Investments

Term Deposits (TDC’s)

A deposit account evidenced by a term deposit certificate issued to the member for amounts of $1,000 or more for periods of one or more years, that earns a higher interest return with funds locked-in for full term. The account has flexible interest payment, reporting, and renewal options.

Short Term Deposits

A deposit account for amounts of $1,000 or more for periods of 30 days to five years, which has flexible interest rates and payment methods, early redemption privileges and automatic renewal options. Higher interest rates apply to amounts of $50,000 or more.

Registered Retirement Savings Plans (RRSP)

A Registered Retirement Savings Plan is a Federal Government approved means of saving money for retirement through making contributions of specific amounts, which are tax deductible, and the income earned is tax sheltered. Amounts withdrawn from an RRSP are taxable. The amount that a member may deposit into an RRSP is regulated and there are penalties for exceeding the maximum allowable yearly contribution. There is no maximum to the amount of money a member may accumulate in an RRSP or RRSP’s. A member may set up an RRSP on behalf of a spouse and make contributions to it. Any member with “earned income” may set up an RRSP.

Registered Retirement Income Funds (RRIF)

A registered plan where an individual draws an income for retirement from a Registered Retirement Savings Plan (RRSP). A RRIF can be custom designed to meet the individual’s retirement objectives. It provides maximum control over one’s investment of funds and provides flexibility to adjust the amounts of payment one receives.

Registered Education Savings Plan (RESP)

A Registered Education Savings Plan (RESP) is a registered plan where contributions can be made for the education of an individual. Contributions to a single family plan are not tax deductible; however, all interest earnings grow tax-free within the plan until it is paid out.