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RRSPsRegistered 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 Funds deposited in an RRSP are not taxed until withdrawn from the plan.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
RRIFsA RRIF is a registered plan where an individual draws an income for retirement from a Registered Retirement Savings Plan (RRSP). A RRIF can be custom designed to meet the individual's retirement objectives. It provides maximum control over one's investment of funds and provides flexibility to adjust the amounts of payment one receives. You choose the payment level as long as it meets the minimum levels set out by the government.
GICsGICs are available from 30 days to 60 months and offer a guaranteed rate of interest on your deposit. Funds are locked in for the term chosen. We also offer redeemable GICs that offer a competitive interest rate with the flexibility of being cashed at anytime with no early redemption penalty. See current rates here
TAX-FREE SAVINGS ACCOUNT (TFSA)A fresh approach to your savings.
The Tax-Free Savings Account (TFSA) is available beginning in 2009 to Canadian Residents age 18 or older. TFSA allows taxpayers to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetime. There are no restrictions on the way TFSA funds (contributions and earnings) may be used (ie purchase a car, renovate a home,start a small business, take a family vacation, or just save for a "rainy day"). All income levels and all walks of life can benefit from a TFSA. But only a careful review of each person's financial situation will determine how to optimize use of RRSPs, RESPs,RRIFs and TFSAs.
The individual owning the TFSA is the "Holder". Any individual person (not trusts or corporations) who meets all of the following three requirements is eligible to open a TFSA:
- Resident in Canada
- 18 years of age or older
- Holds a valid Social Insurance Number (SIN)
- There is no maximum age limit to open or hold a TFSA and a person may hold more than one TFSA.
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