RRSPs

PenFinancial Credit Union provides access to a great selection of investments to help grow your RRSP. Your PenFinancial Advisor will customize an RRSP plan that will help you make the most of your money today, so you can retire how and when you want tomorrow.

The Basics:

  • Interest and other monetary growth earned in RRSPs is tax sheltered until the day the funds are withdrawn
  • Contributions to RRSPs are tax deductible
  • There are a variety of investment options to choose from
  • Pre-authorized contribution plans make RRSP investments easy and convenient
  • At PenFinancial, registered savings are fully insured with no limit on the maximum amount (RRSP, RRIF, LIF, LIRA, RESP, TFSA)

What is an RRSP?
A Registered Retirement Savings Plan is a government approved plan through which you save money for your retirement years. Your contributions are tax deductible and the income earned is tax sheltered. You can have a number of RRSP plans.

Why contribute to an RRSP?
You can specifically set aside funds for your retirement that have many benefits, including saving tax, earning interest and deferring tax until funds are withdrawn. It's best to invest in your RRSP during your peak earning years — when you can most afford it.

How do I know if I'm eligible to contribute to an RRSP?
Anyone who has earned income in Canada and paid taxes on it is eligible to contribute to an RRSP. Contributions can be made until the end of the year in which your 71st birthday occurs.

Can I borrow money to invest in an RRSP?
You sure can! Just speak to your PenFinancial Advisor about the loan options available to help make your RRSP investment or to simply top up your contribution room. Pre-authorized contributions can also be set up so that you can save up for your RRSP investment, throughout the year.

How safe are my RRSP investments?
At PenFinancial Credit Union, registered plans are fully insured with no limit on the maximum amount (RRSP, RRIF, LIF, LIRA, RESP, TFSA). For further information on deposit insurance coverage, please visit DICO at www.dico.com.

At PenFinancial, our Advisors will customize the best RRSP investment plan for you – from regular term deposits to index-linked term deposits to mutual funds* – we have access to the products you want, with the expert advice you need to help you make the most of your retirement years.
Learn more about our investment options and call your PenFinancial branch today and we’ll help you grow your savings for tomorrow.


*Mutual funds are offered through Credential Asset Management Inc. and mutual funds and other securities are offered through Credential Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the use of an asset allocation service. Please read the prospectus of the mutual funds in which investment may be made under the asset allocation service before investing. Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Credential Securities Inc. is a Member of the Canadian Investor Protection Fund. OnCourse Portfolios are made available to investors through ®Credential professionals located at certain credit unions in Canada. ®OnCourse is a registered mark owned by Credential Financial Inc. and is used under licence.

 

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