Registered Retirement Savings Plan

Retire with comfort and confidence by investing in RRSPs.
Enjoy income tax savings now and be sheltered from tax as your money grows.

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What is an RRSP?

A Registered Retirement Savings Plan (RRSP) is an investment account that lets you earn interest on your money without having to pay tax on that interest. Additionally, the money you contribute to an RRSP comes off your income to help you save on income tax now.


Where can I invest my RRSP?

An RRSP can be invested in a variety of products like savings accounts, GICs, Mutual Funds*, ETFs*, and Index-Linked GICs*. The choice is very personalized, an advisor can help you.


Is there a limit to how much I can invest?

The total amount you can contribute to an RRSP includes your contribution limit for the current year plus any “carry-forward” contribution room from previous years.

Your RRSP contribution limit for the current year is 18% of earned income reported on your tax return in the previous year, up to a government-set maximum.

Wondering what your current RRSP contribution room is? The Canada Revenue Agency reports your RRSP contribution room on your most recent Notice of Assessment, or online through your CRA MyAccount.


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Which is better for me, an RRSP or TFSA?

TFSAs and RRSPs work in different ways. The money you contribute to a RRSP actually reduces your income and offers you tax breaks in the year you contributed. Great, but when you begin to withdraw from a RRSP down the road, you’ll be taxed on that money as income.

The money you contribute to a TFSA doesn’t reduce your income for the year, so don’t expect a big tax refund because of it. But on the bright side, when you withdraw from your TFSA, it doesn’t count as income.

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Deposit insurance coverage

At PenFinancial Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).

Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA).

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Note *Online brokerage services are offered through Qtrade Direct Investing. Mutual funds and other securities are offered through Aviso Wealth. Qtrade Direct Investing, Qtrade Guided Portfolios and Aviso Wealth are divisions of Aviso Financial Inc.
Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.
Banking at PenFi is about more than just the money.

It’s about financial solutions that generate prosperity for you and your community.

Our Truly Local Commitment is the heart and soul of our philosophy, where we believe the prosperity of our Members and our communities go hand in hand.  Each year, we commit a portion of our profits to support truly local initiatives that help our communities thrive.  We're also a proud Living Wage employer, and we are a Certified B Corporation committed to using business as a force for good.  There are just a few of the ways we're invested in you and your community.

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