financial backup for life

RRSPs

Registered Retirement Savings Plans (RRSPs) are one of the most popular long-term investment plans. But they’re not for everyone all the time. We help our members make choices that fit them as opposed to simply pushing you into the wrong tools. Here are a few details:

  • Contributions to your RRSP are tax deductible, within limits set by the Income Tax Act.
  • Your savings can grow faster in an RRSP because contributions and all investment earnings are tax-sheltered until the funds are withdrawn.
  • Typically, you withdraw the funds when you’re retired. For members with pensions or new jobs after retirement, that can cause tax issues. We’re here to help you make better choices.

Spousal RRSPs

A spousal RRSP allows you to contribute money to your spouse or common-law partner’s registered retirement savings plan, up to your personal contribution limit.  When a contribution is made to the spousal RRSP, the contributor receives a tax deduction.

Spousal RRSPs are an excellent strategy when one spouse earns more than the other or anticipates a higher retirement income stream. A spousal RRSP can help to equalize family income, which can lead to big tax savings. This gives you the opportunity to push retirement income from a spouse or partner in a higher tax bracket into the spouse or partner with the lower tax bracket.

If you are the spouse with the higher income, you will use some of your contribution room to invest in the spousal RRSP, but in retirement, your spouse is the one who withdraws from it. 

Contributions

You can make lump-sum contributions directly to your RRSP at any time of the year. However, one of the fastest and easiest ways to build your retirement savings is through automatic payroll deduction.

Your RRSP Plans Are Government-Insured

At OPPA Credit Union you enjoy unlimited deposit insurance on RRSPs.  For further information on deposit insurance coverage, please ask for a brochure at the Credit Union, or call the Deposit Insurance Corporation of Ontario at 1-800-268-6653 or visit their website.

Registered Investment Options

We provide access to a range of RRSP investment options to suit your needs and objectives.

  • Fixed-rate Plans
  • RSP Savings Plan 
  • Step-up Investments
  • Indexed-linked investments
Mutual Funds*

We provide access to more than 1,800 mutual funds as all of our Financial Advisors are registered as Mutual Funds Investment Specialists through Credential Asset Management Inc.      

Grow your retirement savings faster with monthly contributions

Simplify your investing today. The best way to accelerate your RRSP is to contribute automatically – weekly, bi-weekly or monthly – from your payroll, savings or chequing account.  You’ll hardly notice the difference in your account balance and by year end you’ll have made a substantial RRSP contribution painlessly. Plus, you’ll be compounding the earnings monthly instead of just focusing on the tax advantages of a one-time contribution at the end of the year.

*Mutual funds are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade  Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade, Qtrade Direct Investing and Write Your Own Future are trade names and/or trademarks of Aviso Wealth.  Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.

RRSP LOAN RATES

RRSP LOANS
RATES

As low as OPPA Credit Union Prime + 1.00%

4.70%