RRSPs

A Registered Retirement Savings Plan (RRSP) provides an opportunity to save for a worry-free retirement.

An RRSP gives you the benefit of a tax deduction today, and tax-sheltered compounded growth for tomorrow. Plus, your RRSP dollars are completely tax sheltered as long as they remain in the plan.

Combined with the most important ingredient of all – time – your RRSP can turn into a sizeable retirement nest egg. Through small monthly deposits you can maximize your annual contribution and accelerate your tax-sheltered savings.

Depositors are 100% protected!

Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia*

Want to learn more about RRSPs?

Check out our Understanding RRSPs digital brochure >

How can I make saving easier?

If you can't afford to contribute a large amount to an RRSP or TFSA at the end of the tax year, don't worry.
Consider setting up a savings plan that deducts a monthly or biweekly amount from your paycheque or your account. Let us help >

Should I borrow to invest?

Borrowing to invest could be a great strategy. A Northern Savings investment loan can help accelerate your savings!

Need Advice?

Our investment professionals, Vida Carson and Jackie Touchet, can provide you with access to a wide spectrum of investment products and assist you with developing your strategy. At Northern Savings, we provide professional financial planning³ services to all our members at no charge. Learn more >

Investment Options

Your RRSP can be invested in many different products, including:

Our Financial Planning & Wellness team can help you navigate your plan to find the right investment options for you.

FAQs

What are the benefits of investing in a Registered Retirement Savings Plan (RRSP)?

With an RRSP, you will benefit both immediately and in the future. An RRSP allows you to save for your retirement years, while decreasing the amount of tax you pay today.

Who can contribute?

Anyone with earned income, subject to Canadian taxation, including non-residents, can contribute to an RRSP.

You may contribute to your own RRSP, or you may choose to make part or all of your contribution to a plan in your spouse's or common law partner's name. You, as the contributor, are still entitled to the tax deduction, but the plan will be owned by your spouse or partner. This allows you to split the income from the plans with your partner upon retirement or withdrawal.

When should I start contributing?

The sooner you start contributing to your RRSP the better off you'll be when it comes to enjoying your retirement years.

What are RRSP deduction limits?

Your Notice of Assessment from Canada Customs and Revenue Agency (CCRA), received after filing your tax return, will state your deduction limit for the following year. You can also phone the CCRA TIPS line at 1.800.267.6999 to confirm your deduction limit.

What if I don't use all of my deduction? 

If you don't claim your maximum RRSP deduction, you can carry forward the unused deduction room indefinitely. If you don't have the cash to contribute now, you can make larger catch-up contributions in future years. But remember, you maximize your retirement savings by making each RRSP contribution as early as possible.

What is the contribution deadline for RRSP's?

You can make contributions any time during the year. Contributions made during the first 60 days of any year may be deducted for the current or the immediately preceding taxation year. The 2020 RRSP contribution deadline is March 1, 2021.

Is my investment secure?

As a member of Northern Savings Credit Union, you receive unlimited depositor protection as defined by the Credit Union Deposit Insurance Corporation of BC (CUDIC)*.

    *The Credit Union Deposit Insurance Corporation of British Columbia, a statutory corporation, fully guarantees all BC credit union deposits. Credit Union equity shares and investments such as mutual funds or RSP equity plans are not covered by deposit insurance.

    Mutual funds, other securities and securities related financial planning services are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. Mutual funds and related financial planning services are offered through Qtrade Asset Management (a tradename of Credential Asset Management Inc). Financial planning services are available only from advisors who hold financial planning accreditation from applicable regulatory authorities.