Saving for Retirement
There's good money to be made

RESP

A Registered Education Savings Plan (RESP) is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is not taxed until it is withdrawn.

A Credit Union Registered Education Savings Plan is the smart way to save for your family's future. A post-secondary education is critical in an increasingly competitive job market. Each year, fewer high school graduates are in a position to afford to continue their education. With the costs of higher education increasing almost every year, early planning is essential. Let NIVERVILLE CREDIT UNION help you invest for your family's education.

RRSP

• Variable Rates
• One to five year terms with fixed rates
• Individual or Spousal

A Registered Retirement Savings Plan is a government-approved plan through which you save money for your retirement years. Your contributions, within limits, are tax deductible, and the income earned is tax sheltered. You can also have any number of plans.

It is important to start investing money when you can most afford it - during your peak earning years - to build up a comfortable retirement fund.

At NIVERVILLE CREDIT UNION, we offer RRSP's which are easy to understand. These plans also provide investment flexibility and are secure. A Registered Retirement Savings Plan is a tax sheltered savings plan that allows a tax break now, and allows you to tax shelter contributions and interest to provide an income for future years. Each dollar you contribute (subject to Revenue Canada's limits) to your RRSP gives you a tax deduction for the same amount. When you take money out of your RRSP, it is then treated as taxable income, but you control when and how much you take out. This can be timed to occur when your income is lower.

Whether you invest in a Variable RRSP, where your interest rate varies with changing marketplace conditions, or a Fixed Term RRSP, where you earn a fixed rate of interest, with as little as $25 per month you can be well on your way to a comfortable retirement. So please, for your future, speak to any of our Financial Services Representatives to set you up with a plan that suits your lifestyle.

If you have a RRSP elsewhere, we will transfer your RRSP to the NIVERVILLE CREDIT UNION simply and easily, and we will pay any transfer fee of up to $25.00 per plan.

Fixed Term RRSP Features:

• $500 minimum deposit
• Interest compounded annually
• Term of 12 months to 60 months
• Non-redeemable prior to maturity
• Highly competitive rates

Variable RRSP Features:

• $100 minimum deposit
• No penalties for early withdrawal
• No waiting period
• Rate of interest varies with current rates and is always competitive
• Interest calculated on daily closing balance
• Automatic deposits free of charge

RRIF

Registered Retirement Income Fund
In the calendar year that you turn 69 years of age, you MUST convert your RRSPs into RRIFs. An RRIF is a tax sheltered investment vehicle designed to provide a retirement income after age 69 from funds which you have accumulated in a Registered Retirement Savings Plan. Payments may be received monthly, quarterly, semi-annually or annually.

An RRIF allows you to take control of your investment. An RRIF allows you to select the length of time you wish to lock in your interest rate and while there is a minimum amount required to be withdrawn each year, you can elect to take more if you want or need to.

There are no fees associated with a RRIF. Every dollar put into a RRIF comes back to you, plus interest, and the interest is tax sheltered until you withdraw it. If you have a RRIF elsewhere, we will transfer your RRIF to the NIVERVILLE CREDIT UNION simply and easily and we will pay any transfer fee of up to $25.00 per plan.

Your RRSP can be transferred to a surviving spouse on a tax-deferred basis, if directed by a designation of beneficiary or by a will.

Choose from a Variable Rate plan or a Fixed Term Plan.

• Interest calculated on daily closing balance
• Open term; no penalties for withdrawal
• Interest rate fluctuates with market conditions

Fixed Rate:

• Terms from 12 months to 60 months
• Interest compounded annually

All deposits with the NIVERVILLE CREDIT UNION are fully guaranteed by the Credit Union Deposit Guarantee Corporation.

Term Deposits

• Terms between 30 days and 5 years
• Rates posted daily at Credit Union Branches
• Interest calculated daily and paid either on the anniversary date of the term or at maturity if the term is one year or less.

When you've got specific goals in mind, there's nothing more satisfying than watching your hard-earned money grow in a secure investment!

You can count on credit union GICs (Guaranteed Investment Certificates) to earn competitive interest rates. Plus, you'll enjoy peace of mind knowing your investment is solid and secure. We can work with you to determine the amount and frequency of your deposits and help you select the terms that suit you best...anywhere from one month to several years.

Plus, we'll guarantee the interest rate for whatever length of term you choose. Check out our rates!