PLAN 24
- This non-chequing account earns interest daily based on the closing daily balance. Interest is paid at the end of each month. There is no minimum deposit required. Interest is calculated on the closing balance and paid monthly.
- A monthly statement is provided.
- Automatic transfers can be set up to cover overdrafts in your chequing account.
- Funds can be accessed with a MEMBER CARD® Debit Card.
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.
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.
- Redeemable with penalty and non-redeemable available.
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- Withholding tax applies if funds are withdrawn, funds then become taxable income.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 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- Income earned within the plan is not taxed until withdrawn.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.
TAX FREE SAVINGS ACCOUNT (TFSA)
Tax Free Savings Account (TFSA) is a new 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 $5, 500.00 for 2018
- 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
AGRIINVEST
AgriInvest is a producer savings account which provides coverage for small margin declines.
- Producers make deposits based on a percentage of their allowable net sales and receive matching federal and provincial government contributions.
- AgriInvest Deposit Notices will be mailed to producers starting in July 2010 and will include an Account Initiation form.
- Producers complete the form and present it to either branch of Bruno Savings and Credit Union to open a new AgriInvest account.
- Any amount up to the Maximum Matchable Deposit may be deposited by the deadline indicated on the Notices.
- To learn more about AgriInvest visit the program website at www.agr.gc.ca/agriinvest
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