We offer a range of Registered Retirement Services including variable, fixed and index linked RRSPs and RRIFs.
Variable Rate Registered Retirement Savings Plan (RRSP)
- Funds are not locked in for any specific term
- Daily interest, paid semi- annually
- Rates fluctuate with the market
- Used until member wishes to lock in a rate through a fixed term deposit
Fixed Rate Registered Retirement Savings Plan (RRSP)
- Higher yielding term, rate fixed until maturity
- Interest paid annually
- Minimum deposit of $500
- Choice of term from 6 months to 5 years
- Pays higher interest than the variable rate option
Index Linked Term Deposit RRSP
- Available for RRSPs
- Offered all year round
- 3 and 5 year maturities
- The principle amount is always guaranteed and secure
- No commission or fees
- An ideal investment for individuals that want to benefit from the return on the stock market but who do not want to risk losing their original investment
- Interest yield is based on the performance of the Toronto Stock Exchange
Registered Retirement Income Fund (RRIF)
- A RRIF can be regarded as a continuation of a RRSP only instead of money going into the plan, funds are paid out of the plan each year
- The interest earned in a RRIF remains tax sheltered until funds are disbursed from the plan
- RRSP funds have to be converted into a RRIF or another similar retirement vehicle by the end of the year that the annuitant turns 71
- In the year in which the member turns 72 the RRIF must pay out a minimum amount based on a pre- set formula
- Yearly payments are designed to allow the RRIF to continue until the annuitant is well into their 90’s
- There is no maximum level in any year’s payout, therefore larger withdrawals can be made if required. Withdrawals are regarded as taxable income in the year they are received
- Investments within a RRIF are the same as the Variable Rate and the Fixed Rate terms that are described under RRSPs (above)
- Index Linked Term Deposits are not offered within this product
For more information on any of our registered retirement plans please contact us.