RSPs

Registered Retirement Savings Plan

Grow your tax-sheltered savings in our safe, secure and competitive term deposits. Make your RSP contribution with us and we’ll help you choose the investments that are right for you. After all, the best RSP advice comes from experts who know you best.

View our current term rates.

Why is a Retirement Savings Plan (also known as an RSP) your best opportunity to save for a worry-free retirement?

  • An RSP can give you the benefit of a tax deduction today with the peace of mind of growing your savings tax-sheltered in our safe, secure, and competitive term deposits. Anyone with earned income, subject to Canadian taxation, including non-residents, can contribute to an RSP.
  • You may contribute to your own RSP, or you may choose to make part or all of your contribution to a plan in your spouse's or common law partner's name. You, as the contributor, are still entitled to the tax deduction, but the plan will be owned by your spouse or partner. This allows you to split the income from the plans with your partner upon retirement or withdrawal.
  • Buying your first home? You can withdraw up to $25,000 from your RSP - tax-free - to buy your first home. You then have 15 years to repay it.
  • Going back to school? You can withdraw up to $20,000 of your RSP to pay for your own or your spouse's or common-law partner's education, and in many cases it is tax-free. You have 10 years to repay it.
  • If you don't claim your maximum RSP deduction, you can carry forward the unused deduction room indefinitely. If you don't have the cash to contribute now, you can make larger catch-up contributions in future years. But remember, you maximize your retirement savings by making each RSP contribution as early as possible.
  • You can make contributions any time during the year. Contributions made during the first 60 days of any year may be deducted for the current or the immediately preceding taxation year.
  • Looking for more information? Download our Member Retirement Services - Understanding All the Basics or Member Financial Fitness - Planning For Your Retirement guides today!
For more information about RSP's and related products visit Canada Revenue Agency's website.
You are able to take advantage of a variety of investment alternatives with your RSP through North Peace Savings Financial Planning Ltd. From easy-to-access savings plans to long-term fixed-rate investments, or from low-risk guaranteed investments to more aggressive fund investing, our financial services representatives will be able to recommend a variety of products to match your particular investment needs.

At Retirement

North Peace Savings can provide a variety of investment vehicles and plans that will assist you in developing a customized income strategy at retirement. To ensure your income security for the future, call one of our financial services representatives or contact our financial advisors to assist you in developing a comprehensive retirement income plan.
The purchase of securities using borrowed money magnifies the gain or loss on the cash invested. Using borrowed funds to purchase securities involves greater risk than a purchase using cash resources only.
.
North Peace Financial Planning Services Ltd. is a subsidiary of North Peace Savings and Credit Union offering financial planning, life insurance and investments.