RRSP's

A REGISTERED RETIREMENT SAVINGS PLAN is a government approved plan that allows you to save money for your retirement. Your contributions are tax-deductible and the income earned is not taxable while it is in the plan. .

Deposit RRSPs are the most common type of plans. They take the form of savings accounts, Term Deposits and GICs. Like each of these, there is no risk associated with a deposit RRSP - your principal investment and the earnings are secure. The Credit Union offers Term Deposits and Index-Linked Term Deposits.

Rochdale offers RRSPs with variable, fixed and index-linked interest rates. If you choose a deposit RRSP with a variable rate of return, the rate of return will be adjusted regularly to match current, competitive interest rates. In a fixed rate plan a stated rate of return is maintained throughout your investment, providing you with the security of knowing what your investment will be worth at maturity.

A number of different terms are available and our Financial Services Representatives can discuss the benefits of the various options with you. They can also help you make decisions about the frequency of interest calculations and payments to the RRSP, which can be daily, monthly, annually or at the end of the term. You are charged no fees when you invest in any of these RRSP plans. At Rochdale Credit Union, eligible deposits in each RRSP is fully insured. Click here for more details.

*Mutual Fund RRSPs are similar to standard Mutual Funds, but in this case the funds are purchased within an RRSP. Any income or capital gain produced within an RRSP Mutual Fund is usually reinvested within that fund.  Talk to our Mutual Funds Investment Specialist about Mutual Fund eligible RRSPs.

To maximize the return on your RRSP, you can make contributions on an on-going basis. Doing so balances your purchases - you invest regardless of whether interest rates and stock values are high or low - buying more during lows and less during highs. By investing throughout the year, you are contributing to your RRSP earlier than if you were to make one lump payment as the RRSP deadline approaches. Weekly, biweekly and monthly deposits of as little as $25 can be made automatically, transferred from your choice of Chequing and Savings Accounts.

* 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 insured nor guaranteed, their values change frequently, and past performance may not be repeated.

To help you meet your retirement goals RRSP Loans are available at competitive interest rates. Click here for an On-line loan application.

How much should you be putting into an RRSP each year?  Click  to find out.