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Invest in you and your future with an RRSP.  RRSP’s continue to be a good investment fit for many of our member-owners’ financial plans and lifestyles.


There are two main reasons our members invest in an RRSP:  to reduce taxable income (paying less tax in that year); and to be saving tax-free as (taxes are payable later on withdrawal in what would be a lower income year).  At this time, you can contribute up to 18% of your 2019 earned income, to a maximum of $27,230 plus any carry-forward contribution room that you may have until the year you are 71 years of age. 


If you would like to contribute, ask us about an RRSP loan so that you can maximize or top-up your RRSP contribution (before March 2, 2020).  You may be able to save tax dollars by investing the funds from the loan into your RRSP. By starting a monthly contribution plan, you can earn compound interest making more than if you contribute a lump sum. 


RRSP’s are considered longer-term retirement investments. However, you can withdraw funds,  for use towards the Home Buyers’ Plan or the Lifelong Learning Plan; which must be repaid within a specified time.  A word of caution before you resort to withdrawing from your RRSP - look for alternatives and talk to us. 


Are RRSPs worth it in the long run? Even though you have to pay the tax back when you withdraw the funds, yes, they are worth it. They are a valuable tool to reduce your tax burden and save for the future. Be sure to include an RRSP as an investment option in your financial plan. And, be sure to review your plan each year.  


Need a plan?  We can help you with that.


Call us today to speak with one of our investment specialists. 

Pick up the leaflet, Your Guide to Understanding RRSP’s in the branch or visit the CRA website for more information. 


A Registered Retirement Savings Plan (RRSP) is a retirement savings and investing vehicle for employees and the self-employed in Canada. Pre-tax money is placed into an RRSP and grows tax free until withdrawal, at which time it is taxed at the marginal rate.

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