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Can you borrow from your RRSP?



Our response:

There are specific programs set up to allow individuals to borrow from their Registered Retirement Savings Plan (RRSP). These are the Home Buyers’ Plan (HBP) for a down payment on your first home, and the Lifelong Learning Plan (LLP) to pay for education. Learn more about the HBP and LLP on

In some cases, you may be able use money in your RRSP as collateral for a bank loan. This may not be allowed depending on your bank policy or RRSP administration agreement. Make sure you get expert advice from a tax planner or financial advisor before you go ahead. If you don’t follow the rules, you’ll have to pay tax on the RRSP money you use as collateral.

Speak to a financial representative to learn more about these options and whether you are eligible.

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