We offer a range of investment products, including term deposits, guaranteed investment certificates, and registered plans like RRSPs and TFSAs. Our investment solutions are designed to help you grow your savings while meeting your financial goals. You can explore different options based on your risk tolerance and time horizon.
You can open an investment account online through our convenient marketplace or by visiting a branch and speaking with an advisor. Depending on the type of account, you may need to provide identification and other financial documents. If you are unsure which investment option to choose, our team will help you choose the right investment options based on your goals.
Yes, all investments come with some level of risk, depending on the type of product and market conditions. Lower-risk options like term deposits and GICs offer stability, while investments like mutual funds and stocks can fluctuate in value. Our advisors can help you choose investments that match your comfort level and financial goals.
Your investments are protected through regulatory safeguards, deposit insurance on eligible products, and expert management. In Ontario, the Financial Services Regulatory Authority of Ontario (FSRA) provides deposit insurance for credit unions through the Deposit Insurance Reserve Fund (DIRF), guaranteeing up to $250,000 for non-registered accounts and unlimited coverage for registered accounts.
A registered plan, such as an RRSP or TFSA, can hold a variety of investment products, including term deposits, GICs, mutual funds, and other eligible securities. The specific options available depend on the type of plan and your investment goals. These plans offer tax advantages to help you grow your savings efficiently.
Yes, all investments come with some level of risk, depending on the type of product and market conditions. Lower-risk options like term deposits and GICs offer stability, while investments like mutual funds and stocks can fluctuate in value. Our advisors can help you choose investments that match your comfort level and financial goals.
Your investments are protected through regulatory safeguards, deposit insurance on eligible products, and expert management. In Ontario, the Financial Services Regulatory Authority of Ontario (FSRA) provides deposit insurance for credit unions through the Deposit Insurance Reserve Fund (DIRF), guaranteeing up to $250,000 for non-registered accounts and unlimited coverage for registered accounts.
Registered plans, like RRSPs, TFSAs, RESPs, and FHSAs, offer tax advantages to help you grow your savings. RRSP contributions may be tax-deductible, and your investments grow tax-deferred until withdrawal. TFSAs allow your investments to grow tax-free, and withdrawals are not taxed. RESPs provide government grants and tax-deferred growth to help save for a child’s education, while FHSAs offer tax benefits for first-time homebuyers. For details on other plans speak to our Financial Services Officers, and they will guide you through the plans’ benefits.
If you want to invest in a term deposit for a longer period, you can choose a new term when your current deposit matures. You may also have the option to renew automatically, depending on the type of deposit. Reach out to us to explore the best options for your savings goals.
If your term deposit is non-redeemable, you’ll need to wait until the maturity date to withdraw your funds. For redeemable term deposits, you can withdraw early, but there may be interest penalties, unless other conditions are specified in the T&Cs of the term deposit. Visit one of our branches or contact us to review your options.
We don’t have any minimum amount requirements for term deposits.
Interest rates for term deposits are based on factors like the term length, market conditions, and the type of deposit you choose. The longer you commit to keeping your funds in the deposit, the higher usually is the potential interest rate. Check with us for the latest rates and options that fit your savings goals.
The Financial Services Regulatory Authority of Ontario (FSRA) provides deposit insurance for credit unions through the Deposit Insurance Reserve Fund (DIRF), guaranteeing up to $250,000 for non-registered accounts and unlimited coverage for registered accounts.
If you want to invest in a GIC for a longer period, you can choose a new term when your current deposit matures. You may also have the option to renew automatically, depending on the type of deposit. Reach out to us to explore the best options for your savings goals.
Most GICs are non-redeemable until the term ends, but some flexible options allow early access with possible penalties. Whether a GIC is cashable earlier or not and at what rate is specifically stated in the terms & conditions. It’s best to check the specific terms of your GIC to see if early withdrawals are allowed
We don’t have any minimum amount requirements for term deposits.
The Financial Services Regulatory Authority of Ontario (FSRA) provides deposit insurance for credit unions through the Deposit Insurance Reserve Fund (DIRF), guaranteeing up to $250,000 for non-registered accounts and unlimited coverage for registered accounts.
