RRSPs

An RRSP is a government approved plan which allows you to save money for your retirement years while deferring tax on your current income. Contributions are deducted from your income tax. Each RRSP contract is individually deposit insured up to $100,000. RRSP contracts must be terminated at age 69. We offer 2 types of RRSP’s, those with variable rate deposits and those with fixed rate deposits.

We also offer mutual fund investments.

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FIXED RATE DEPOSITS

These are available at competitive interest rates with a minimum deposit of $500.

FEATURES (Fixed Rate)

  • Guaranteed interest for the term that you specify (one to three years)
  • Interest is compounded and paid semi-annually
  • Each individual contract is deposit insured up to $100,000
  • Your RRSP investment stays in your credit union
  • A maturity notice is sent to the member approx one month before renewal
  • A record of your RRSP deposit appears on your credit union statement
  • Once your RRSP is established you may authorize subsequent deposits or changes in the term by phone
  • Credit union staff can arrange any transfer in of RRSP funds from another institution - subject to maturity dates

BENEFITS (Fixed Rate)

  • The interest rate you earn is not affected by market changes
  • The interest stays within the plan and works for you - the interest earns interest!
  • You can invest in your future without worrying about potential loss and when one contract number approaches the insured limit you can simply open another one.
  • By having your RRSP deposit strictly in a savings type investment, you never have to worry about loss - your rate of return is GUARANTEED
  • You can plan what to do with your investment and interest rate shop before the maturity date - hasty decisions can be avoided
  • You always have a record of your investment and the interest that it's earned
  • You can avoid making a special trip to the credit union - especially during the peak season
  • You can avoid a time consuming job of taking forms back and forth between institutions by letting us take care of the paper work for you.
VARIABLE RATE DEPOSITS

These are available at rates lower than fixed deposit rates. Variable, one year, two year, and three year COMPETITIVE rates are available. Interest is paid and compounded semi-annually. Deposits to RRSP's can be made through payroll deduction.

FEATURES (Variable Rate)

  • Deposits are not locked into the RRSP for any term
  • Weekly payroll deposits to a variable RRSP are easily set up Interest is calculated on the daily balance and compounded semi-annually
  • Each individual contract is deposit insured up to $100,000
  • A maturity notice is sent to the member approx one month before renewal
  • A record of your RRSP deposits appear on your credit union statement Credit union staff can arrange any transfer in of RRSP funds from another institution - subject to maturity dates

BENEFITS (Variable Rate)

  • The funds are free for you to use them as you need
  • The weekly deduction to your RRSP can make saving for your annual contribution easier
  • The interest you earn within the plan compounds and works for you
  • You always have a record of your deposit as well as the interest that you have earned
  • You can avoid a time consuming job of taking forms back and forth between institutions by letting us take care of the paper work for you