Registered Plans



Registered plans


TFSAs, RRSPs and RESPs are government-registered plans and accounts. They let you contribute money or earn interest tax-free, but they do limit access to your money. Non-registered accounts are much more flexible, but don’t offer the same tax benefits.

 TFSA

The Tax-Free Savings Account (TFSA) is our most flexible high-interest savings account. There’s no monthly fee, and you’ll never lose access to your funds.

Canadian residents 18 years and older can contribute $6,000 to their TFSA annually. Use that money for long- or short-term savings goals like emergency funds, down payments, vacations, or even to start a small business.

Get started 

Benefits
TFSA term deposits
TFSA mutual funds
TFSA future plan
Contributing

Benefits of a TFSA

  • Unused contribution room is carried forward indefinitely
  • TFSA contributions are not tax deductible, but any income generated is tax-free
  • Depending on the investment, withdrawals can be made at any time, tax-free
  • TFSA withdrawals won’t reduce contribution room, and you can add that money back in the next year
  • Use your TFSA to purchase all types of investments, like you would with an RRSP
  • Use your TFSA as loan collateral
  • Earning investment income or withdrawing from your TFSA doesn’t affect your eligibility for federal, income-based benefits or credits

TFSA term deposits

If your goal is to grow your tax-free savings, opt for term deposits. You’ll benefit from secure investments and a fixed rate of return.

  • Flexible 1 to 5-year terms
  • Redeemable or Non-redeemable

TFSA mutual funds

If you’re looking for a diverse, professionally-managed investment portfolio that lets you choose the level of risk you’re comfortable with, opt for mutual funds. As a member, you have access to our large selection of mutual funds offered through Credential Asset Management Inc.

Contact us 

TFSA Future Plan

A Future Plan makes growing your tax-free savings easier and more affordable by fitting contributions into your monthly budget.

  • Start with an initial deposit as low as $50
  • Make convenient automatic monthly deposits
  • Monthly deposit minimum of only $50
  • Earn interest equivalent to the One Year Term Deposit rate
  • After a year, choose to transfer your Future Plan contributions to your TFSA demand account or any TFSA term deposits

Contributing

Contribute to your TFSA at your nearest branch, through Online Banking, or over the phone at 604-654-2000.

Transfer tip

Avoid over-contribution penalties by directly transferring money between your Financial Institutions. If you need to do a direct TFSA transfer, visit or call us. We’ll help you secure the proper transfer documentation.

Apply online 

​​ RDSP

Financial security for differently abled people, and peace of mind for parents. Registered Disability Savings Plans (RDSPs) are available to anyone who:

  1. Qualifies for the Disability Tax Credit;
  2. Has a valid SIN;
  3. Is a Canadian resident; and
  4. Is under 60 years of age.

RDSP FAQ

Benefits
Grant & Bond
Other

Benefits of an RDSP

  • The Federal Government can add up to $90,000 to your account, on top of your interest income. Even if you can’t contribute yourself, they may still deposit up to $20,000.
  • RDSP savings are tax-free until you withdraw your money. So instead of losing money to taxes, you can use your untaxed funds to earn more.
  • RDSP savings don’t affect your eligibility for federal government benefits.

Canadian Disability Savings Grant & Bond for RDSP

To help people with disabilities save for their future, the Federal Government offers an attractive grant and bond, with contributions of up to $90,000 per person. To qualify, the beneficiary must be 49 years of age or younger

​Canadian Disability Savings Grant

The Government matches RDSP contributions at 100%, 200%, or 300%, based on your family income tax returns for the previous two years.

Family income up to $85,414

The Government will grant a maximum of $3,500 a year, up to a lifetime limit of $70,000.

  • For the first $500 contributed each year, the Government deposits $3 for every $1 contributed (up to $1,500/year)
  • For the next $1,000 contributed each year, the Government deposits $2 for every $1 contributed (up to $2,000/year)

Family income above $85,414

The Government will grant a maximum of $1,000 a year, up to a lifetime limit of $70,000.

  • First $1,000 contributed each year, the Government will deposit $1 for every $1 contributed (up to $1,000/year)

​Canadian Disability Savings Bond

This government-issued bond is a saving initiative for low- to modest-income families. If you can’t contribute to your RDSP, the Government will make deposits on your behalf.

Family income less than $24,863

  • The Government will contribute $1,000 a year for 20 years. (That’s $20,000 just for opening an account!)

Family income between $24,863 and $42,707

  • The Government will contribute a portion of the $1,000 for 20 years into your account, based on a formula in the Canada Disability Savings Act.

