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​Registered Retirement Savings Plan (RRSP)

Earn 2.50%*

120-day RRSP deposits

We’re here to help you plan your contributions and invest your RRSP assets effectively. 

A Registered Retirement Savings Plan (RRSP) provides you with tax advantages to grow your money faster while you are working. 

RRSPs were introduced by the federal government to encourage Canadians to save for retirement.  It’s a good idea to take advantage of an RRSP because it’s the biggest tax break available to us.

Features
Spousal RRSP
Interest Rates
Retirement Calculator

Features of an RRSP

​Pay less tax

Reduce your annual tax bill and save for the future.

​Maximize your investment potential

Your investment grows tax-free while in the RRSP. 

​Fund your down payment

Borrow a portion of the funds from your RRSP without penalty when you buy your first home.

​Further your education

Borrow a portion of the funds from your RRSP without penalty if you continue your education.

Spousal RRSPs

Discover the advantages of income splitting

A spousal RRSP can be a tax-effective way for you to save. If you or your partner have a significantly higher income now, or expect to in the future, you should connect with an advisor and see what your options are.

Pay less income tax

The contributing partner defers taxes paid on their annual income tax.

​Take advantage of income splitting

Your overall tax bill is reduced by keeping both spouses in a lower tax bracket once in retirement.

​Defer taxes over 71

If you’re over 71, you can no longer contribute. But as long as your spouse is 71 or younger, you can contribute to their Spousal RRSP and still claim a tax deduction.

How much can you contribute?

Your spousal RRSP contribution, when combined with your personal RRSP contribution, cannot exceed your personal RRSP deduction limit.

  • If you are a Canadian taxpayer 71 years of age or younger, you can make annual contributions up to 18% of your earnings up to a limit set by the federal government.
  • Find your personal RRSP contribution limit for the current year on your previous year's Notice of Assessment.
  • View your refunds, returns and limits online or mobile using  the Canada Revenue Agency (CRA) My Account.  
  • Call the CRA T.I.P.S. line at 1-800-267-6999 from mid-September through to the end of April. You’ll need your Social Insurance Number, date of birth and total income from line 150 of the previous year's income tax return.

RRSP Interest Rates

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Retirement Calculator

Let's discuss your RRSP options

Terms & Conditions

  1. The FirstOntario RRSP Offer of 2.50% on a 120 day RRSP non-redeemable term deposit is available to Members who invest new money in the term deposit until March 2, 2020.   
  2. The Member must meet the requirements for holding a RRSP, as set out by the Government of Canada – must be a Canadian resident, earns employment income and files a tax return.
  3. The offer is available in branch only, to new and existing Members.  Any individual who is not currently a Member of FirstOntario Credit Union must become a Member in order to qualify for the offer.
  4. The investment must be new to FirstOntario with the funds having come from an external source over the past 30 days.  Transfer of an RRSP from another financial institution is eligible.  A Member can top-up an existing RRSP at FirstOntario to be eligible for the offer.
  5. The 2.50% interest rate is an annual rate.  Interest will be calculated daily and paid at the end of the 120 days into the Member's RRSP Investment Savings account. 
  6. If funds are being transferred from another financial institution, the T2033 transfer form must be signed by March 2, 2020.
  7. It is the Member's responsibility to verify that they have adequate contribution room in their RRSP prior to making an investment.  Contribution room is the maximum amount that can be contributed to an RRSP in any given year.  It is comprised of the annual contribution limit plus any unused contribution amounts from previous years.  The annual limit is the maximum of 18% of income earned the previous $26,000 (annual maximum for 2019). Anyone who exceeds their contribution limit is subject to a tax penalty from the Canada Revenue Agency (CRA).  Members can obtain their contribution room from CRA.
  8. FirstOntario Credit Union reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.
  9. FirstOntario reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness or integrity of this offer.

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RRIFs

Convert your RRSP into a Registered Retirement Income Fund and use it as an income source once you’ve retired.