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Savings Accounts

Premium Plus, Investment Savings, Short Term Savings, Tax-Free Savings Account

Premium Plus 

A daily interest savings account, this is intended to serve our members' savings account needs through one account.
  • Interest is calculated on the closing daily balance and paid to the account monthly
  • Unlimited free in-branch or Canadian Credit Union ATM withdrawals
  • Chequing privileges available
  • Interest rates are based on five tiers

Investment Savings

  • Competitive interest rates, fully redeemable without penalty
  • Deposits accepted October 1st to December 1st annually
  • Automatic transfer option must be set up by December 1st. Transfers can be arranged to correspond with pay periods, pension payments, child tax benefits, etc
  • Interest is calculated on the closing daily balance and paid to the account annually
  • Limited to two withdrawals per month
  • No charge for transactions

Short Term Savings

A variable rate savings account that is intended to provide an alternative to 30 day – 365 day term deposits
  • Interest is calculated on the minimum monthly balance and paid to the account monthly
  • No interest is paid on balances less then $500
  • Unlimited free in branch or Canadian Credit Union ATM withdrawals
  • Point of Sale access available

Tax-Free Savings Account

TFSA allows taxpayers to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetime. There are no restrictions on the way the funds may by used.
  • The TFSA is available to Canadians 18 years of age and older
  • Investment income earned in the account is not taxed
  •  Each year, beginning in 2009, maximum contribution limits were $5,000. In 2013 the contribution room was adjusted to $5,500. Briefly in 2015, the deposit limit was raised to $10,000 but in 2016, the limit was reduced again to $5,500. Total contribution room since Tax Free Savings Accounts became available and to the end of 2017 is $52,000.
  • Unused contribution room can be carried forward indefinitely
  • You can withdraw funds from the TFSA at any time for any purpose although transfers or withdrawals may be restricted based on selected investment terms.
  • While contributions are not tax-deductible, tax-free withdrawals can be made anytime.
  • Any withdrawals from the plan add to future contribution room in the following year, letting you replace whatever you withdrew.
  • Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits, such as the Guaranteed Income Supplement and the Canada Child Tax Benefit.
  • Contributions to a spouse’s TFSA are allowed and TFSA assets can be transferred to a spouse upon death.
For additional TAX FREE SAVINGS INFORMATION follow the following link:
www.rpsuccess.ca/presentations/TFSA%20Contribution%20Room/player.html

 

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