Make the most of your line of credit

Use your line of credit to consolidate your debt, renovate your home or top up your RRSP.

What can I use my line of credit for?

Get help managing debt

Debt consolidation lets you combine multiple unpaid balances into one lower-interest loan or line of credit. You can take advantage of your existing line of credit to help you get out of debt sooner.

Why consolidate your debt?

Lower interest means a higher portion of payments will go towards your balance.
Make one easy payment instead of paying multiple creditors.
Lower payments will improve your cash flow and budget for other expenses.
A lower borrowing cost means the opportunity to get out of debt sooner.

Upgrade your home

Your line of credit gives you flexible access to money for improving your home. Even if you don’t know exactly how much you’ll need, you’ll have peace of mind knowing the money is there when you need it.

Renos that pay you back

Certain updates may help increase the value of your home and provide a greater return on investment.

Here are some enhancements that could increase your resale value:

Adding or updating bathrooms
Improving the kitchen
Replacing the floors or carpet with hardwood

Save money and energy

Energy-saving improvements can also add value to your home, while potentially saving you money on utility bills.

Here are some improvements that can lead to savings:

Replacing old appliances with new, energy-efficient ones
Upgrading your furnace and water heater
Replacing windows with ones that reflect sunlight in summer and block cold air in winter

Meet your retirement goals

Your line of credit may be able to help you reach your retirement goals sooner. If you have unused RRSP contribution room, you can top it up with your line of credit.

Why contribute to your RRSP with your line of credit?

Get a head start on retirement savings

Catch up on unused contribution room from previous years

Reduce your taxable income and potentially get a refund

How to use your line of credit

How do I access money from my line of credit online?

Can I pay bills using my line of credit?

How do I send money from my line of credit to a non-CIBC bank account?

How do I use money from my line of credit at a point of sale terminal with my debit card?

I have 2 lines of credit. How can I tell the difference?