Investments

Term Deposits

A term deposit certificate is a fixed rate deposit for periods of one to five years. The account has flexible interest payment, reporting, and renewal options.

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 Amounts withdrawn from an RRSP are taxable.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.