Retro contribution

The yearly grant and bond limit can be carried forward from as far back as 2008, so you may receive a large government deposit in the first year of opening your RDSP.

Endowment 150

In addition to the RDSP grant and bond, the Vancouver Foundation offers a one-time $150 gift to help your RDSP grow.

Tips for parents

Until December 31st of the year your child turns 18, family income determines the size of any contributions. After that, government contributions are determined by the child’s income.

RRSP funds can be transferred from a deceased individual’s RRSP to the RDSP of a financially-dependent child or grandchild. Funds directly transferred into an RDSP are tax-sheltered until the money is withdrawn.


​​ RESP

A Registered Education Savings Plan (RESP) is the smart way to save for your child’s post-secondary education.

When you’re ready to invest, call 604-654-2000.

For RESP Mutual Funds, contact Phi Hoang, our Investment Specialist

phoang@comsavings.com

604-230-8657

Benefits
RESP savings account
RESP non-redeemable term deposit
RESP mutual funds*

Benefits of an RESP

  • Any interest earned is tax-deferred until the money is used for education.
  • The Federal Government encourages saving for education with three grant programs:
    • Canada Education Savings Grants (CESGs)
    • BC Training and Education Savings Grant (BCTESG)
    • Canada Learning Bond (CLB)
  • Your RESP account can hold any type of investment product, like the ones listed below.

RESP savings account

Accumulate savings and earn interest while you decide on a longer-term investment. Ideal for short-term education savings.

  • No investment minimum
  • Make deposits or access your cash at any time

RESP non-redeemable term deposit

Get a guaranteed return and competitive interest rates with a minimum $500 investment.

  • Enjoy a competitive interest rate compounded annually
  • Flexible terms from 1 to 5 years

RESP mutual funds*

Enjoy a professionally managed portfolio that keeps your investments on track.

  • Get advice from Certified Financial Planner® Professionals
  • Potentially higher returns than you’d see with standard RESP investments
* Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual fund values change frequently and past performance may not be repeated.®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.

 RRSP

A Registered Retirement Savings Plan (RRSP) lets you grow your savings quickly, making retirement comfortable and secure.

Benefits
RRSP Demand Account
Term Deposits
Index-Linked Term Deposit
Mutual funds
RRSP Future Plan

Benefits of an RRSP

  • Contributions are tax-deferred until you withdraw in your retirement years, when you’re likely to be taxed at a lower rate.
  • Deduct contributions from your gross income, potentially lowering your current tax payments.
  • Enjoy a wide range of registered savings products, from day-to-day savings plans to long-term deposits.

RRSP Demand Account

  • Avoid the rush and confusion of contribution deadlines. Make your deposit to an RRSP Demand Account, and buy yourself time to decide intentionally
  • Interest is calculated on the closing daily balance and compounded twice a year
  • Make 2 transactions per month

Term deposits

Secure, government-guaranteed investments with fixed return rates. We offer innovative term deposits with features like rate bumping, retro rates, and partial redemption.

  • Terms from 180 days to 5 years
  • Redeemable & non-redeemable

Index-Linked Term Deposit

An Index-Linked Term Deposit offers unlimited earning potential with zero risk to your principal investment.

  • Principal is 100% guaranteed
  • RRSP/TFSA eligible or non-registered term

Learn more 

Mutual funds

As a member, you have access to a large selection of mutual funds that help you diversify while having your money professionally managed.

Learn more 

RRSP Future Plan

  • Future Plan makes saving for retirement easy by fitting contributions into your monthly budget.
  • Start with an initial deposit of only $50
  • Make convenient automatic monthly deposits
  • Monthly deposit minimum of only $50
  • Earn interest equivalent to the One Year Term Deposit rate
  • After a year, choose to transfer your Future Plan contributions to any of our RRSP term deposits or to a mutual fund.

 RRIF

Give yourself the confidence and security you need to enjoy retirement fully by converting your retirement savings to a Registered Retirement Income Fund (RRIF). 

It’s mandatory to convert your RRSP savings to a RRIF at age 71.

Benefits
Withdrawals

Benefits of an RRIF

  • An RRIF is the most flexible retirement income option available
  • RRIFs earn money from investments, just like RRSPs
  • Only pay taxes on funds that you withdraw

Withdrawals

  • The Canadian Revenue Agency requires that you receive at least a minimum payment from your RRIF each year, but beyond that, your RRIF can be completely customized.
  • If you’re 65 or older, you can withdraw up to $2,000 per year from your RRIF tax-free.

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