Deposit Services – Registered
Plans
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Retirement Savings
RRSP. A Registered Retirement Savings Plan is a
government-approved plan through which you save money for your retirement years.
Your contributions, within limits, are tax deductible, and the income earned
is tax sheltered. You can have any number of plans.
LIRA. RRSP funds
that have been transferred from a pension plan are subject to pension
legislation. The funds may be in a Locked-in RSP or Locked-in Retirement
Account (LIRA), depending on the province. You may be restricted to
purchasing only life annuities with these funds; and under your former
pension plan, there may be a minimum age requirement for such purposes.
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Retirement
Income Options (RIO)
When you retire or reach age 71, whichever comes first, your RRSPs will
need to be converted to a retirement income option.
RRIF. Registered Retirement Income Fund registered with
CRA designed to provide payments to you, subject to an annual minimum amount.
Best suited for people who want to make their own decisions (subject to
government limitations) regarding income or if estate preservation is
important.
SK-MB RRIF. Can be opened if your pension money is in a
locked-in retirement account (LIRA) or a registered pension plan (RPP)
governed by the Saskatchewan or Manitoba Pension Benefits Act, or if you have
an existing LIF or LRIF contract.
LIF. A Life Income Fund is
very similar to a regular RIF. A LIF is a
provincially regulated plan that allows you to maintain full control of your
investment choice, while allowing the flexibility of withdrawing funds within
prescribed limits, as you require.
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Tax Free
Savings Account
TFSA. Allows taxpayers
to earn investment income tax free. TFSAs are available to all Canadian
residents 18 years of age and older who hold a valid Social Insurance Number
(SIN). There is no maximum age limit and there are no restrictions
on the way TFSA funds are used. These accounts allow taxpayers to set money
aside in eligible investments and watch those savings grow tax free
throughout your lifetime. All income levels and all walks of life can
benefit from a TFSA.
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Education Savings
RESP. An RESP assists you in saving for your child’s
education. Individual and family plans are available. Income earned within
the plan is tax-sheltered until it is withdrawn for post-secondary education
and is taxable to the beneficiary. In addition, the Government of Canada will
help you with savings incentives including the Canada Education Savings Grant
(CESG) and the Canada Learning Bond (CLB). Once a student is enrolled in a
post-secondary institution, payments may be withdrawn from the RESP for
education-related expenses. Learn more about RESPs, CESG or CLB by contacting
your Advantage Credit Union branch, or visit the following websites: www.hrsdc.gc.ca
or www.canlearn.ca.
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Registered Products
Minimum Deposit is $1000
except where noted.
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RRSP/LIRA/RRIF/SK-MB
RRIF/LIF eligible Investor Savings. Offers tiered daily interest compounding and paid
semi-annually. No minimum deposit or balance is required.
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TFSA eligible Tax Free
Savings Plan. Offers a flat daily interest compounding and paid semi-annually. No
minimum deposit or balance is required.
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RRSP/LIRA/RRIF/SK-MB RRIF eligible Money Market. For those wanting
maximum return for a short term. Non-redeemable terms available from 30 to 365
days. Minimum deposit is $100,000.00.
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RRSP/LIRA/RRIF/SK-MB RRIF/TFSA eligible Fixed. For those wanting
interest income in a secure, guaranteed investment. 12 to 60 months
non-redeemable terms available.
The following are only available
only at specified times during the year:
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RRSP/LIRA/RRIF/SK-MB RRIF/LIF eligible Premium. Long-term
investment with 1 to 5 year terms for those wanting a secure guaranteed
investment and rate of return.
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RRSP/LIRA/RRIF/SK-MB RRIF/LIF/TFSA eligible Hooked to
Prime.
Non-redeemable 1 to 5 year guaranteed terms available. Interest rate is linked to
changes in the prime interest rate. As prime rate changes, the annual interest
rate is automatically adjusted. For individuals that want term deposit
features but the flexibility of higher rates of interest as Prime Rate
increases.
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RRSP/LIRA/TFSA eligible Index and Equity Linked. Index-Linked
investments are tied to the average monthly performance of a stock index, such
as S&P 500 Index®. The investment stays at Advantage Credit Union,
which means your principal is
guaranteed. So even if the index doesn't perform well before its
maturity, you'll still get your principal back in full! If the index does
perform well, you'll receive an interest payment at the investment's maturity
date.
Take Tenâ RRSP Loans
Available for your unused contribution room as well as
for the current year’s contribution. Loans are available as low as prime rate.
RESP eligible products
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Variable Savings. Offers tiered daily
interest, compounding and paid semi-annually. No minimum deposit or balance
required.
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Fixed. 1 to 5 year
non-redeemable terms for those wanting interest income in a secure, guaranteed
investment. Minimum deposit is $500.
* Credit Union
Deposit Guarantee Corporation guarantees to all depositors, repayment in
full of all deposits in Saskatchewan
credit unions. Your principal, in an index-linked term deposit is fully
guaranteed. Because the return these deposits realize is linked to the
performance of a stock market index, the return cannot be guaranteed until it
has been deposited to the credit union.
Select the following links for daily return
information, current company composition and overviews of the process for
re-weighting:

“Standard & Poor’s®” and “S&P®” are trademarks
of the McGraw-Hill Companies, Inc. “TSX” is a trademark of the Toronto Stock
Exchange. These marks have been licensed for use by Credit Union Central of
Saskatchewan. The Product(s) is/are not sponsored, endorsed, sold or promoted
by Standard & Poor’s or the Toronto Stock Exchange and neither party makes
any representation or warranty regarding the advisability of investing in the
Product.