RRSP ReadiLine®
Maximize your RRSP every year by using this ongoing revolving loan to top up your annual contribution.
Why you'll like it
Top up your RRSP every year
Keep up with your RRSP contributions on a regular basis. You just need to apply once with our short, easy application and then you can use your RRSP ReadiLine® year after year.1
Take advantage of lower costs
The variable interest rate on an RRSP 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 RRSP 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 RRSP ReadiLine® to invest in whichever BMO products work for you, whether they’re GICs, mutual funds, stocks or a savings account.
How to apply for a RRSP ReadiLine®
Book an appointment at a BMO 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 RRSP ReadiLine® to your preferred BMO RRSP 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
RRSP 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 RRSP loan, like our BMO Retro-Activator RRSP Loan, is a one-time loan for a set amount you can use only once. RRSP 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 RRSP ReadiLine agreement.
The BMO 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 BMO 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 RRSP ReadiLine Agreement.
- Footnote 2 details. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.