Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is an RSP Loan?

loan RSP
0
Posted

What is an RSP Loan?

0 CommentsAdd a Comment

1 Answer

0

An RSP Loan from ING DIRECT 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 ING DIRECT RSP Investment Savings Account, RSP GIC, or an RSP Mutual Fund (provided you live in a province where ING DIRECT Funds Limited offers Mutual Funds). Mutual funds are offered by ING DIRECT Funds Limited, a wholly-owned subsidiary of ING Bank of Canada. The maximum amount for an RSP Loan from ING DIRECT is $10,000. If you open an RSP Loan, the funds are deposited as ‘new’ money into an ING DIRECT RSP account, and an RSP receipt is issued as if you had deposited funds that were not borrowed.

0 CommentsAdd a Comment

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.