Registered Savings Plans

Registered Retirement Savings Plans (RRSPs)

RRSPs are a great way to save for your retirement because the money you put into your RRSP account is tax deductible. That means you can claim it as a tax deduction when you file your income tax return — and lower the tax you pay.

Accounts

RRSP VARIABLE SAVINGS

This account is similar to a savings account.

  • Interest is calculated on the daily closing balance and compounded annually.
  • Your money can be transferred to other credit union investment instruments at any time.
  • Regular contributions can be made weekly, bi-weekly or monthly.

VARI-FLEX RRSP

This variable RRSP account requires regular contributions to be made weekly, bi-weekly or monthly.

  • The interest rate is 1% above the variable rate as a bonus for paying yourself first.
  • Interest is calculated on the daily closing balance and compounded annually on December 31st.
  • Non-spousal and spousal plans are available.
  • This investment can be transferred to other credit union RSP investment instruments at any time.

RRSP TERM DEPOSIT

An RRSP Term Deposit gets you a solid, predictable rate of return for as long as you are willing to lock it in. Best of all, the rate is guaranteed, so you know in advance what your investment will be worth at maturity.

  • Competitive rates
  • Term options from 1 to 5 years
  • Terms are non-redeemable
  • Funds on deposit at Fusion are guaranteed 100% without limited by the Deposit Guarantee Corporation of Manitoba

Locked-In Retirement Account (LIRA)

LIRAs are also known as locked-in RRSPs. They are locked in because the money in a LIRA comes from a defined benefit pension plan when you leave your employer. Pensions are meant to be paid out over time, so LIRAs are legally locked in according to Provincial Legislation.

Accounts

A LIRA represents restricted funds that have been transferred from a Pension Fund to an RRSP.

Our LIRAs offer:

  • Competitive rates
  • Available as variable rate or fixed rate deposits, just like RRSPs.
  • Funds on deposit at Fusion are guaranteed 100% without limited by the Deposit Guarantee Corporation of Manitoba

LIRAs can only be withdrawn by conversion to a Life Income Fund (LIF) or by purchasing an annuity.

Registered Retirement Income Fund (RRIF)

By December 31 of the year during which you turn 71, you are required to collapse your RRSP’s. One way to maintain control of your funds and reduce taxation is a RRIF. Many plans and options are available to suit your retirement needs.

Accounts

VARIABLE SAVINGS RRIF

This account is similar to a savings account.

  • Interest is calculated on the daily closing balance and compounded annually.
  • Your money can be transferred from this account to other credit union investment instruments at any time.

TERM DEPOSIT RRIF

A RRIF Term Deposit gets you a solid, predictable rate of return for as long as you are willing to lock it in. Best of all, the rate is guaranteed, so you know in advance what your investment will be worth at maturity.

  • Competitive rates and fully guaranteed
  • Term options from 1 to 5 years
  • Terms are non-redeemable

Registered Education Saving Plan (RESP)

Let the government help you with your children’s education!

Accounts Details

A Registered Education Savings Plan helps you secure your children’s future.

  • The government contributes 20% annually on the first $2,500 deposited into an RESP. (That’s $500.)
  • Deposits can continue until the end of the year the beneficiary turns 17. 
  • Competitive rates help maximize your benefits over time.
  • Available as a variable rate or fixed rate deposit.
  • Funds on deposit at Fusion are guaranteed 100% without limited by the Deposit Guarantee Corporation of Manitoba

Managing your Money

One of the unique benefits of an RRSP, RRIF or TFSA account is that you can designate how your investments are transferred to your beneficiaries upon your death. Please note that the person you designate does not change automatically if you marry or divorce.

If you want to change your beneficiary at any time, as a result of marriage or divorce or for any other reason, you must create a new designation. If you have any questions about this please contact your branch.

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