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RRSP
With a Registered Retirement Savings Plan (RRSP), you can watch your savings grow tax-free
Contributions are only taxable when you make a withdrawal.
How does an RRSP work?
- Any Canadian who is employed and files taxes can contribute to an RRSP.
- There is no minimum age to contribute.
- Contribute until December 31 of the year that you turn 71.
- Spousal and individual plans are available.
- Contribute up to a set maximum every year.
- You receive a tax receipt for contributions to reduce you taxable income.
- Income from an RRSP is taxable only when withdrawn.
- Your unused annual contribution rolls over for use in future years.
You have lots of RRSP options...
Variable Rate RRSP
Set up a recurring monthly deposit and watch your savings grow!
- Maximize your return with automatic monthly deposits
- Compounding interest
- Option to move to fixed rate at any time
Fixed Rate RRSP
Fixed rate terms provide the security of knowing that your rate of return is guaranteed for a fixed period of time. You get to choose the option that best fits your financial goals.
RRSP Loans
RRSP loans enable you to make an RRSP contribution before the deadline in order to maximize contribution room and save on taxes.
- Interest rates on these loans can be obtained at or near prime rate
- Loan is paid back over a period of 9 to 12 months – typically in monthly installments
First Time Homebuyers Plan
Borrow from yourself! Withdraw RRSP money to buy your first home without penalty, providing it is repaid within a specified time.
Manage Your Wealth
Sometimes, your financial needs go beyond traditional banking products. Choose to invest your money in Mutual Funds or other securities. Through Aviso Wealth professionals at Rocky Credit Union, we can provide access to a comprehensive line of investments, including a variety of mutual fund companies.