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RRSPs & RRIFs

Build and enjoy your retirement savings with special tax benefits.

Invest today, for a worry-free tomorrow

 

Pay less income tax now

Contributions to an RRSP can be used as deductions against your earned income, lowering the tax you pay.

Fund your down payment

Borrow up to $35,000 of your RRSP savings without penalty to buy or build a home if you're a first time homebuyer.

Lifelong Learning Plan

Withdraw up to $10,000 a year from your RRSP for full-time training or education for you, your spouse or common-law partner.
 
 
  • RRSPs are best used to save for your retirement goals.
  • RRSPs can be used to fund the downpayment of your first home or to fund post-secondary education.
  • Contributions are tax deductible.
  • The sooner you start contributing the better off you'll be when it comes to enjoying your retirement years.
  • Anyone with earned income, subject to Canadian taxation, including non-residents, can contribute to an RRSP.
  • You may contribute to your own RRSP, or you may choose to make part or all of your contribution to a plan in your spouse's or common law partner's name.  
  • As the contributor, are still entitled to the tax deduction, but the plan will be owned by your spouse or partner. This allows you to split the income from the plans with your partner upon retirement or withdrawal.
  • Your Notice of Assessment from Canada Customs and Revenue Agency (CCRA), received after filing your tax return, will state your deduction limit for the following year. 
  • If you don't claim your maximum RRSP deduction, you can carry forward the unused deduction room indefinitely.
  • You can make contributions any time during the year.
  • Contributions made during the first 60 days of any year may be deducted for the current or the immediately preceding taxation year. 
 
  • RRIFs generates a taxable retirement income stream from RRSP savings.
  • The Canada Income Tax Act requires an individual who owns an RRSP to mature the plan by the end of the year in which the beneficiary turns 71.
  • You make tax-deductible contributions to an RRSP and make taxable income withdrawals from a RRIF.
  • Purchase a life annuity.
  • Roll the funds into a RRIF.
  • Receive a lump-sum payment from the RRSP.
  • Can deliver a continuous stream of income during retirement.
  • You can choose how the money within the RRIF is invested.
  • Investments can continue to grow on a tax-free basis within the plan.
  • Income tax on the amount transferred from the  RRSP is deferred until a withdrawal is made from a RRIF.
 
 

Grow your savings with investments that suit your goals

Term Deposits

Enjoy guaranteed returns and the knowledge that your deposit is 100% protected.
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Mutual Funds

Benefit from diversified growth with a professionally managed investment portfolio.
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Invest with expert advice

Let our team of local experts walk you through your investment options and create a plan that suits your needs.

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Invest on your own

Prefer to manage your own investments? Qtrade Direct Investing®* makes buying, selling and rebalancing easy.
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Ready to open an account?

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Save more with an RRSP Loan

With our investment loans, you can maximize the benefits of tax-free growth at competitive borrowing rates.

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Depositors are 100% protected

Your eligible deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia. 

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Try our investment calculators

See how you’re progressing against your financial goals with our easy-to-use calculators.

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*Online brokerage services are offered through Qtrade Direct Investing. Mutual funds and other securities are offered through Aviso Wealth. Qtrade Direct Investing and Aviso Wealth are divisions of Aviso Financial Inc.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. 
 

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