Deposit Services – Registered
Plans
RETIREMENT SAVINGS | RETIREMENT
INCOME OPTIONS | REGISTERED PLANS | TAKE
TEN RRSP LOANS | RESPs
|
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.
|
|
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.
Registered
Plans
Minimum Deposit is $1000 except where noted.
§
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.
§
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.
§
RRSP/LIRA/RRIF/SK-MB
RRIF eligible Fixed. For those wanting
interest income in a secure, guaranteed investment. 1 to five year
non-redeemable terms available.
§
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. Available only at specified times during the
year.
§
RRSP/LIRA/RRIF/SK-MB
RRIF/LIF 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. Only available at specified times during
the year.
§
RRSP eligible BONUS
BUILDER®. For those
wanting a secure, guaranteed investment and rate of return. The interest rate
increases/steps up each year within the term. 3 and 5 year non-redeemable terms
are available. Available only at specified times during the year.
§
RRSP/LIRA eligible Index
and Equity Linked. Long-term investment designed for
those attracted by the stock market but wanting a secure investment. Combines
the potential of an unlimited rate of return with no risk to your principal as
it is fully guaranteed. Selling periods, issue dates and maturities vary.
Ø
MARKETFLEX®. 3-year non-redeemable
term. Return is based on the average monthly performance of the Canadian stock
market (S&P/TSX 60® Index). View our MARKETFLEX
brochure.
Ø
PRAIRIES BASKET. 5-year non-redeemable
term. Contains 12 prairie companies, encompassing a wide variety of industries
ensuring economic diversification. Pays a return based on the performance of
the basket of stocks, and is calculated using an average of monthly index
returns, protecting it against sudden erratic declines.
Ø
AMERICAN MARKET™. 5-year non-redeemable
US Large Cap linked to the S&P 500® Index, with Monthly Average
Valuation. Click
Here to view the AMERICAN MARKET brochure.
Ø
GLOBAL MARKET™. 5-year non-redeemable term
with Monthly Average Valuation based on 3 indices: 1) NIKKEI 225;
2) Dow Jones EURO STOXX 50; 3) S&P 500.
Click
Here to view the GLOBAL MARKET brochure.
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.
|
Registered Education Savings Plans (RESPs)
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.
RESP eligible
products:
§
Variable Savings. Offers tiered daily
interest, compounding and paid semi-annually. No minimum deposit or balance
required.
§
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.
* Your principal in an index-linked RRSP 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.