Registered Retirement Savings Plan (RRSP)

 
 

The Registered Retirement Savings Plan (RRSP) is a scheme established by the Canadian federal government to encourage its citizens and residents to save money for retirement. The Plan includes a savings portfolio set up by an individual with an issuer such as a bank, insurance company, or trust company.

There are many benefits for contributing to an RRSP; such as:

A savings account that provides with an easy and effective way to ensure a comfortable retirement, while helping customers to save on income taxes along the way.

The income earned in RRSP is tax sheltered and compounded so that customers can earn more quickly.

RRSP - CAD Retirement Savings Account

Tiered interest rate structure offers higher return on larger daily closing balance.

Interest is calculated on the daily closing balance and is paid semi-annually at the end of June and December of each year.

A semi-annual statement is provided.

No minimum balance requirement.

No monthly administration or transaction fees.

A service fee of C$50 will apply on each full or partial deposit transfer to another financial institution or withdrawal from an account within one year of initial deposit. No service fee for full or partial deposit transfer within accounts in our Bank.

RRSP - CAD Retirement Term Deposit

Choice of terms ranging from 6 months to 5 years.

Interest is compounded annually and is payable at maturity. Our Bank may adjust interest rate according to market situation, please call our branches or refer to our "Rates and Fees" for details.

A semi-annual statement is provided.

A minimum initial deposit of C$500 is required.

A service fee of C$50 will apply for each full or partial deposit transfer to another financial institution or withdrawal from an account within one year of initial deposit. No service fee for deposit transfer within accounts in our Bank.