Saving and Investing for Retirement

RRSP planning begins with setting your retirement goals and determining how much you can contribute this year. Use this calculator to get you started on creating your retirement plan.

Tax-Free Savings Account

A Tax-Free Savings Account (TFSA) can help you save for a variety of needs. Like an RRSP, you can use a TFSA as part of your retirement plan. You can register a variety of investments in a TFSA, similar to what you can hold in an RRSP or RRIF. Your choice of investments should be determined by considering your current asset mix in your other accounts. Keep in mind, you can have more than one TFSA, so you can use more than one investment strategy.

Registered Retirement Savings Plan

One of the best ways to save for your future is to invest in a Registered Retirement Savings Plan (RRSP), and benefit now with significant tax savings. An RRSP can contain stocks, bonds, mutual funds, GICs/term deposits, or even a group variable savings account. Enjoy a tax-sheltered investment and use your RRSP contribution as an income deduction.  You'll have a secure investment to draw upon during retirement when you're in a lower tax bracket, and when you need it.

Spousal RRSP

Part or all of your RRSP deduction limit can be contributed to RRSPs for your spouse. The benefit of the Spousal RRSP is that the spouse with the higher earned income can deposit to a RRSP in their spouses name, benefitting from the income tax deduction as well as dividing up the retirement funds. Any amounts you contribute to RRSPs for your spouse are subject to a 3-year attribution period, but once this time frame has been met the funds can then be withdrawn and taxed in the plan holder’s name.

RRSP Loans

Are you saving enough to live the lifestyle you want when you retire? An RRSP Loan from Coastal Community Credit Union could be the best financial solution to help you to realize tax savings, increase the eventual size of your RRSP, and stick to your savings plan. You can choose to invest your loan in any RRSP-eligible term deposit, GIC or other investment that will help you achieve your savings goals. For fast loan approval talk to a lending expert at any Coastal Community branch, or apply online today!