Registered Retirement Savings Plan (RRSP)
An RRSP is a government-approved tax deferral plan which assists you in saving for a more comfortable retirement.
- RRSP funds may also be used for the Home Buyers' Plan and for the Lifelong Learning Plan
- Variable rate plans—interest is calculated on the minimum daily balance and paid semi-annually on June 30th and December 31st
- 1-to-5-Year term deposits (minimum $2000) with compounding interest
- Mutual Funds and self-directed plans available to diversify your portfolio
- Earnings are tax-sheltered while in the RRSP
- Spousal plans available
- Convenient and easy contributions through direct deposit, payroll deduction, by mail, or in person
- Easy online transfers from your chequing and/or savings accounts into your RRSPs and TFSA
- Investment loan available to maximize your contributions; tax savings may actually offset the cost of borrowing at year-end
- Deposits automatically insured by the Deposit Insurance Corporation of Ontario
Maximize your RRSP contribution
When you invest your RRSP contribution at the Fire Service Credit Union, we give you 90 days deferred payment! Once your income tax refund is received, pay off all or part of the loan and amortize the balance over 12 months to ensure your cash flow remains intact! Interest will be calculated at a preferred rate and added to the outstanding loan.
Interested in setting up an RRSP?
Charlene