RRSPs

A RRSP, or Registered Retirement Savings Plan, is a government sanctioned account that allows you to save for retirement while deferring the tax you would pay on those savings until you take the money out. Most people will be subject to lower taxes in retirement than in their working years, making it an account that helps you to save money in more than one way.

Tax Benefits

Any deposits into the account can be deducted from your taxable income at the end of the year, up to the maximum contribution limit. Also, any gains your investments earns within this account are tax free until the money is withdrawn, in which case you are taxed on the full amount you withdraw.

Contribution Limits

The maximum contribution limit in 2016 is $25,370.00. However, if you have unused contribution room from last year, you can carry it forward. Your contribution limit will be listed on your tax assessment that you receive from the CRA annually. Any contributions over the limit on your assessment are subject to tax of 1% per month. You can only keep a RRSP up to the age of 71, at which point the money must either be withdrawn or rolled over into a RRIF. This account can be used with certain term deposits, or our Wealth Management products, to get you a maximum return.

Chinook "Select" G.I.C.

  • $2,500 minimum investment
  • Fixed to maturity rate
  • Interest paid annually
  • 60 month term
  • Redeemable prior to maturity on anniversary date
  • RRSP eligible
  • Mortgage Investment Certificate

    • $1,000.00 minimum investment
    • 1 to 5 year term
    • Interest penalty for early redemption is 1.0% of principal balance for each remaining or part thereof. Member is still paid accrued interest to date of redemption.
    • Interest compounded annually
    • Interest rate is variable, changed monthly based on mortgage portfolio yield

    Fixed Non-Redeemable RRSP

    • 1 to 5 year terms with auto renew at rates in effect at the time of renewal
    • $1,000.00 minimum investment
    • Fixed rate
    • Interest rate determined by market

    Monthly Deposits - Convenience that Maximizes Your Return

    Maximize your money by depositing your RRSP contribution monthly. The interest earned is compounded, which means you'll be earning interest on the interest! In the long run, this can have a dramatic effect on your investment. We can help you benefit from the monthly deposit advantage, by automatically transferring funds from your account to an RRSP. It's convenient. It's painless. And it's as easy as filling in the authorization form at one of our branches.

    Variable Redeemable

    • Partial withdrawals allowed at any time
    • Monthly deposits allowed
    • Interest calculated daily and compounded on June 30 and December 31.

    For more information on any of the Registered Retirements Savings Plans, drop in to your local branch or give us a call

     

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