RRSPs, RRIFs, RESPs

Your Credit Union offers a wide variety of investment opportunities to help you save for your future, fund a child's education or take care of your retirement income

RRSPs - A government approved plan in which money is invested/saved for retirement. Regular and locked-in RRSPs are available. Funds are normally transferred to a RRIF no later than December 31^st of the year the member turns 71.

Group RRSPs - Payroll deduction to an RRSP where the contributor saves the income tax at source. A great way to save income tax at source and save for your retirement.

RRIFs - An income generating plan that an individual can, at any age, transfer their RRSP funds into and continue to defer taxes. Funds withdrawn from a RRIF are taxed at the marginal tax rate.

RESPs - A government approved plan that provides for the future post secondary education of a beneficiary. If withdrawn, the growth is taxed in the hands of the beneficiary who is normally at a lower tax rate.

Your Credit Union has an excellent resource booklet called "Planning For Your Retirement" - download your free copy of the booklet now.