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Find the right investment to help you reach your goals faster

Guaranteed Investment Certificate (GIC)

A GIC (also known as a term deposit) is a secure investment that gives you peace of mind that your initial contribution is protected while earning a guaranteed return.

  • Guaranteed rate of interest on your deposit
  • 30 to 60-day terms or 1 to 5-year terms available
  • Flexible options:
    • Non-redeemable – Funds are locked in for the term chosen
    • Redeemable – Funds can be cashed at any time with no early redemption penalty
 

Tax-Free Savings Account (TFSA)

A TFSA will help you save for any goal – a new car, home renovations, that dream vacation. Because it’s tax-free, you pay no taxes on investment earnings, ensuring your savings grow faster.

  • Save faster – Because your TFSA is tax free, all your investment earnings stay in your pocket.
  • Use it for any goal – Your TFSA isn’t tied to a specific goal, so you can withdraw money anytime without repaying.
  • Build contribution room – Unused contribution room can be carried forward to use in future years.
  • Carry over withdrawals – Any withdrawal you make adds extra contribution room to the following year.
  • No age limit – Unlike the RRSP, you can contribute to your TFSA from the age of 18 onwards for as long as you like.
  • Flexible investing options – Your TFSA can hold a number of investments, including GICs.
 

Registered Retirement Savings Plan

An RRSP will help you save for your dream retirement. Because it’s tax-sheltered, any investment growth your money earns is tax-deferred until you retire and withdraw the funds – when you’ll likely be in a lower tax bracket and owe less.

Features

  • Reduce your tax – RRSP contributions reduce your taxable income, which is especially helpful during your peak earning years.
  • Save faster – Because your RRSP is tax deferred, your earnings will be tax sheltered until you withdraw them in retirement – likely in a lower tax bracket.
  • Contribute until you’re 71 – Make annual contributions until December 31 of the year you turn 71.
  • Leverage spousal deposits – Contributing to your spouse’s RRSP can be an excellent income-splitting device to lighten your tax load.
  • Use a portion for your first home without penalty – Speak to us to learn more.
  • Use it to fund education – If you want to continue your education, you can borrow a portion of the funds without penalty. Speak to us​ to learn more.
  • Flexible investing options – Your RRSP can hold a number of investments, including GICs.

RRSP Options

We have two RRSP options available. You can choose one or a combination of both plans:

RRSP Term Deposit

  • Higher interest rate than the savings account option.
  • Non-redeemable unless it is to settle an estate.
  • Minimum deposit of $500.

RRSP Savings Account

  • Make deposits at any time.
  • Automatically transfer funds into it weekly, bi-weekly, or monthly.
  • Interest is calculated on the daily closing balance and compounded semi-annually.
  • Cashable any time simply by giving the required notice. Just remember... you'll have to count that money as "income" in the year it is cashed! There is, however, nothing stopping you you from starting another RRSP.
 

Registered Retirement Income Fund (RRIF)

An RRIF is a flexible income-producing investment that shelters your savings from tax, while allowing you to withdraw funds as needed during retirement.

  • Tax-sheltered growth – Your investments continue to grow tax sheltered, working hard for you.
  • Control your income – You control the amount and frequency of your withdrawals, as long as they meet the minimum levels set by the government.
  • Tax-free transfer to spouse – You can pass your RRIF assets on to your spouse tax-free if you pass away.
  • Secure investment options – You have access to GICs with 1 to 5-year terms to continue growing your money securely.
 
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