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Prairie Pride Credit Union Newsletter - Winter 2002 - Page 2
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 Registered Retirement Savings Plan (RRSP)
Prairie Pride Credit Union offers a variety of options for investing your RRSP. As with all deposits at the Credit Union there is an Unlimited Guarantee of funds through the Deposit Guarantee Corporation.
A Registered Retirement Savings plan is a government approved plan that allows you to save money for your retirement. During your peak earning years you can invest to build your retirement fund while saving money on your taxes. Interest earned on these savings is not taxable until the funds are withdrawn. Any interest earned is compounded and the growth of an RRSP increases rapidly over the years.
Anyone who has "earned income" subject to Canadian taxation, including non-residents, may contribute to an RRSP. You can also make a part of or all of your contribution to a plan in your spouse's name. You as the contributor still benefit from the tax deduction. Limits to RRSP contributions are based on "earned income" of the previous year. You can also carry forward any unused portions. This information is on your Room Statement from Revenue Canada.
Registered Retirement Income Fund (RRIF)
The first stage of an RRSP is to accumulate retirement savings. The next stage is to provide retirement income. Your accumulated savings may be invested in a variety of options to provide a retirement income eg. RRIF. The retirement income payments are taxed each year as you receive them, thus spreading the taxation of your accumulated savings over your retirement.
Prairie Pride Credit Union offers the following Registered Retirement Income Funds for your convenience:
- Variable Plan Rates fluctuate with the market. This plan is open and can be changed to a locked in interest plan at any time.
- Fixed Plan Available investment periods of 1-5 years and the interest rate fixed for the length of term chosen.
Think Qtrade!
Thinking about online brokerage? Think Qtrade!
Starting November 15, 2002, customers who open a new Qtrade Investor account and deposit or transfer a balance of $5,000 or more will receive two coupons worth up to $100 in free trades or transfer costs.
This offer will run from November 15, 2002 to April 30, 2003.
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