RETIREMENT SAVINGS PLANS

A Registered Retirement Savings Plan (RRSP) will help you retire comfortably. Contributions and interest earned are tax sheltered,
​as long as they remain in the plan. 

Enjoy the benefits of a RRSP:

A Registered Retirement Savings Plan (RRSP) is a government approved plan that helps you save money for your retirement.  RRSPs are an effective plan that may lower your taxable income while allowing your investment to grow tax sheltered. 

  • ​​Lower your tax – Regular contributions to your RRSP will reduce the tax you owe – especially during your higher income years.
  • Grow your money – Because your RRSP is tax sheltered, your earnings will be tax sheltered until you withdraw them in retirement.
  • Contribute until you’re 71 – Make annual contributions up to 18% of your earnings up to a government-mandated limit.
  • Open to everyone – Anyone, including non-residents, who have earned income subject to Canadian taxation, may contribute to an RRSP.
  • Unused contribution room can be carried to future years – Limits to RRSP contributions are based on your previous years earned income.  You can carry forward any unused portions.  This information can be found on your Notice of Assessment from Canada Revenue Agency.
  • ​Spousal RRSP option available – You can contribute to a plan in your spouse’s name.  A spousal RRSP is ideal for married or common-law partners who are in different tax brackets.  The contributor benefits from the immediate tax deduction, while the plan holder benefits from the growing retirement savings.
  • Use a portion of it for your first home without penalty – Speak to a member of our team to learn more.
  • Use it to fund part of your education – If you want to continue your education, borrow a portion of the funds without penalty.  Speak to us​ to learn more.
  • Multiple investment products are available within an RRSP account – Term deposits and mutual funds included. 

RRSP Options:

VARIABLE RRSP

A cashable tax sheltered investment with a competitive variable interest rate.  This is a flexible investment allowing you to deposit or redeem at any time.

1-60 MONTH TERM DEPOSIT RRSP

A tax sheltered, non-redeemable investment with competitive interest for a fixed period.  Since the rate is locked in, you know what your growth will be.

MUTUAL FUND RRSP*

Mutual funds are a popular way to invest because you can choose your own style of investing – aggressive or conservative, local or foreign, short term or long term.

Unity Credit Union has access to a wide variety of mutual funds options, which combine the benefits of diversification and professional asset managment with affordability.

*Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual funds investments.​
​Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.

CU BONUS BUILDER​® RRSP

A tax sheltered 5-year non-redeemable investment, with an escalating interest rate.  It is available from January 15 until March 1 of each year.  The escalating interest rate allows you to take advantage of increased rates and because the rate is locked in, you know what your growth will be.

INDEX LINKED RRSP

A tax sheltered non-redeemable investment with the potential for growth like a stock market investment, while also maintaining the security of a term deposit. This product offers returns based on the performance of individual stocks within an equity basket.  The rate of return is linked to the average monthly performance of the product offering and is paid at the end of the term.

BROKERED RRSP INVESTMENT**

A wide selection of stocks and bonds are available in the form of publicly traded stocks on the Canadian and U.S. stock exchanges, as well as government and corporate bonds, income trusts, and preferred shares.

To discuss your options, contact our Credential Securities Investment Advisor.

**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.

Continue the benefits with a RRIF:

This is a Registered Retirement Income Fund (RRIF), a registered government plan, which can be described as a continuation of your RRSP.  At the age of 71, your RRSP may be converted into a RRIF to continue the tax deferral.  It will provide a consistent, reliable source of income from your many years of saving and investing, and will have the same tax sheltering of growth.  There is one key difference: instead of making tax deductible contributions, you have to a take out a minimum taxable amount each year, based on your age.  An RRSP has to be converted to a RRIF no later than December 31 of the year in which you turn 71. 

​RRIF Options:

​VARIABLE RRIF

A cashable tax sheltered investment with a competitive variable interest rate.  This investment will generate retirement income, while sheltering your interest earnings.  You have the flexibility to move the funds at any time.

1-60 MONTH TERM DEPOSIT RRIF

A tax sheltered, non-redeemable investment with a competitive interest rate for a fixed period.  The rate is locked in, so you know what your growth will be.

CU BONUS BUILDER® RRIF

A tax sheltered 5-year non-redeemable investment, with an escalating interest rate.  It is available from January 15 until March 1 of each year.  The escalating interest rate allows you to take advantage of increased rates and because the funds are locked in, you know what your growth will be.

​Ready to put the power of investing to work for you?