FHSA loans
Why take out an FHSA loan?
If you don't have enough cash to max out your FHSA contributions, you can use this loan to borrow what you need. Just like with RRSPs, contributing the annual limit will help maximize your tax refund, which you can use to pay back your loan.
Advantages of FHSA loans
Features of FHSA loans
Interest rate
Fixed rate
Amount available
- Borrow up to $8,000 the first year
- Contribute up to $16,000 per year after the second year
Repayment
Loan term
Up to 10 years, depending on the amount
Annual interest rates
Current rates on October 31, 2024
| Term | Interest rate |
|---|---|
| 1 year | 7.20% |
| 2 years | 7.25% |
| 3 years | 7.30% |
| 4 years | 7.35% |
| 5 years | 7.40% |
| 6 years | 7.50% |
| 7 years | 7.60% |
| 8 years | 7.70% |
| 9 years | 7.80% |
| 10 years | 7.90% |
Apply for an FHSA loan
Documents to bring to your meeting with an advisor:
Proof of income, investment statements, other loan statements, tax bills or leases, last federal notice of assessment
By phone
Monday to Friday: 8:30 AM to 8 PM
Saturday and Sunday: 8:30 AM to 5 PM
Montreal area:
514-253-6473
Elsewhere in Canada:
1-866-647-5013
Get the most out of your investments
Rates may:
- Change without notice
- Vary depending on your credit rating, amount borrowed, guarantees provided or other factor
Certain conditions apply.
Interest rates recommended by Fédération des caisses Desjardins du Québec to all its caisses.
- Borrowing to invest is leveraging. The risk associated with using borrowed money to buy securities is higher than when using your own cash. If you borrow to buy securities, you're required to pay back what you've borrowed plus the interest stipulated in the terms of the loan, even if the securities you bought drop in value. Talk to your mutual fund representative for more information about leveraging.
- The term offered is for a maximum of 6 months. You will have to repay your loan no later than the date set out in your loan contract through a single payment that will reimburse all the principal borrowed and interest due.
- In Ontario, the annual percentage rate (APR) is equal to the posted interest rate, assuming there are no additional charges applicable to the loan. Should there be such charges, the APR might be different.