SCOTIABANK LAUNCHES RRSP LOAN PROGRAM
By Adnews Staff
This weekend Scotiabank of Toronto will introduce a loan program that allows Canadians to top up their RRSP contributions. Known as the Scotiabank RRSP Catch-Up Loan, it enables eligible customers to borrow up to $50,000 at rates as low as Scotiabank's prime. The bank says in a press release that it also offers longer terms of repayment than traditional RRSP loans. The loan takes advantage of the federal government's recent announcement to eliminate the seven-year cap on utilizing unused RRSP contribution room. A national print campaign touting the new program will begin this weekend. Cossette Communication-Marketing of Toronto created the ads. Advertising vice-president Rick White told Adnews advertising for the loan program would increase during RRSP season.