REGISTERED RETIREMENT SAVINGS PLANS
Invest in your future today! Enjoy the tax benefit today! By contributing to an RRSP you can have peace of mind in knowing you'll be financially secure when it comes time to enjoy your retirement.
No matter what stage of life you're in, Rocky Credit Union can help you make the most of your allowable RRSP contributions with our wide variety of retirement investment products, RRSP loans, competitive interest rates and personalized service.
Variable Rate RRSP
This type of retirement savings plan allows your investment to move with current interest trends. Flexibility to convert from a variable rate RRSP to a fixed rate RRSP is a key feature of this product.
Interest rates are reviewed and adjusted regularly so you benefit from the most competitive rate.
Fixed Rate RRSP
A fixed rate RRSP provides the security of knowing your rate of return is guaranteed for a fixed period of time. Rocky Credit Union members can choose the option that best fits your retirement goals.
•Maximize your return with convenient monthly deposits
•Maximize your return on your retirement savings plan by making monthly contributions
to our variable rate RRSP. This allows you to earn interest on your interest. Interest earned
is compounded semi-annually and Rocky Credit Union can automatically transfer funds
from your account to an RRSP.
RRSP Loans
In addition to the tax savings, you may earn more interest on your contribution than the interest you pay on a loan with a reducing balance.
Come in and see us at Rocky Credit Union for more benefits and details.
REGISTERED EDUCATION SAVINGS PLANS (RESP)
You want what's best for your child but are you prepared for the cost of higher education? Rising education costs could prevent many young people from acquiring skilled jobs.
To help you and your child, Rocky Credit Union offers RESP's (Registered Education Savings Plan).
An RESP is an education investment plan that offers three major advantages:
•Contributions are not tax deductible, but earnings accumulate on a tax deferred basis
•Accumulated earnings are taxed when withdrawn at the student's usually lower personal
tax rate (this is a form of income-splitting)
•Receive an immediate 20% bonus on annual contributions up to $2,000 from the Federal
Government's Canada Education Savings Grant
•That's up to $400 per year for each beneficiary.
Click Here if you would like some more Info on RESP's.
REGISTERED RETIREMENT INCOME FUNDS (RRIF)
Withdrawing funds for your income during your retirement years is easy with a Registered Retirement Income Fund at Rocky Credit Union.
With a RRIF you are provided with maximum control over the investment of your funds and the most flexibility to adjust frequency and amount of your payments. This feature enables you to change your level of income as your lifestyle requires it.
•There is no minimum age required to purchase a RRIF.
Let Rocky Credit Union assist you in managing your retirement savings by consolidating or transferring your RRSP's to a RRIF when the time is right for you.
For information on Equity Linked Deposits, please contact us.
