What is an RRSP?
An RRSP is a registered retirement saving plan designed to provide you income after you retire. Based on your earned income and your allowable limits, you can make contributions to it up to and including the year you turn 69 or your spouse turns 69.

The money you contribute can be deducted from earned income for tax purposes and the investments within the plan remain tax sheltered. This allows your funds to grow at a faster rate as the income is earned tax-free.

Once withdrawn, all money is considered income and taxed accordingly. However, you can time your withdrawals going into retirement, when your income is typically lower.

Community Credit Union has a full selection of RRSP investment options to meet your needs. Our team of Credential Asset Management Inc. Mutual Funds Investment Specialist will answer your questions and help assist you to make the investment choices most suitable to meet your retirement goals.

With as little as $25 per month you can start to build your retirement nest egg. The sooner you start the longer it has time to grow.

We, at Community Credit Union, encourage our members to invest a small amount of time now to meet your retirement goals for the future.

RRSP investment options

VARIABLE RRSP - This offers the convenience of maximum flexibility to convert to another type of investment at any time with a very competitive rate of return and is 100% deposit guaranteed.

TERM RRSP - One to five year terms are available and 100% deposit guaranteed. These rates are generally higher than our variable product as considered non-redeemable for the length of the term you choose. All terms are also considered 100% deposit guaranteed.

MUTUAL FUND* RRSP - Offered through Credential Asset Management Inc., a Mutual Fund Investment Specialist will meet with you to discuss your investment needs and develop a portfolio to meet your specific goals using mutual funds from a large variety of fund companies.

SELF DIRECTED* RRSP - Offered through Credential Direct®, an online account with Credential Direct enables you to purchase individual stocks, bonds or other investments for less than you would pay through a full service broker. For more information call 877-742-2900 or inquire online at www.credentialdirect.com.

What is an RRIF?
An RRIF is a registered retirement income fund that is tax sheltered like an RRSP and is set up with the proceeds from your RRSP. Instead of making contributions, you are required to make a minimum annual withdrawal based on your age.

At age 69, you must collapse your RRSP and one option is to convert to a RRIF. By doing so, you remain in control of your investment decisions and you may take out any portion above the required minimum. Any withdrawal is considered part of your taxable income for the year. The money in your RRIF continues to grow tax-sheltered until withdrawn as income.

To simplify your income needs, consider consolidating your RRSP and RRIF plans to the Community Credit Union. We will take care of the transfer quickly and easily and reimburse any transfer fees incurred to $25.00 per plan.

For efficient Estate Planning, designating your spouse as your plans' beneficiary allows for a tax deferral by transferring the registered plan over into the surviving spouse's name.

Community Credit Union's RRIF program allows for the same investment options as our RRSP options. From variable accounts, to terms and mutual fund* options it is important that you keep your money working as hard for you now, as you did to earn it.

Please call to arrange for your Personal Financial Review to discuss which options are best to meet your goals.

What is an RESP?
The Registered Education Savings Plan is a special savings account to help you fund your child's post-secondary education.

Although RESP contributions are not tax deductible, capital gains and income earned on your contributions grow tax-deferred until eventually withdrawn to pay educational expenses. At that point, accumulated earnings are taxed at the student's typically low tax rate.

Another important feature is the federal government's Canada Education Savings Grant program. The grant is worth 20% of the first $2,000 in annual RESP contributions, up to a lifetime limit of $7,200 per child.

RESPs can hold cash, term deposits, mutual funds*, stocks* or bonds*.

A Plan to cope with education inflation.

Post-secondary education is a big-ticket item that is increasingly beyond the reach of many families.

Human Resources Development Canada reports that a four-year degree - with living expenses factored in - now tops $61,800.

Paying for college or university is a sacrifice, but families know that missing the opportunity could be a bigger sacrifice for their children. Most new jobs require post-secondary training. University grads earn more, and they have more job security.

Speak to a Credential Asset Management Inc. Mutual Funds Investment Specialist at your Community Credit Union branch today to find out how easy it is to set up an RESP for your child.

Investment Options at the Community Credit Union
You work hard for your money and we at the Community Credit Union want to help keep your hard-earned money working just as hard for you.

We have investment options available covering a wide range of products and services, including:

• Investment savings account which offers a premium rate of return on savings over $10,000.00 while keeping your funds accessible in the event you require them
• Term deposits ranging from 30 days to 5 years offering varying rates depending on how long you invest them for. Typically the longer the term the better the rate. We offer very competitive interest rates for all of our term products.
• Hundreds of Mutual funds from different fund companies are available through Credential Asset Management Inc. Please speak to Credential Asset Management Inc. Mutual Funds Investment Specialist so we may provide you with advice specific to your needs as to which funds might be appropriate for you.
• Online brokerage services are available through Credential Direct where you are in control of your investments. Credential Direct offers a wide variety of stocks, bonds and other investments you would find through any full service broker at a fraction of the trading costs.