Investment Options
Registered Retirement Savings Plan (RRSP)
Save for Retirement and Enjoy Yearly Tax Savings
An RRSP is a government-approved plan that encourages people to save for their own retirement years. Your contributions are tax deductible and the plan's earnings are tax-sheltered.
As a member of a credit union your entire RSP deposit is insured by the Deposit Insurance Corporation of Ontario. There is no insurance limit on registered deposits and since they are insured separately, it does not affect the insurance coverage of your non-registered deposits.
Anyone with earned income or unused contribution room up to the end of the year in which they turn 71 years of age, may contribute to an RRSP. Your RRSP must mature before the end of the calendar year in which you turn 71. At that time your RRSP can be converted to a retirement income option such as a Registered Retirement Income Fund (RRIF), Term Certain Annuity to Age 90 or Life Annuity. When your time comes to convert your RRSP, a knowledgeable representative will contact you to discuss your retirement income options. Call us for our FREE information booklet, "The Basics", which provides details and answers to many commonly asked questions.
RRSP Savings
This daily interest account pays interest every June and December. Members may make periodic deposits as low as $10, utilizing payroll deduction or direct deposit as a tool to save and build their retirement savings.
RRSP GICs
These are offered for amounts of $1,000 or more for terms of one, two, three, four, or five years. The interest is compounded annually.
| 1 year |
1.25% |
| 18 months | 1.45% |
| 2 years | 1.50% |
| 3 years | 2.00% |
| 4 years | 2.10% |
| 5 years | 2.35% |
* Minimum investment $1,000. Interest paid annually and at maturity (compounded or paid out to account). For monthly interest deduct 0.125 from annual interest rate (minimum $10,000). Quarter Century Members add .25% to posted rate.
Contact a Specialist
416.864.2461 or 1.888.560.2218
