RRSP: Save for the Future and Enjoy Yearly Tax Savings

An RRSP is a government-approved plan that encourages people to save as a First Time Home Buyer or for their own retirement years. Your contributions are tax deductible and the plan's earnings are tax-sheltered.

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As a member of a credit union your entire RSP deposit is insured by the Financial Services Regulatory of Ontario. There is no insurance limit on registered deposits and since they are insured separately, it does not affect the insurance coverage of your non-registered deposits.

Anyone with earned income or unused contribution room up to the end of the year in which they turn 71 years of age, may contribute to an RRSP. Your RRSP must mature before the end of the calendar year in which you turn 71. At that time your RRSP can be converted to a retirement income option such as a Registered Retirement Income Fund (RRIF), Term Certain Annuity to Age 90 or Life Annuity. When your time comes to convert your RRSP, a knowledgeable representative will contact you to discuss your retirement income options. Call us for our FREE information booklet, "The Basics", which provides details and answers to many commonly asked questions.

RRSP Savings

This daily interest account pays interest every June and December. Members may make periodic deposits as low as $10, utilizing payroll deduction or direct deposit as a tool to save and build their retirement savings.

RRIF: Easily Manage Your Savings into Your Retirement Years

A RRIF is basically a continuation of your RRSP beyond the age of 71, with the exception that you must begin to receive taxable income. In the year you turn 71 our RRIF specialist will call you to discuss your RRSP options.  

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You may choose any payment amount you wish, as long as it satisfies the mandatory minimum amount. The benefit of a RRIF (unlike an annuity) is that they are extremely flexible and remain under your control. Payments can be made monthly, quarterly, semi-annually or annually.

Your RRIF can be invested for terms of one, two, three, four, or five years with the interest compounded annually.


Save for Your Child's College or University Education

Members may subscribe to a Registered Education Savings Plan (RESP), which is a government approved plan for the purpose of providing post-secondary education funding for one or more beneficiaries. Income on the plan grows tax-free until it is withdrawn.Investing in an RESP will give you and your family members more financial freedom when making the choices that will affect their future. By starting now, you can grow your education funds by making affordable, convenient monthly deposits. Planning today for tomorrow is the smart way to realize your family's education goals. 

The Government of Canada encourages RESP savings by adding money to your RESP through the Canada Education Savings Grant (CESG) and the Canada Learning Bond. All you need in order to open an RESP is your Social Insurance Number and the Birth Certificate and Social Insurance Number of your beneficiary. The lifetime contribution limit for RESPs is $50,000 per beneficiary. An RESP may receive contributions for 31 years, following the year the RESP was opened.  Most Canadian post-secondary institutions and programs, including correspondence courses, qualify for the purpose of receiving RESP Educational Assistance Programs. Certain foreign post-secondary institutions may also qualify. 

For more information, contact us for a Free information booklet "Member Education Savings:Planning for the Future"

Member Savings RESP's are administered by Concentra Financial, our trust services provider.

Learn More

Contact Lisa Churcher
416.860.3673 or
1.888.560.2218 ext. 204

Tax Free Savings

A great account for tax-free savings. The TFSA provides a Tax-Free Savings Account that allows you to invest without paying tax on interest or investment earnings.

TFSA Features:

  • Our competitive interest rates will earn you tax-free savings through our TFSA GIC account or TFSA savings account.
  • Unlimited deposit insurance coverage. 
  • Statements are issued annually, free of charge.
  • Eligibility for this account requires you to be 18 years of age or older, and a Canadian resident.
  • Contributions must be made by the owner and are not tax deductible. 
  • The annual TFSA dollar limit for the 2021 year is $6,000.
  • The maximum amount you can contribute to your TFSA is limited by your TFSA contribution room. 
  • Unused contribution room is carried forward and accumulates in future years.
  • Withdrawals (capital and income) are not subject to tax and these amounts will be added back to your contribution room the following tax year.
  • This account is identified by the seven digit number ending with either “5”, "34" or “.35”.

TFSA Savings

This daily interest account pays interest at our premium rate on the last day of every month. Members may make periodic deposits as low as $10, utilizing payroll deduction or direct deposit as a tool to save and build their tax-free savings.

