Investing

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First Home Savings Account (FHSA)

The FHSA is a unique savings vehicle that is designed to help you save towards a down payment on your first home, unlike a TFSA which is used to save for a variety of unplanned expenses and big-ticket items, or an RRSP that is used to save for your retirement. The savings in your FHSA can only be used towards your first home purchase. When used for this purpose, all your savings grow tax-free, and the amount withdrawn is not included in your income purchase. Any amounts not used towards your first home can be transferred tax free to your RRSP or RRIF or paid out and included in your taxable income. Contact us today to see if we can help you get where you want to be, that much sooner.

Tax-Free Savings Account (TFSA)

Since January 2009, the TFSA account has allowed Canadians over the age of 18 to set aside money that earns interest tax-free each year.

• The annual TFSA dollar limit for 2022 is $6000  

The Canada Revenue Agency (CRA) website provides general information available to individuals on the calculation of their TFSA contribution room. Individuals can find details of their own contribution room through one of the following CRA services:

• My Account
• MyCRA (mobile app)
• Tax Information Phone Service (TIPS) (1-800-267-6999)

*Please note: The Holder is responsible for ensuring the maximum contribution limit is not exceeded. An excess contribution will result in a penalty tax of 1% per month for each month that the excess contribution amount remains in the TFSA.

Registered Retirement Savings Plan (RRSP)

It's never too early to start saving for you future. The Registered Retirement Savings Plan (RRSP) is a federal government approved plan which allows you to invest in your retirement. Tax deductions can be claimed for the amount of the annual contribution. Income earned on RRSP deposits is tax sheltered until the funds are withdrawn. We give you the benefit of interest being calculated on a daily basis and paid annually. Consider setting up a automatic transfer for regular monthly contributions. Also consider the advantages that RRSP contributions have for homeowners through the Homebuyer's Plan and for full-time students through the Life Long Learning Plan.

Registered Retirement Income Fund (RRIF)

Upon retirement, you will see the rewards of your retirement savings by receiving a regular income stream from your Registered Retirement Income Fund (RRIF).Interest is calculated daily, paid annually, and accumulates tax free until the funds are withdrawn. Transfer requests are subject to a service charge.We care about you and your future. Contact us today so that we can make your retirement worry free.

Registered Education Savings Plan (RESP)

A RESP is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary.  Income earned within the plan is not taxed until it is withdrawn. The program allows eligible RESP beneficiaries to receive grant monies (Canadian Education Savings Grant) based on annual contributions paid into the plan.To learn more please visit the government of Canada website or contact one of our Member Service Representatives.

AgriInvest

This government initiated account receives a matching contribution from federal and provincial governments according to your allotted maximum annual contribution as indicated to you by the government.Funds may be withdrawn at any time with no penalty to the account holder.

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