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RRSP Registered Retirement Savings Plan
A Registered Retirement Savings Plan is a government-approved plan through which you save money for your retirement years. Your contributions, within limits, are tax deductible, and the income earned is tax sheltered. It is important to start investing money early harnessing the power of compound interest to build a portfolio for a comfortable retirement. At Westoba Credit Union, we offer RRSP's which are easy to understand. These plans also provide investment flexibility and are secure. A Registered Retirement Savings Plan is a tax sheltered savings plan that allows a tax break now, and allows you to tax shelter contributions and interest to provide an income for future years. Each dollar you contribute (subject to Revenue Canada's limits) to your RRSP gives you a tax deduction . When you take money out of your RRSP, it is then treated as taxable income, by timing withdrawals to occur when your income is lower, provides additional tax savings. Whether you invest in a Variable RRSP with as little as $25 per month, or a Fixed Term RRSP, where you earn a fixed rate of interest, you can be well on your way to a comfortable retirement. For your retirement future, speak to any of our Financial Services Representatives to set you up with a plan that suits your lifestyle. Click HERE for our current RRSP investment rates! Fixed Term RRSP Features
Variable Term RRSP Features
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