This service allows you to borrow the funds you need from a financial institution to contribute to a registered retirement savings plan (RRSP) or to use your unused contribution room if your contribution limit has not been reached.
Advantages of an RRSP loan
An RRSP loan can be a beneficial option if you find yourself temporarily short on liquid assets. What can you do with an RRSP loan?
Offset the cost of the loan with a potential tax refund or investment return.
Contribute to your retirement plan (RRSP) or increase the amount of your contributions.
Use your tax credit, if applicable, to repay the loan faster.
MICA does not grant loans of any kind to its clients. MICA acts only as an intermediary through its advisors to guide clients and connect them to its business partners (financial institutions) that are authorized to grant loans.