RRSP - Registered Retirement Savings Plan

Saving for your future is one of the most important investments you can make. RRSPs help you to pay less tax now, and build a retirement future. At St. Mary’s (Toronto) Credit Union, we'll help you build a strategy to help you achieve your retirement goals.

You can contribute to a maximum of either 18% of your earned income $16,500 less pension adjustments for 2005. Check your Notice of Assessment from your last year's tax return to see how much you can contribute. You can also carry forward any unused contributions from 1991 indefinitely. You can catch up on previous years’ unused contributions by taking out an RRSP Loan.

By contributing as early as possible, you take advantage of the effects of compound interest. Regular contributions also allow you to maximize tax savings. Regular monthly deposits make this easier by reducing the need to make contributions within the first 60 days of the year and avoid line-ups.

A well diversified portfolio reduces your investment risk. Investment options for RRSPs include: GICs, daily interest savings and index-linked term deposits.

RRIF - Registered Retirement Income Fund

Converting your RRSP to a RRIF for regular income paid to you can be done at any age. Investors typically prolong this conversion until their retirement years for tax advantages.

Revenue Canada requires that you make this conversion by the end of the calendar year in which you turn 69. You have the option of receiving specific or minimum payments, as a percentage of assets, each year thereafter until such time that the sum of your total withdrawals collapses your entire RRIF.

Additional Services

• MasterCard Credit Card
• U.S. Cash
• Newsletter
• Monthly PCA Statements
• Safety Deposit Boxes
• Canada Savings Bonds
• Money Orders - Canadian and U.S.
• Travelers Cheques
• Utility Payments
• RRSP Transfer-In
• Direct Deposit
• AFTs (Automatic Funds Transfer)
• Seniors' Privileges Program
• Pre-Authorized Cheques
• Direct Payroll Deposit
• Passport Guarantor