Term Deposits

• Term Deposits are offered from 30 days to 5 years.
• Minimum deposit of $100.00.
• Redeemable and non-redeemable long term deposits offered for one to five years.
• Interest is calculated daily and paid on the anniversary dates on long term deposits or paid at maturity on short term deposits.
• Compounding interest option on 1 to 5 year Terms.

Registered Retirement Savings Plan (RRSP)

• An RRSP is a tax-deferred government-approved plan in which members can save money for retirement.
• Contributions and interest earned within the Plan are tax sheltered.
• Variable and fixed rate options are offered at competitive rates.
• Withholding tax applies if funds are withdrawn, funds then become taxable income.
• Personal contribution limits based on earned income.
• Funds must be moved into a retirement income option plan by the end of the year in which depositor reaches the age of 69.

Registered Education Savings Plan (RESP)

• Government approved plan for providing post-secondary education funding.
• Income earned within the plan is not taxed until withdrawn.
• Additional education funding provided by Canadian Education Savings Grant.
• Single or family Plan offered.
• Variable and fixed rate options are offered at competitive rates.
• Most secondary institutions and programs including correspondence courses qualify for receiving RESP Educational Assistance Payments.
• The credit union acts as an agent for Concentra Financial.

Registered Retirement Income Fund (RRIF)

• RRIFs are offered at a fixed rate for one to five years.
• A minimum payment is mandatory at least once a year.
• Funds are tax sheltered as long as they remain in a RRIF.
• Payment amounts can be set to meet your personal needs.