RRSPs

Registered Retirement Savings Plans (RRSPs) are one of the most popular long-term investment plans. Here’s why:

  • Contributions to your RRSP are tax deductible, within limits set by the Income Tax Act.
  • Your savings can grow faster in an RRSP because contributions and all investment earnings are tax-sheltered until the funds are withdrawn.
  • Typically, you withdraw the funds when you’re retired and likely to be in a lower tax bracket than when you’re working.

Contributions

You can make lump-sum contributions directly to your RRSP at any time of the year. However, one of the fastest and easiest ways to build your retirement savings is through automatic payroll deduction.

Your RRSP Plans Are Government-Insured

At OPPA Credit Union you enjoy unlimited deposit insurance on RRSPs.  Term deposit savings investments in your RRSP plan are fully insured with no maximum limit.  For further information on deposit insurance coverage, please ask for a brochure at the Credit Union, or call the Deposit Insurance Corporation of Ontario at 1-800-268-6653 or visit their website.

Registered Investment Options 

We provide access to a range of RRSP investment options to suit your needs and objectives.

  • Fixed-rate plans – These plans provide the security of knowing the rate of return on your retirement savings is guaranteed for the term you choose. You may choose redeemable or non-redeemable plans.
  • RSP Savings Plan - This account doesn't require an initial lump sum investment.  Deposit automatically by payroll or from your bank account to a one year investment at a fixed rate of interest.
  • Step-up investments – These are Term Deposits that pay an escalating rate of interest each year for a five-year term.
  • Indexed-linked investments – These investments are for members looking for the security of a term deposit with the return based on the performance of the stocks comprising the S&P/TSX 60 composite index.
  • Mutual funds * – We provide access to more than 1,500 mutual funds as all of our Financial Advisors are registered as Mutual Funds Investment Specialists through Credential Asset Management Inc.

Grow your retirement savings faster with monthly contributions

Simplify your investing today.  You can avoid the pain of finding a lump sum to invest every spring by making regular contributions every month.  Plus, you get the benefits of a whole year of investing.  The best way to accelerate your RRSP is to contribute automatically - weekly, bi-weekly or monthly - from your payroll, savings or chequing account.  You'll hardly notice the difference in your account balance and by year end you'll have made a substantial RRSP contribution painlessly.  Plus, you'll be compounding the earnings monthly instead of just focusing on the tax advantages of a one-time contribution at the end of the year. 

Want to learn more about RRSPs? See Are RRSPs Right for You? or speak to your Financial Advisor.


* Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

 

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