RRSPs

An RRSP is an investment account that lets you save for your future on a tax-sheltered basis, allowing your money to grow faster!

Benefits of an RRSP

Reduce your Income Tax – Your annual contributions can be deducted from your gross income and be used to reduce the amount of income tax you pay.

Income Splitting – Through the use of a Spousal RRSP members can contribute to an RRSP in their spouses’ name. You get the benefit of the tax deduction and your spouse can withdraw the funds in retirement at potentially a lower tax bracket.

https://www.wpcu.ca/ToolsAndAdvice/Calculators/RetirementPlanner/

RSP Contributions are available online!  Make your RSP contributions from the comfort of your home 24/7!  Locked in (LIRA) and spousal variable RRSP's are not available to contribute to. Transfers will only go into RRSP variable products.  If you wish to purchase a different savings product once the transfer is complete, please call or email us and we can process the request for you!  You can also schedule regular transfers into your RSP account online, or cancel them anytime using the transfer section online.

Don't have an RSP with WPCU?  Print off and fill in this RSP Application. You can either mail it in, or bring it down (we do require original signatures) and we can set it up in under five minutes!

Maximize. Your Notice of Assessment from Canada Revenue Agency (CRA) will tell you how much you are eligible to contribute. This is a great opportunity to save taxes and money. To learn more, visit CRA’s My Account for Individuals https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html

Consider borrowing to build your nest egg. Although leveraging (borrowing to invest) is usually frowned upon in instances of a risky investment, consider opening an RLOC (RSP Line of Credit). https://www.wpcu.ca/Borrowing/RRSPLoans/ You only have to sign up once, and can use the line of credit on a revolving basis annually, making payments during the year as if you were investing, or, consider using your income tax refund to pay it off sooner. It's easy- ask us how at 204-944-1033!

Please click here for current rates!

Investments Glossary


*Mutual funds are offered through Credential Asset Management Inc. Using borrowed money to finance the purchase of securities involves greater risk than purchasing using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.

 

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