Registered Retirement Savings Plan

  • An RRSP is a tax-deferred government-approved plan in which members can save money for retirement
  • Contributions and interest earned within the plan are tax sheltered
  • Variable and fixed rate options are offered at competitive rates
  • Funds must be moved into a retirement income option plan by the end of the year in which depositor reaches the age of 71

Registered Retirement Income Fund (RRIF)

  • RRIF’s are offered at a fixed rate for one to five years
  • Interest paid back into the RRIF
  • A RRIF provides flexible options for maturing RRSP’s
  • It can be customized to meet your personal goals and budget requirements
  • You arrange the amount and frequency of the payments

Registered Education Savings Plan

  • Government approved plan for providing post-secondary education funding
  • Income earned within the plan is not taxed until withdrawn
  • Additional education funding provided by Canadian Education Savings Grant
  • Single or Family plans offered
  • Variable and fixed rate options are offered at competitive rates
  • Most secondary institutions and programs including correspondence courses qualify
  • The Credit Union acts as an agent for Concentra Financial

Registered Disabilites Savings Plan

  • An RDSP is a savings plan that is intended to help individuals with a disability, who are eligible for the Disability Tax Credit, and their families save for long-term financial security. Income earned within the plan is tax-sheltered until withdrawn.
  • Government incentives are available to help build the RDSP savings. The Canada Disability Savings Grant (CDSG) is a grant based on annual contributions paid into the plan. The federal government will match 100%, 200% or 300% on eligible contributions paying up to $3,500 of CDSG annually into an RDSP to a lifetime maximum of $70,000. The Canada Disability Savings Bond (CDSB) is an amount paid by the federal government into an RDSP of an eligible beneficiary. CDSB is based on family net income and an eligible beneficiary can receive up to $1,000 per year paid into their RDSP to a lifetime maximum of $20,000.