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*

Investment Loans

RRSP Loans

A little short on cash? If you find that you're a little (or maybe even a lot) short of making your annual RRSP or TFSA contribution, then an investment loan could be the ideal solution!

An investment loan at Northern Savings is a fast, easy, and efficient way to take advantage of tax savings. Whether you are looking to maximize your annual contribution, or to catch up on unused contribution room from previous years, Northern Savings has flexible loan features to suit your needs.

Investment Options

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

Our Wealth Management 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. For example, for each $1,000 invested in your RRSP for 2004, you will save approximately between $250 and $500 in your current year's taxes. The amount of tax savings depends on your taxable income and tax rate.

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 2015 RRSP contribution deadline is March 2, 2016.

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.