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.

Tax Deferred Growth - The investment returns grow tax free inside of the account allowing you to benefit from the power of compounding. When you are ready to retire and withdraw, you will likely be in a lower tax bracket. We can make it easy and convenient by setting up regular automatic contributions to your RRSP.

Starting early pays. Individual A invests $5000 annually from 25 – 60. Individual B invests $5000 each year from age 25 – 35 and Individual C invests $5000 each year from age 35 to 60.

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


*Graphic provided by https://www.valuewalk.com/2014/12/truly-understand-power-compounding-chart/ 

 

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