TFSA Index-Linked Term Deposits

Index-linked Term Deposits: Guaranteed with a Competitive Rate

Index-linked Term Deposits are a great way to invest in the equity market without risking your principal investment. Unlike regular term deposits or GICs, there is no guaranteed return however your principal investment is never at risk. The return you receive at maturity depends on the performance of the stocks comprising the S&P/TSX 60 Index over the term of the investments.  

If you're looking for an investment that protects your principal, carries no fees or commissions, and has the potential of earning a higher return than a regular term deposit or GIC, then this may be right for you.  

Benefits of Index-linked Term Deposits

  • minimum deposit of $1,000.
  • three or five-year terms available.
  • the interest is paid at maturity based on the performance.
  • of the S&P/TSX60 over the specific timeframe.
  • early redemption is not allowed.
  • no fees or commissions.
  • RRSP & TFSA eligible.

Get an Index-linked Term Deposit Today

416.860.1072 or 1.888.560.2218

First-Time Home Buyers

Buying your first home can be a very emotional purchase, often both stressful and exciting. Allowing yourself plenty of time to prepare can reduce the stress and replace it with excitement.

One of the biggest advantages for every first-time home buyer (FTHB) is the First-Time Home Buyers’ Plan. This allows every FTHB with an RRSP, to withdraw up to $35,000 for a down payment on their first home without immediate tax penalties, as long as the contributions were made more than 90 days prior to the withdrawal.  To avoid paying any income tax on the amount withdrawn, funds must be paid back to the RRSP over 15 years in equal installments.  Of course, you have the option to pay your HBP off sooner if you wish.  Saving for your first home through an RRSP means bigger savings by lowering your income taxes and putting even more money in your pocket towards a down payment.  The key is to ensure you don’t contribute more to your RRSP than will benefit you from a tax perspective, and our own Betty Anne Flynn, Certified Financial Planner can assist you with that.

It's important to note, the Home Buyers’ Plan can only be used by first-time home buyers.  This means that at the time of the withdrawal, you have not owned a home for the past four years.  Also, the home must be your primary residence and located in Canada.  Mobile homes, co-op units, and shares in a co-operative housing corporation also qualify.

To apply for your Home Buyers’ withdrawal, you must apply by completing CRA form T1036 with the credit union. Our experts are here to answer any questions you may have regarding this program.

Other important withdrawal information:

  • You can withdraw from any number of RRSPs, with different financial institutions, provided your total withdrawals do not exceed $35,000.
  • A withdrawal is not permitted from a locked-in RRSP.
  • Amounts withdrawn will be reported on a T4RSP in the year withdrawn.

Home Buyers’ Plan Repayments

You are required to repay the amount withdrawn under the HBP, without interest, over a 15-year period that will begin in the second year following the year you withdrew the money. On your income tax return, you will designate what portion of your total RRSP contributions are repayments under the HBP, and therefore not deductible from income. If you repay less than the specified annual repayment, you will be taxed in that year on the portion you did not repay.  If you repay more than the specified annual repayment amount in a year, but not the whole balance of the withdrawal, your required repayments in subsequent years will be reduced. 

For more information and advice for First Time-Home Buyers, please check out our previous blog posts, Genworth's Home Buyers website & the Canada Revenue Agency website:

Other Ways to Start Saving

Contact a Specialist to Start Saving Now 

Start Your RRSPs through Payroll Deduction

You can start your RRSP contributions with as little as $10 per pay without a lump sum investment! It is quick, easy and you won't even miss it. Through payroll deduction your funds can be allocated to various accounts under your direction for your savings and investment needs. Payroll deduction is an easy and painless way to transfer a portion of your pay automatically to an RRSP contribution.

Get An RRSP Loan

The money that you would invest in an RRSP eligible investment could be making you money through the benefit of compounding or capital appreciation, depending on the type of investment you choose, even if you borrow the funds to do it.

The basic idea is that compound interest on your investments and tax deferral can outweigh the cost of borrowing. As with any RRSP investment, you will pay taxes when you withdraw funds upon retirement.

Top up your RRSPs with a line of credit

This is a line of credit separate from any regular LOC you may have, but used only to advance funds into your RRSPs with a minimum of fuss.

Once established, a simple call to our office is all that is required to advance the funds to the RRSP. The rate is locked at prime, in order to encourage members to build their retirement funds.