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
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.
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?
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.
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.