Registered Plans
RRSPs, TFSAs, FHSA’s and RESPs are government-registered plans and accounts that provide tax deferral or tax-free options. RRSPs allow you to save faster for retirement, earn valuable tax deductions when you invest, and minimize the tax you pay when you withdraw.
Feature RRSP and TFSA term deposits*
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Non-redeemable
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Registered
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1 Year Term Deposit
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Registered
RRSP
A Registered Retirement Savings Plan (RRSP) helps you grow your savings faster, making it easier to enjoy a comfortable and secure retirement.
- Tax-deferred growth until retirement, when tax rates may be lower
- Contributions reduce your taxable income today
- Access a variety of savings options, from daily accounts to long-term deposits
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RRSP Demand Account
Avoid deadline stress—deposit to an RRSP Demand Account and take time to decide. - Earn interest on your daily balance, compounded twice a year
- Enjoy up to 2 transactions per month
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Term deposits
Secure, fixed-rate investments backed by the government. Our term deposits offer features like rate bumps, retro rates, and partial redemptions. - Terms from 180 days to 5 years
- Redeemable and non-redeemable options available
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MarketSafe Term Deposit
A MarketSafe Term Deposit offers unlimited earning potential with zero risk to your principal investment. - Principal is 100% guaranteed
- RRSP/TFSA eligible or non-registered term
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Mutual funds
As a member, access a wide range of professionally managed mutual funds to diversify your investments. -
RSP Builder Account
The Builder Account makes retirement saving easy with budget-friendly contributions. - Start with just $50
- Automatic monthly deposits from $50
- Earn interest equal to the One Year Term Deposit rate
- After one year, transfer funds to an RRSP term deposit or mutual fund
TFSA
The Tax-Free Savings Account (TFSA) is our most flexible high-interest savings account. There’s no monthly fee, and you’ll never lose access to your funds.
- Canadian residents 18+ can contribute up to $7,000 annually to a TFSA
- Use funds for long- or short-term goals:
- Emergency savings
- Down payments
- Vacations
- Starting a small business
- Benefits of a TFSA
- Unused room carries forward indefinitely
- Contributions aren’t tax-deductible, but earnings and withdrawals are tax-free
- Withdraw anytime, depending on the investment
- Withdrawals don’t reduce room—you can recontribute the next year
- Invest in a wide range of options, like an RRSP
- Can be used as loan collateral
- Doesn’t impact eligibility for income-based federal benefits or credits
- TFSA mutual funds
- Choose mutual funds* for a diverse, professionally managed investment portfolio
- Select a risk level that suits your comfort
- Members have access to a wide range of funds through Aviso Wealth, a division of Aviso Financial Inc.
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TFSA Builder Account
A Builder Account makes growing your tax-free savings easier and more affordable by fitting contributions into your monthly budget. - Start with an initial deposit as low as $50
- Make convenient automatic monthly deposits
- Monthly deposit minimum of only $50
- Earn interest equivalent to the One Year Term Deposit rate
- After a year, choose to transfer your Builder Account contributions to your TFSA demand account or any TFSA term deposits
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Contributing
The TFSA annual contribution limit for 2024 is $7,000. The total eligible contribution for the TFSA since the introduction in 2009 is $95,000. Contribute to your TFSA at your branch, through Online Banking , or over the phone at 604-637-5130.
- Transfer tip
- Avoid over-contribution penalties by transferring funds directly between financial institutions
- For direct TFSA transfers, visit or call us—we’ll help with the required documentation
- For direct TFSA transfers, visit or call us—we’ll help with the required documentation
- *Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
FHSA
Save for your first home with tax benefits and tax-free growth. You can save up to $40,000 (tax free) for your first down payment on a home.
- Contribute up to $8,000 annually
- Lifetime contribution limit of $40,000
- Contributions are tax-deductible
- Qualified withdrawals are tax-free and don’t need to be repaid
- Must be a Canadian resident aged 18 or older
RESP
A Registered Education Savings Plan (RESP) is the smart way to save for your child’s post-secondary education.
- RESP Savings Account
- Accumulate savings and earn interest while you decide on a longer-term investment. Ideal for short-term education savings.
- No investment minimum
- Make deposits or access your cash at any time
- Benefits of a RESP
- Any interest earned is tax-deferred until the money is used for education.
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The Federal Government encourages saving for education with three grant programs:
- Canada Education Savings Grants (CESGs)- BC Training and Education Savings Grant (BCTESG)
- Canada Learning Bond (CLB) - Your RESP account can hold any type of investment product, like the ones listed below.
- RESP Non-Redeemable Term Deposit
- Get a guaranteed return and competitive interest rates with a minimum $500 investment.
- • Enjoy a competitive interest rate compounded annually
- • Flexible terms from 1 to 5 years
- RESP mutual funds*
- Enjoy a professionally managed portfolio that keeps your investments on track.
- • Get advice from Certified Financial Planner® Professionals
- • Potentially higher returns than you’d see with standard RESP investments
* Mutual funds are offered through Credential Asset Management Inc. 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 covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual fund values change frequently and past performance may not be repeated. ®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.