A Guaranteed Investment Certificate (GIC) and a term deposit are very similar, as both offer a secure way to grow your savings over a fixed period. The main difference is that a GIC may offer more flexible options, such as market-linked returns or cashable features, while a term deposit usually has a fixed interest rate and term. Both are low-risk investments that help you earn interest while keeping your funds safe.
If you don’t renew your GIC after it matures, the funds, including the interest earned, will typically be deposited into your account. You can then choose to reinvest, withdraw, or transfer the money based on your financial needs. It’s always a good idea to check your options before maturity to make the most of your investment.
Interest rates for GICs are based on market conditions and the term length you choose. Generally, longer terms offer higher rates, and rates may vary over time. Contact us to check the latest rates and find the best option for your financial goals.
A first-time home buyer is generally someone who has never owned a home before. In some cases, you may still qualify if you haven’t owned a home in the past four years or are purchasing with a spouse who is a first-time buyer. Programs like the First Home Savings Account (FHSA) and government incentives can help eligible buyers with their purchase.
A first home is typically a residential property that you’re purchasing for the first time and plan to use as your primary residence. It can be a house, condo, or other eligible property type. Some first-time home buyer programs may have specific criteria for what qualifies as a first home.
You can only have one First Home Savings Account (FHSA) in your name. However, you can hold multiple FHSAs at different financial institutions as long as your total contributions stay within the annual and lifetime limits. It’s important to track your contributions to avoid penalties.
To make a qualifying withdrawal from your FHSA, you must be a first-time home buyer and intend to use the home as your principal residence within a year of purchase. The property must be located in Canada, and you need to have a written agreement to buy or build it. You must also complete the withdrawal before the end of the following year after signing the agreement.
You can withdraw from your FHSA tax-free when purchasing your first home, as long as you meet the eligibility requirements. If you withdraw funds for other purposes, the amount will be taxed as income. To make a qualifying withdrawal, you’ll need to provide documentation confirming your home purchase.
To open a Tax-Free Savings Account (TFSA), you must be a Canadian resident with a valid Social Insurance Number (SIN) and be at least 18 years old (or 19 in some provinces where the age of majority is higher). There is no income requirement, and your contribution room accumulates each year, even if you don’t open an account right away.
The annual TFSA contribution limit is set by the government and may change each year. If you don’t use your full contribution room, it carries forward indefinitely. You can also re-contribute withdrawn amounts in future years, but exceeding your limit may result in penalties.
Yes, you can withdraw from your TFSA at any time, and withdrawals are tax-free. The amount you take out will be added back to your contribution room, but only starting the following calendar year. Just be careful not to re-contribute the withdrawn amount in the same year unless you have available contribution room to avoid penalties.
Yes, you can have multiple TFSAs at different financial institutions, but your total contributions across all accounts must stay within your annual limit. If you exceed your contribution room, you may face penalties. Keeping track of your contributions is important to avoid over-contributing.
You can apply for the Canada Education Savings Grant (CESG) when you open a Registered Education Savings Plan (RESP). Once the RESP is set up, you’ll need to provide your child’s Social Insurance Number (SIN) and complete the CESG application with your financial institution. The government will then match a portion of your contributions to help grow the savings for your child’s education.
The Canada Learning Bond (CLB) is available to children from low-income families who were born in 2004 or later. The child must be a Canadian resident with a valid Social Insurance Number (SIN) and have a Registered Education Savings Plan (RESP) opened in their name. No personal contributions are required—eligible children receive government contributions directly into their RESP.
Opening a Registered Education Savings Plan (RESP) helps you save for your child’s post-secondary education with tax-free growth on investments. Plus, the government contributes through programs like the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB), giving your savings an extra boost. When your child withdraws the funds for school, they are taxed at their (usually lower) student tax rate.
RESP funds can be used for a wide range of post-secondary education expenses, including tuition, textbooks, housing, meal plans, and other school-related costs. As long as your child is enrolled in an eligible program, they can withdraw funds to cover both academic and living expenses.
Contributing to an RRSP can lower your taxable income for the year, potentially reducing the amount of tax you owe. Your investments grow tax-deferred, meaning you won’t pay taxes on any earnings until you withdraw the funds. This allows your savings to compound over time, helping you build more for retirement.
