RRSPs are a great tool for retirement savings, but they can also be used for:

• Tax Relief

• Sheltering your income

• Purchasing a home

• Education

After your 71st birthday, you will need to convert your RRSP into a Registered Retirement Income Fund (RRIF). 

Benefits of a RRIF include:

• Your funds remain tax sheltered.

• You decide how your funds are invested.

Creating possibilities often goes hand in hand with higher education, but it comes with a big price tag. RESPs are a great savings tool to help your children, grandchildren or yourself achieve the education of your dreams.

• $50,000 maximum lifetime contribution per beneficiary.

• Up to $500/year per beneficiary from Canadian Education Savings Grant.

• All money earned in the plan grows tax free until it's withdrawn.

Individuals, under the age of 60, who have a long-term disability and are eligible for the Disability Tax Credit (DTC) may qualify for a RDSP.

Under a RDSP, contributions are not tax deductible; however, earnings are tax-sheltered.

The benefits of a RDSP are: 

• Encourages long-term savings with the ability to contribute up to $200,000.

• Availability of up to $90,000 in grants and bonds.

• Easily accessible for contributions and withdrawals.

• A safe and secure variable or term investment.

When it comes to building your rainy day fund, there is nothing more flexible than a Tax Free Savings Account.

TFSAs give you the option to:

• Earn tax-free income

• Make tax-free withdrawals at any time

• Carry forward unused contribution limits

A term deposit is a Guaranteed Investment Certificate (GIC).  This is a type of investment, that guarantees a specific return on your investment, and is known at the time of purchasing the term.  Your initial investment will never decrease, and will only grow!

Term deposits are fully backed by the Credit Union Deposit Guarantee (CUDGC).