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Take advantage of a competitive interest rate and benefit from some peace of mind

1-Year Fixed 5.40% 

GIC, RRSP, RRIF, TFSA, and FHSA Eligible

Why take advantage of this limited-time offer?

Combat market uncertainty and ride out the current rate volatility.

Grow your investment confidently ahead of a long-term savings goal.

If you have investments with another financial provider, we’ll cover all your transfer fees!*

Know that your deposits are protected

Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). 

For more information on deposit insurance, please click here.

* The Fixed 1 Year Term Rate (“Special Interest Rate”) only applies to fixed 1 year term investments. The Special Interest Rate is available to new and existing members who purchase or renew their fixed term investment between January 1, 2024 and March 15, 2024 (“Qualifying Period”). The Special Interest Rate is an annual interest rate if held to maturity. The interest is calculated daily, is non compounding and paid at maturity. The Special Interest Rate is subject to change without notice. The Special Interest Rate cannot be combined with any other promotional rate offers. The interest rate may be withdrawn at any time. Fees may apply. Standard fixed term investment terms and conditions apply. The minimum fixed term investment amount is $500. For a fixed term investment held by a minor, the minimum investment amount is $100. If a member transfers a fixed term investment from another financial provider and is subject to a transfer fee, WFCU will reimburse the member subject to restrictions (i.e. not including penalties) and verification. At the time of maturity, the fixed term investment will automatically renew on the same term at the interest rate prevailing at the time of renewal; unless, instructions are received stating otherwise at the time of the investment or prior to maturity. WFCU may, at its sole discretion, allow for the early redemption. If permitted, conditions and penalties apply. A fixed term investment with WFCU is eligible for deposit insurance coverage through the Financial Services Regulatory Authority.

Registered Investments

Designed for Your Life Stage and Situation

Benefit from a series of investment vehicles designed to support your family’s future that are registered with the government and enjoy tax-deferral or tax-sheltered status.

Registered Retirement Savings Plan (RRSP)

An RRSP is an investment in your future, with benefits you can enjoy today. When you contribute to an RRSP, you take advantage of substantial tax savings and enjoy peace of mind in knowing that at ECU – A Division of WFCU Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Plus, your RRSP contributions are completely tax-sheltered as long as they remain in your RRSP.

Everyone with ‘earned income’ subject to Canadian tax may contribute to an RRSP. Each year, you can contribute your maximum personal contribution limit prior to the RRSP deadline. To find out what this amount is, review the ‘Notice of Assessment’ that you received from the Canada Revenue Agency from your previous year’s tax return. This will also include any unused RRSP contribution limit from past years.

Contributions made during the first 60 days of the year may be deducted for the current or the immediately preceding taxation year. Let us show you why it makes good sense to make regular RRSP contributions throughout the year!

Maximize your unused RRSP contributions

Woman speaking with investment advisor

Carry Unused RRSP Contributions Forward

If you haven’t always taken advantage of your annual RRSP contribution room since 1991, you can carry forward any unused portion indefinitely.

Grandfather enjoying time with granddaughter

Maximize your RRSP

To maximize your RRSP contribution and to take advantage of any allowable unused contributions, ECU – A Division of WFCU Credit Union offers the Maximum RRSP Loan.

How does an RRSP compare to a Savings Account or Mutual Funds?

Fixed Term RRSPs

Features

  • Our highest guaranteed interest rate
  • Guaranteed principal and interest
  • Terms from one month to five years

Benefits

  • Easy to manage
  • Guaranteed return
  • All funds reinvested into our community

Terms
One month to five years

Minimum Investment
$500

Re-Investment
At maturity

Savings Account

Features

  • Variable rate of interest
  • Immediate access
  • No minimum investment
  • RRSP by payroll available to build your contributions automatically

Benefits

  • Allows you to begin... NOW!
  • All funds reinvested into our community

Terms
Short term

Minimum Investment
No minimum

Re-Investment
Can be re-invested into a fixed term RRSP after achieving a $500 balance

Mutual Funds**

Features

  • Professionally managed
  • Potential for diversification
  • Invest in the family of Ethical Funds®

Benefits

  • You choose the fund that matches your objectives
  • Redeemable at any time

Terms
Short term or long term to suit your financial objectives

Minimum Investment
$50 or $50 per month

Re-Investment
Redeemable anytime
(Fees may apply)

RRSP Loans

RRSP Loans as low as prime! Let us show you how it can pay to borrow for your RRSP contribution.

  • Variable rate of interest
  • Immediate access
  • No minimum investment
  • RRSP by payroll available to build your contributions automatically

Additional Registered Investment Options

Earn tax-free interest income inside this registered savings account. There is no limit on the number of years unused contribution room can be carried forward.

An RRIF is a financial product funded with RRSP deposits and designed to provide an income stream during retirement. Interest accumulates tax-free in an RRIF deposit until the funds are paid out. An RRIF may be purchased any time before December 31st of the year the plan holder reaches age 71.

Designed to provide income for life, a LIF is a savings plan available to members with locked-in funds that need to begin receiving payments when the member reaches retirement age, as outlined in the original pension agreement. Locked-in plans must be administered according to the individual plan/jurisdiction.

An RESP is a government-approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned under the plan is not taxed until it is withdrawn.

The federal government will contribute at least 20% for every dollar on the first $2,000 of annual RESP contributions made on behalf of the beneficiary.

An RDSP is a savings plan designed to help parents and other caregivers save for the long-term financial security of a person who is eligible for the disability tax credit (DTC). Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59, up to a lifetime contribution limit of $200,000. Contributions that are withdrawn are not included as income to the beneficiary when paid out of an RDSP.

**Available through Credential Asset Management Inc.

As a prospective first-time home buyer, the FHSA allows you to save for your first home tax-free (up to certain limits). Eligible to Canadian residents aged 18-70, applicants cannot own or jointly own a qualifying home (nor can their spouse or common-law partner) being used as their principal residence in the calendar year before the account is opened or the preceding four years. Click here for more information.

For more information about our Registered Investment options:

**Mutual funds are offered through Credential Asset Management Inc.  Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing.  Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.  Using borrowed money to finance the purchase of securities involves greater risk than purchasing using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.