RRSP ReadiLine®
Maximize your R R S P every year by using this ongoing revolving loan to top up your annual contribution.
Why you'll like it
Top up your R R S P every year
Keep up with your R R S P contributions on a regular basis. You just need to apply once with our short, easy application and then you can use your R R S P ReadiLine® year after year.1
Take advantage of lower costs
The variable interest rate on an R R S P ReadiLine is lower than our other loans and lines of credit, making it easier to max out your contributions! You also only pay interest on what you borrow.
Use only what you need
With credit limits up to your unused R R S P contribution limit for this year, you can access as much or as little as you need. Pay it back with a set repayment schedule.2
Tip: Use your R R S P ReadiLine® to invest in whichever B M O products work for you, whether they’re G I Cs, mutual funds, stocks or a savings account.
How to apply for a R R S P ReadiLine®
Book an appointment at a B M O branch to talk with a lending expert.
Come in, bring the documents below and let’s talk about what can work for you.
We’ll review your situation and come up with a lending plan.
They’ll assist you with moving money from your R R S P ReadiLine® to your preferred B M O R R S P option.
Let’s do this! What do I need before I apply?
Government-issued photo ID- Proof of employment such as:
- a letter from your employer
- recent paystubs
- recent T4/T4A slips or RL1 if you’re a resident of Quebec, or T1 income tax return or Revenue Quebec TP1 with corresponding notice of assessment
R R S P ReadiLine® F A Qs
We can help with that! Use our RRSP Savings Calculator to see how much you should be saving for retirement.
An R R S P loan, like our B M O Retro-Activator RRSP Loan, is a one-time loan for a set amount you can use only once. R R S P ReadiLine is an ongoing revolving loan which you can use year after year until you hit your credit limit. It’s a more flexible option for ongoing contributions.
Yes they can – and it’s good to keep this in mind. For lines of credit, your interest rate is a variable interest rate and will change without advance notice whenever BMO's Prime Rate changes or otherwise with notice in accordance with the terms of your R R S P ReadiLine agreement.
The B M O Prime Rate – also known as the prime lending rate – is the annual rate we use to set variable interest rates for our loans, lines of credit and mortgages. The actual rate you’ll get on your loan or line of credit is based on many factors in addition to the Prime Rate. These include how much you’re borrowing, your credit history and if you’re using collateral. You can see our current Prime Rate here.
Good question. Your credit history shows us how well you’ve handled debt and repayments in the past, so we check it carefully when reviewing your credit application.
- You can get a copy of your credit history from:
Have more questions?
Find a branch
Locate a B M O branch near you.
Come talk to us
Visit a branch to get expert insight and discuss your options.
Call us
Give us a call, 24 hours a day, 7 days a week.
- Footnote 1 details. Subject to the terms of your R R S P ReadiLine Agreement.
- Footnote 2 details. Applications and the amount you can borrow are subject to meeting B M O’s usual credit criteria.