Registered Retirement Savings Plans (RRSPs)
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 you’ll have a financially secure retirement. In addition, your RRSP dollars are completely tax-sheltered as long as they remain in your RRSPs. Only RRSPs work as hard for you today as they will in the future.
Everyone with ‘earned income’ subject to Canadian tax may contribute to an RRSP. Each year, you may contribute your maximum personal contribution limit. The best way to find out how much you can contribute to your RRSP each year is from the ‘Notice of Assessment’ you received from Canada Revenue Agency with your previous year’s tax return. This will also include any unused 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 how it makes good sense to make regular RRSP contributions throughout the year!
Maximize Your Unused RRSP Contributions
Carry Unused RRSP Contributions Forward
If you haven’t always taken advantage of all your RRSP contributions each year since 1991, you can carry forward the unused portion indefinitely.
Maximize your RRSP
To maximize your RRSP contributions and to take advantage of any unused, ECU – A Division of WFCU Credit Union offers the Maximum RRSP Loan.
How does an RRSP compare to a Savings Account or Mutual Funds?
|Savings Account||Fixed-Term RRSPs||Mutual Funds**|
|Terms||Short Term||One Month to 5 years||Short term or long term to suit your financial objectives|
|Minimum Invetment||No Minimum||$500||$500 or $50 per month|
|Re-Investment||Can be re-invested into a fixed term RRSP after achieving a $500 balance||At maturity|| Redeemable anytime
(Fees may apply)
RRSP Loans as low as prime! Let us show you how it can pay to borrow foro 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
There is no limit on the number of years unused contribution room can be carried forward. The TFSA is a registered savings account that allows taxpayers to earn interest income tax-free inside the account.
RRIFs are a financial product funded with RRSP deposits and designed to provide an income stream during retirement. Interest accumulates tax free in a RRIF deposit until the funds are paid out. A RRIF may be purchased any time prior to 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.
For more information about our Registered Investment options:
**Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Mutual funds are offered through Credential Asset Management Inc. Northwest Funds, NEI Investments and Ethical Funds are divisions of Northwest & Ethical Investments L.P. Credential Asset Management Inc., Credential Qtrade Securities Inc. and Northwest & Ethical Investments L.P. are wholly owned subsidiaries of Aviso Wealth Inc.