Whether you’re saving for retirement, a first home or further education, a tax-deductible RRSP (Registered Retirement Savings Plan) will help you gain a financial foothold in the future. And the sooner you start contributing, the more you will have when you need it.
A Variable Rate RRSP is a great way to make small, frequent deposits while saving money and taxes. Interest is calculated on the daily closing balance and paid semi-annually on September 30 and March 31. The minimum investment required is $25. Contributions are tax-deductible and therefore, your interest compounds annually and accumulates tax-free until you withdraw from your RRSP.
Save more with a guaranteed rate on terms from one to five years. For the length of the term, interest is compounded and paid annually. You don’t pay any monthly fees. The minimum investment required to open a Fixed Rate RRSP is $500.
