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Registered Retirement Savings Plans are government approved tax deferral programs with many advantages over standard savings plans. Funds deposited in an RRSP are not taxed until withdrawn from the plan. If you deposit within the first 60 days of the year, you can choose between claiming your deductions for the previous year or for the current year.
To find out how much you can invest in your RRSP check the bottom of your Tax Notice.
Just think of the load this will take off your present taxable income. For those with a heavy tax load, the tax refund could end up covering a large part of next year's RRSP investment.
Spousal DepositsYou might consider contributing to an RRSP in which your spouse is beneficiary. Spousal RRSPs are an excellent income-splitting device that can serve to lighten your tax load in the future.
RRSP Options AvailableThorold Credit Union has two Registered Retirement Savings Plans available. Members may choose one or both plans.
RRSP Term Deposits:
Members may choose to have an RRSP Term Certificate plan. This option yields a higher interest rate than the "savings account" option. The Term Certificate option cannot be redeemed early unless it is to settle an estate. The minimum deposit for an RRSPs Term Deposit is $500.
RRSP Savings Account:
This option allows you to make deposits at any time. You can automatically transfered Weekly, Bi-weekly or Monthly. Interest is calculated on the daily closing balance and compounded semi-annually. You can Cash-in this RRSP at any time simply by giving us the required notice. Just remember... you'll have to count that money as "income" in the year it is received! There is, however, nothing to prevent you from starting another RRSP
Your financial freedom begins by defining your immediate goals as well as your long-term goals. By understanding your priorities, our financial experts will have a clear vision to personalize your road to financial freedom.
You can now access an even larger selection of convient account services. Our financial experts can help you compare and choose the best option to suit your needs.
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