Term Deposits are the simplest and safest way to get your money moving forward. OCCU offers different GIC options depending on your current goals.

A Registered Retirement Savings Plan (RRSP) is a government approved investment option that can be used for tax planning and sheltering interest earned.

• Investment allowed until you turn 71 (or as legislated).
• Interest earned under this investment is tax sheltered until withdrawn.
• Investment beneficial for tax savings and for deferring your income.
• Limits based on earned income. CRA will provide information on your contribution limits.
• Variable and Fixed investment options available.

A Registered Retirement Income Fund (RRIF) is a tax-sheltered plan to protect your RRSP earnings.

• interest accumulates tax free
• provides a regular income during your retirement
• wide range of investment vehicles

A Registered Education Savings Plan (RESP) is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary.

• Income earned under the plan is not taxed until it is withdrawn
• Canada Education Savings Grant (CESG) through the federal government will contribute 20% annually on the first $ 2,500 deposited into an RESP for children up to the end of the year they turn 17

TFSA’s are the latest investment opportunity offered through the Federal Government of Canada. TFSA’s allow you to save tax free. OCCU is pleased to offer TFSA's with two separate investment options.

• Daily TFSA Savings Account
• TFSA Term Deposit Account

Benefits and Features of the TFSA

• Contributions with after-tax dollars
• Contributions not tax deductible
• Earnings tax sheltered
• Withdrawal of contribution/income not taxable
• Withdrawal of contribution/income increases contribution room for future years.

Contribution Limits

• Refer to CRA for the maximum contribution limits.

Eligible Contributors

• Must be a resident of Canada
• Must be 18 years of age or older
• Must have a valid SIN number (cannot start with "9")