Registered Retirement Savings Plans, better known as RRSPs, are a smart way to save for retirement and realize tax savings today. Every year, you can contribute a certain amount to your RRSP based on your previous years’ income (see Canada Revenue Agency for details).
Registered Retirement Savings Plan (RRSP)
Safeway Credit Union offers you a variety of ways to save for retirement and plan for the future. Each savings option has been designed to meet your needs.
Maybe you like to invest once a year, or perhaps you prefer to save a little bit at a time. We can debit a pre-specified amount from your account bi-weekly or monthly. You can set up an RRSP or add to your current RRSP investment at any time. There is no need to wait until RRSP season if you are ready now.
Many of us simply cannot save as much as we would like for our RRSP’s. If you fit in this category, our RRSP loans will help you save for retirement while deferring taxes today. Contact Jackie or Anke in our lending department.
A registered Retirement Savings Plan (RRSP) is a tax-deferred account designed specifically for retirement savings. Any resident of Canada under the age of 71 who has earned income may establish and contribute to an RRSP.
We are guaranteeing a rate of 1.25% for the year (November 1, 2016 to October 31, 2017). Interest is paid to the member’s RRSP account on October 31st, as this is the credit unions year end.
RRSP accounts are eligible for a patronage dividend.