Registered Retirement Savings Plan
• 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 Canada Revenue Agency'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 $50.00 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
All deposits with the Niverville Credit Union are fully guaranteed by the Credit Union Deposit Guarantee Corporation.