Making an RRSP contribution helps you save on taxes – you may even get a tax refund. But what happens if you don’t have enough money to make a contribution? Should you borrow through an RRSP loan? Read below to learn more.
How can an RRSP Catch Up Loan help me?
Putting away money for your RRSP can be difficult, especially if you’re dealing with bills, credit card debt, and other life commitments that don’t allow you the time or money to focus on your retirement goals. If you fear you will not be able to contribute to your RRSP this coming year, then the RRSP Catch Up Loan is the option for you. It allows you to borrow money at low rates in order to keep contributing to your RRSP.*
What are the benefits of a VantageOne RRSP Catch Up Loan?
Using an RRSP loan can be a powerful strategy to boost your RRSP contributions and build your retirement portfolio. The RRSP Catch Up Loan allows you to fill up this contribution room while reaping the rewards of the tax benefits. Plus, with VantageOne you get these extra benefits:
•local approvals
•competitive rates – check out our special offer below!
•weekly, bi-weekly or monthly repayment terms
•& more!
Current Rates*
• 1 year term loan insured – 6.00%*
• 1 year term loan uninsured – 6.05%*
Talk to one of our local experts to discuss all things retirement and how we can help you reach your goals! Contact Us
Local business matters to VantageOne, and it always has. We have been committed to helping grow our members, local businesses and communities since 1944.
As part of our commitment to supporting local businesses, our commercial services team is highlighting some of our outstanding local business members. This month we are shining the spotlight on Kekuli Bay Cabinetry to share more about their business and how VantageOne Credit Union has helped them grow.
Tell us a bit about your business and history.
In 1998 we owned four furniture stores. We were not happy with the quality and service we were receiving so we decided we could do a better job if we manufactured our own. We leased a 10,000-square-foot building in Salmon Arm, bought all the machinery we thought we needed, and hired 6 employees. We called this company Huber’s Heritage Furniture.
Within two years we had 20 employees and we were bursting at the seams but had to tough it out because we signed a five-year lease. In 2003 we bought a 25,000-square-foot building on 2 1/2 acres in the Swan Lake Industrial Park. We then had 30 employees. In 2009 we saw there was an opportunity for another kitchen cabinet manufacturer here in the Valley so we gradually switched from furniture to cabinets. We called this new company Kekuli Bay Cabinetry. Over the years we have added more space to our building. We are now maxed out at 50,000 ft.². Currently, we have 55 employees and provide cabinets to Vancouver, Interior BC, and as far East as Regina, SK.
What do you love most about being in Vernon?
What we love the most about Vernon is that it is a small town and even though it is growing it still has that small-town feel. People are friendly and supportive and I believe they try to support and deal with locals. It’s so beautiful here. Why wouldn’t you love it?!?
If you could give one piece of advice to new business owners or those thinking of starting a business what would it be?
If I could give one piece of advice to a new business owner or anyone thinking of starting a new business it’s this….
“Build a relationship with a local credit union (like VantageOne!) and find a good accountant and lawyer.
One other thing I’d like to add… Do not be afraid of the RC factor [resistance to change].”
How has VantageOne helped you start, succeed or grow your business?
In 2005 when we decided to buy our building we approached all the big banks for a mortgage. They all turned us down. We approached VantageOne Credit Union and because they were local and knew about us and our company they were more than happy to help us out. Over the years they have been a crucial part of our business and over time we have moved all our business and personal accounts over to them. VantageOne stepped up when we most needed them and has helped us grow our business over the years and to that we say “Thank You!!!”
