When it comes to saving for your retirement, it's never too early and it's never too late. iNova Credit Union has the options you need for RRSP investments and we can help you develop a plan to build a secure financial future.
Our RRSP investment options include a variety of products from secure term deposits to mutual funds.
The Credit Union also makes it very convenient to open and deposit to your RRSP. Payroll deduction provides systematic deposits that add up quickly and painlessly. We can set up automatic transfers from your Credit Union account or from an account with another financial institution.
To get your RRSP started earlier or to help you top up your plan the Credit Union offers RRSP Take Ten Loans. Borrow at low rates and take ten years to repay.
To view current interest rates click here.
Make your investment today and enjoy the tax benefit. Contact the Credit Union and start an RRSP.
Registered Retirement Income Funds (RRIF)
It's like an RRSP in reverse. Instead of making contributions to save for your retirement, an RRIF becomes your source of investment income during retirement, and continues to shelter your income from taxes after you reach 69.
- Provides retirement income for life
- A range of investment options for our RRIF are available
- Withdrawals can be made directly from the investment vehicle rather than having to transfer to a daily interest savings account
- Payment options include: monthly, quarterly, semi-annually or annually and can be tailored to your requirements
- Payment schedules can be changed at any time
Investment Options:
- Term Deposits
- Mutual Funds*
To view current interest rates click here.
When the time comes, just come in and talk to your iNova investment specialist.
Registered Education Savings Plans (RESP)
A Registered Education Savings Plan (RESP) allows you to save money for your child's or a beneficiary's post-secondary education. Withdrawals can be used toward tuition, school books, and living expenses.
The earlier you start an RESP, the more likely your child will graduate from post-secondary school with little or no debt. Recent studies indicate that a startling number of post-secondary graduates are entering the workforce with heavy debt and that some even declare bankruptcy. Start saving now, and you can be assured that the benefits of tax-sheltered compounding interest will make a big difference in the future.
Advantages of an RESP
- Additional education funding is provided by the Canadian Education Savings Grant (CESG)
- Income earned within the plan is not taxable until the beneficiary enrolls in post-secondary education and withdraws funds for educational purposes, at which time the beneficiary will usually have a lower marginal tax rate
- Contributions belong to the subscriber and can be withdrawn without consequence once the beneficiary is eligible for Educational Assistance Payments
- RESPs are available as single or family plans
Contact us for the investment options that best meet your needs, and we will apply on your behalf for a Canada Education Savings Grant.
* Mutual funds are offered through Credential Asset Management Inc., a wholly-owned subsidiary of Credit Union Central of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash deposits are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer which insures deposits in credit unions. Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated.®Ethical Funds & Design and Ethical are registered trademarks owned by Ethical Funds Inc. and are used under licence.
