TERM DEPOSITS
- Provides a guaranteed interest rate of terms of 30 days to 5 years.
- Interest paid to the account of the members choice or added back to the term deposit.
- Statement is provided quarterly.
- Redeemable with penalty and non-redeemable available.
TAX FREE SAVINGS ACCOUNT (TFSA)
Tax Free Savings Account (TFSA) is a savings or investment account available to Canadians age 18 or older, beginning January 1, 2009. Although contributions are not tax deductible, the TFSA is a great tax sheltered account to grow your savings and meet both your short and long term investment goals.
- Contribute up to $6500.00 for 2023
- Capital gains and other investment income will not be taxed
- Withdrawals are allowed and will be tax-free
- Unused TFSA contribution room can be carried forward to future years
- Withdrawals from a TFSA will create contribution room for the next year
- You can carry forward your unused contribution room indefinitely
TAX FREE FIRST HOME SAVINGS ACCOUNT (FHSA)
Tax Free First Home Savings Account (FHSA) is designed to help Canadian individuals age 18 or older save for the purchase of their first home on a tax-free basis.
- Must be a first-time home buyer – the individual did not live in a home they owned, or that was owned by their spouse or common-law partner, during the year of FHSA opening or at any time in the preceding four calendar years.
- Contributions are tax deductible, but are limited to $8000.00 per year up to a lifetime limit of $40000.00.
- When a qualifying withdrawal is made to purchase a home, no tax is withheld on the withdrawal and the amount withdrawn is not considered taxable income. Withdrawals for another purpose will be subject to withholding tax and must be included in income.
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- Withholding tax applies if funds are withdrawn, funds then become taxable income.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 71.
REGISTERED RETIREMENT INCOME FUND (RRIF)
- RRIFs are offered at a fixed rate for one to five years.
- Interest paid to the account of the members choice or added back to the term deposit.
- Statement is provided annually.
REGISTERED DISABILITY SAVINGS PLAN (RDSP)
- A savings plan that is designed to help individuals with disabilities and their families save for long-term financial needs.
- Government incentives available to help build savings such as the Canada Disability Savings Grant (CDSG) and the Canada Disability Savings Bond (CDSB).
- Tax sheltered interest earnings while in the plan.
- The credit union acts as an agent of Concentra Financial.
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.