Your annual RRSP contribution limit is 18% of your previous year’s earned income, up to the maximum set by the government. Unused contribution room carries forward, so you can contribute more in future years if you haven’t used your full limit. You can find your exact limit on your CRA My Account.
Yes, you can withdraw funds from your RRSP early, but it will be subject to withholding tax. The amount withdrawn will also be added to your taxable income for the year, and you’ll pay tax on it at your regular income tax rate. However, there are exceptions, like using the funds for the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP), which allow you to withdraw without paying tax, as long as you repay the funds within the set time frame.
Yes, if you over-contribute to your RRSP beyond your contribution limit, you will be charged a penalty of 1% per month on the excess amount. However, there is a small over-contribution allowance of $2,000, which won’t be penalized, as long as the excess amount doesn’t exceed this threshold.
Common strategies for withdrawing from a RRIF (Registered Retirement Income Fund) include taking a set percentage or fixed amount annually, which provides consistent income. Some prefer the minimum withdrawal requirement to preserve the principal for as long as possible and earn more interest, while others opt for larger withdrawals to meet their immediate needs. It’s important to balance your withdrawals with tax implications and long-term goals to ensure your funds last through retirement.
Yes, you can base your RRIF withdrawals on your spouse or partner’s age, which may allow you to reduce the minimum withdrawal amount. This can be beneficial if your spouse or partner is younger, as the minimum withdrawals are lower when calculated based on their age. This strategy can help preserve more of your RRIF funds for the future.
Each year, you must withdraw a minimum amount from your RRIF, which is based on your age (or your spouse’s age, if you choose). The minimum withdrawal is calculated as a percentage of your RRIF’s value at the start of the year. The percentage increases as you age, with the amount growing annually to ensure your RRIF is depleted by the end of your life expectancy.
A LIF (Life Income Fund) and a RRIF (Registered Retirement Income Fund) are both retirement income options, but they differ in how they are funded and the rules surrounding withdrawals. A LIF is generally used for pension funds transferred from a locked-in pension plan, such as a defined benefit pension. A RRIF, on the other hand, is typically used for funds accumulated in an RRSP (Registered Retirement Savings Plan) and allows more flexible withdrawals, although both have required minimum annual withdrawals based on your age.
Yes, it is possible to convert your LIF (Life Income Fund) into a RRIF (Registered Retirement Income Fund), provided you meet certain conditions. This may be beneficial if you want more flexible withdrawal options or if you no longer need to adhere to the specific rules governing LIFs. Keep in mind that there could be different tax implications depending on the conversion and your specific situation.
Yes, withdrawals from a LIF (Life Income Fund) are subject to taxation. The amounts you withdraw are treated as taxable income and are taxed at your personal income tax rate. Keep in mind that withholding taxes will be deducted at the time of withdrawal, and the final tax amount will be determined when you file your taxes.
Your LIF (Life Income Fund) balance is typically invested in a range of options based on your preferences and risk tolerance. You can choose from various investment products such as stocks, bonds, mutual funds, or other investment vehicles. The returns on your LIF will depend on the performance of these investments, and it’s important to review your portfolio regularly to ensure it aligns with your retirement goals.
An LRIF (Life Retirement Income Fund) and LIF (Life Income Fund) are both used to convert pension funds into income for retirement, but the key difference lies in their withdrawal rules. An LIF generally allows more flexibility in withdrawals compared to an LRIF, which has stricter limits on the amount you can withdraw each year. The LIF is designed to provide income for life, while the LRIF has a maximum limit on withdrawals, which may not last as long as the LIF.
No, you cannot set up a Locked Retirement Income Fund (LRIF) until you reach the retirement age set by your pension plan. Typically, this is around age 55, but it depends on the rules of the pension plan you are transferring funds from. Until then, your pension funds will remain locked in and you may need to explore other retirement income options.
LRIF withdrawals are subject to income tax at your marginal tax rate, similar to other retirement income. The amount you withdraw will be added to your total taxable income for the year, and the tax will be calculated based on your overall income. It’s important to consider the tax implications when planning your withdrawals to avoid any surprises at tax time.
If you don’t make the required minimum withdrawals from your LRIF each year, you may face penalties. The amount you are required to withdraw is set by your pension plan, and failing to do so could result in tax consequences or additional fees. It’s important to ensure that you make at least the minimum withdrawal to avoid these issues.
