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 that at ECU – A Division of WFCU Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). 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?
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
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:
*Rate shown is an annual interest rate for a thirty-month term (the “Eligible Term”). Both the rate and the Eligible Term are subject to change at any time without notice. Rate is fixed for the term of the investment. For Eligible Terms of at least three years, interest is calculated daily on the closing balance and is paid annually with the option of compounding or non-compounding. For Eligible Terms of less than three years, interest is calculated daily, non-compounded and paid annually. Rate shown is paid on new deposits and renewals only. Minimum investment is $500. Investments are non-redeemable. Terms and Conditions apply. For more information, please visit our website at www.wfcu.ca/Personal/AboutUs/FinePrint/. Insurable deposits in eligible registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA). For more information on deposit insurance, please visit www.fsrao.ca.
**Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities 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 funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in the credit union. Mutual funds and other securities are not guaranteed, their values change frequently, and past performance may not be repeated. Credential Securities is a registered mark owned by Aviso Wealth Inc. 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.