A Registered Retirement Savings Plan (RRSP) is an effective planning tool for retirement as it is a government approved plan that allows you to save for those golden retirement years. There is a realized benefit to you as the money you place in your RRSP will be deducted directly from your taxable income and in return, lowering the amount of income tax owing to Revenue Canada.
Also, enjoy tax-sheltered growth until retirement, meaning any income earned inside your RRSP is not taxed until the day it is withdrawn.
Some of the features of a TCU RRSP* are:
- Competitive rates
- Fixed rate terms from 1 to 5 years with interest compounding annually
- Variable rate plans with interest calculated monthly and paid annually
- Choose to save through payroll deduction or automatic transfer from your account - weekly, bi-weekly, semi-monthly or monthly (variable rate plans only)
Deposits in registered savings plans are fully insured. (Other Canadian dollar deposits insured up to $100,000)
*RRSPs Transfers out / Withdrawals subject to $30.00 fee
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