TCU's Registered Retirement Savings Plan (RRSP) offers you more than money saved for "some day" in the future, it also provides you tax benefits today! Why pay the tax man when you can keep the money, defer taxes and earn income on your hard earned money.
- Contributions* are tax deductible and the income earned is tax sheltered until withdrawn.
- Unused contribution room can be carried forward to future years.
- Contributions can be made until the end of the year in which the plan holder turns 71.
- Regular deposit plan is available, such as monthly or biweekly.
- No set up or annual maintenance fees.
- One free withdrawal** per calendar year. Subsequent withdrawals are subject to a fee as outlined in the TCU Accounts and Fees Guide.
- Locked-in plans (pension money funded by an employer) can be transferred in with a minimum $5,000 balance***.
- Spousal and Common-law Partner plans are available.
- Group RRSPs are available.
- Online viewing capabilities or annual statement available.
- Loans to purchase RRSPs are available at TCU (OAC).
- Current Investments rates can be found on the Investments Rates page.
- *Contribution room (RRSP deduction limit) is dependent on your age and income level. You can find your limit by referencing your most recent Notice of Assessment or contacting the Canadian Revenue Agency (CRA)
- **All withdrawals become taxable in the year they are withdrawn and are subject to withholding tax at the time of redemption unless the Home Buyer's Plan or Life Long Learning Plan are utilized
- ***No new funds can be added or any withdrawals posted to Locked-in plans
- Transfer out requests are subject to a transaction fee as outlined in the TCU Accounts and Fees Guide unless transferred to TCU Wealth Management
- Your deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation
- Valid Social Insurance Number (SIN) is required to open an RRSP
- RRSPs must move to a further retirement option, such as a Registered Retirement Savings Plan (RRIF), or be cashed by the end of the year a member turns 71