntarily lose your job.

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What do I need to apply?

Here are the documents you need to apply for a Scotia RSP Catch-Up® Line of Credit.

Identification (one of the following valid pieces of government issued ID):

Passport
Driver's licence
Valid government issued identification card

Proof of employment:

Employment letter
Salary slips/letters

Self-employment documents:

Proof of self-employment (e.g., recent CRA My Account Assessment or recent NOA and corresponding T1 General 4-page summary)

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Ways to apply

Apply online

Start your application for the Scotia RSP Catch-Up^® Line of Credit

By phone

Call Scotiabank, Mon-Fri (8am-6pm)

1 (888) 882-8958

In person

Make an appointment

Find a local branch

Not sure which borrowing solution is right for you?

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Frequently Asked Questions

The Scotia RSP Catch-Up® Line of Credit is a convenient option for customers who want to make annual RSP contributions, maximize their current year's contribution or take advantage of unused carry-forward amounts, without using available funds on hand. Customers can contribute to a Scotiabank or non-Scotiabank investment.

The difference between the Scotia RSP Catch-Up® Line of Credit and ScotiaLine Personal Line of Credit is that the money borrowed from the Scotia RSP Catch-Up® Line of Credit must go directly into your RSP investment. Also, the Scotia RSP Catch-Up® Line of Credit generally offers a more favourable rate at Prime + 1% for all customers.

Customers have the option of repaying interest only (subject to credit approval), or 2% or 3% of the balance (with a minimum payment of $50).

The Scotia RSP Catch-Up^® Line of Credit also allows you to defer payment for 3 months. If you choose to defer payments, interest will continue to accrue; however, this could allow you the option to use your tax return once received toward repayment of the funds borrowed from your Scotia RSP Catch-Up® Line of Credit.

Resources

Find full information on interest and non-interest costs on lines of credit on the form below.

Scotiabank - PERSONAL CREDIT AGREEMENT - COMPANION BOOKLET
N/A | pdf : 667 KB

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Revolving Credit Agreement

View legal footnotes

1

All rates and fees are subject to change. For current rates and fees call 1-888-882-8958.

2

Interest will continue to accrue on the account from the date of the advance and will be charged to the account balance monthly.

3

Subject to credit approval, the interest rate for the Scotia RSP Catch-Up® Line of Credit is Scotiabank Prime +1% if the RSP contribution is invested with a Scotiabank Group Member or any other Financial Institution. Otherwise, the interest rate you pay on a Scotia RSP Catch-Up® Line of Credit is expressed as Scotiabank Prime Rate plus an adjustment factor. The interest rate you pay will vary automatically when Scotiabank's Prime Rate changes. Scotiabank Prime is the prime lending rate of The Bank of Nova Scotia as published from time to time. Please click here for our current Scotiabank Prime Rate.

4

If you qualify then interest-only minimum payment will be the greater of the interest portion only of the outstanding balance on your statement, or $50, subject to your minimum payment being no more than the outstanding balance on your statement. In addition, amounts showing on your statement as overdue or over limit must be paid immediately and will be added to the minimum payment. Other minimum payment options may be available

5

Subject to your account being in good standing and open.

6

Scotia Line of Credit Protection is underwritten by The Canada Life Assurance Company. Certain conditions apply.

Scotia RSP Catch-Up® Line of Credit