Set Up a Registered Retirement Savings Plan (RRSP)

Plan for a comfortable retirement with an RRSP

Take control of your future with a Registered Retirement Savings Plan. An RRSP helps you build the retirement you deserve by offering tax-exempt contributions and income growth while your savings stay in the plan. Start investing in your tomorrow, today!
Your allowable RRSP contribution for the 2024 tax-year is the lower of 18% of your earned income from the previous year, or $31,560.

Enjoy the benefits of an RRSP

Lower your tax – Regular contributions to your RRSP will reduce the tax you owe, especially during your higher income years.
Grow your money – Because your RRSP is tax-deferred, your earnings will be tax sheltered until you withdraw them in retirement.
Contribute until you’re 71 – Make annual contributions up to 18% of your earnings up to a government-mandated limit until you turn 71.

Borrow from your RRSP to purchase your first home without penalty – Speak to a member of our team to learn more.
Borrow from your RRSP to help fund your education without penalty – Speak to us to learn more.
Multiple investment products are available within an RRSP account –Term deposits, mutual funds, stocks and bonds included.

What we offer:

Individual, spousal or common-law partner RRSPs.
High interest savings - funds remain accessible and make saving easy by setting up a scheduled automatic transfer into your RRSP.
Term deposits - invest your money for a term of 1 -5 years.
Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).

Invest in mutual funds* through our partner Aviso Wealth (formerly Credential Asset Management Inc.) or use our online brokerage* partner Qtrade Direct Investing®

Early withdrawals (before retirement) will be subject to a withholding tax, which is taken by Northern Birch Credit Union at the time of withdrawal and paid directly to the government on your behalf.