Registered Investments

RRSP - Registered Retirement Savings Plans

An RRSP is an investment in your future, with benefits you can enjoy today. When you contribute to an RRSP, you take advantage of substantial tax savings today and enjoy peace of mind in knowing you'll have a financially secure retirement. In addition, your RRSP dollars are completely tax sheltered as long as they remain in your RRSPs. Only RRSPs work as hard for you today as they will in the future.

Everyone with 'earned income' subject to Canadian tax may contribute to an RRSP. Each year, you may contribute your maximum personal contribution limit. The best way to find out how much you can contribute to your RRSP each year is from the 'Notice of Assessment' you received from Canada Revenue Agency with your previous year's tax return. This will also include any unused contribution limit from past years.

Contributions made during the first 60 days of the year may be deducted for the current or the immediately preceding taxation year. Let us show you how it makes good sense to make regular RRSP contributions throughout the year!

Maximize your unused RRSP contributions
If you haven't always taken advantage of all your RRSP contributions each year since 1991, you can carry forward the unused portion indefinitely.

To maximize your RRSP contributions and to take advantage of any unused WFCU Credit Union offers the Maximum RRSP Loan.

Let us show you how the cost of borrowing can be offset by your tax savings at year-end:

 

 Savings Account

 Fixed-Term RRSPs

 Mutual Funds**

 Features
  • Variable rate of interest
  • Immediate access
  • No minimum investment   RRSP by payroll available to build your contributions automatically
  • Our highest guaranteed interest rate
  • Guaranteed principal and interest
  • Terms from one month to five years
  • Professionally managed
  • Potential for diversification
  • Invest in the family of Ethical Funds®
 Benefits
  • Allows you to begin... NOW!
  • ALL funds reinvested into our Community
  • Easy to manage
  • Guaranteed return ALL funds reinvested into our Community
  • You choose the fund that matches your objectives
  • Redeemable at any time
 Terms

 Short Term

 One Month to 5 Years

 Short term or long term to suit your financial objectives

Minimum Investment

 No Minimum

 $500

 $500 or $50 per month

Re-Investment

 Can be re-invested into a fixed term RRSP after achieving a $500 balance

 At maturity

 Redeemable anytime
(Fees may apply)

RRSP Loans

   RRSP Loans as low as prime!
Let us show you how it can pay to borrow for your RRSP contribution.



Tax-Free Savings Account

There is no limit on the number of years unused contribution room can be carried forward. The Tax-Free Savings Account (TFSA) is a registered savings account that allows taxpayers to earn interest income tax-free inside the account.

 

RRIFs - Registered Retirement Income Funds

Registered Retirement Income Funds (RRIFS) are a financial product funded with RRSP deposits and designed to provide an income stream during retirement. Interest accumulates tax free in a RRIF deposit until the funds are paid out. A RRIF may be purchased any time prior to December 31st of the year the planholder attains age 71.

 

LIFs - Life Income Funds

Designed to provide income for life, a Life Income Fund (LIF) is a savings plan available to members with Locked-In Funds that need to begin receiving payments when the member reaches retirement age as outlined in the original pension agreement.  Locked-in plans must be administered according to the individual plan/jurisdiction.


RESPs - Registered Education Savings Plans

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 under the plan is not taxed until it is withdrawn.

The federal government will contribute at least 20% for every dollar on the first $2,000 of annual RESP contributions made on behalf of the beneficiary.


Deposit Insurance Corporation Of Ontario

DICO is a corporation established by the Credit Unions and Caisses Populaires Act (Ontario) to provide deposit insurance for credit union and caisse populaire depositors against loss of part or all of their deposits. The deposits accepted by all credit unions and caisses populaires in Ontario, subject to the deposit insurance coverage limits specified in the Act and DICO By-laws, are insured by DICO.

At WFCU Credit Union, eligible deposits held as TFSA, RRSP and RRIF are fully insured.

For more information on DICO, please visit their website, www.dico.com.

 

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