A Registered Retirement Savings Plan (RRSP) is a plan to help you save money for retirement. Contributions, within limits, are tax deductible, and the income earned is tax sheltered, until eventually redeemed. Funds must be withdrawn or rolled into a RRIF by the end of the year you turn 71 years of age.
Funds from your RRSP can be used towards the down payment for a qualifying residence without immediate taxation or even used for your own post secondary education. Any funds withdrawn from the plan must be paid back to the plan within a specified repayment period to avoid taxation. Come in and see an investment representative for more details!
First Credit Union offers a number of attractive RRSP options including instant RRSP loans and monthly contribution plans. We can help you calculate your maximum RRSP eligibility and figure out how you can take the greatest advantage of RRSP limits over the years.rrsp rate sheet