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Registered Accounts

Saving for the future is essential, and a registered* account can help you achieve your goals. It allows you to defer taxes, grow investments tax-sheltered, or even save for your first home. With these perks, you can make your dreams a reality.
First Home Savings Account (FHSA)
Make your dream of owning a home a reality. With the First Home Savings Account (FHSA), you can take the first exciting step towards homeownership by saving up to $8,000 a year tax-free!

Available in:
  • Registered iSave High Interest Account
  • Registered Term Deposit
  • Registered Wealth Accumulator
Tax-Free Savings Account (TFSA)
With a Tax-Free Savings Account (TFSA), your investment benefits from tax-sheltered growth, which is not subject to taxation when withdrawn.

Available in:
  • Registered iSave High-Interest Account
  • Registered Term Deposit
  • Registered High 5 Term Deposit
  • Registered One Year Cashable Term Deposit
  • Registered Wealth Accumulator
Registered Retirement Savings Plan (RRSP)
Investing in a Registered Retirement Savings Plan (RRSP) gives you the opportunity to defer income taxes from a time of higher earnings to retirement years (when most people are typically in a lower tax bracket).

Available in:
  • Registered iSave High-Interest Account
  • Registered Term Deposit
  • Registered High 5 Term Deposit
  • Registered One Year Cashable Term Deposit
  • Registered Wealth Accumulator
Registered Education Savings Plan (RESP)
Planning to send your little ones off to post-secondary school at some point in the future? Another registered account type is the Registered Education Savings Plan (RESP). This is an investment that grows tax-deferred while reaping the benefits of government grants.*

(*if applicable)

  • Fixed or variable rates
  • Fixed or variable maturity dates
  • Individual or Family Plan available
  • Minimum automatic transfer amount of $25 per month
Retirement Income Options (RRIF, LIF, PRIF)
Once you are enjoying your retirement years, it will be important to ensure your money keeps up with you. Selecting the right Retirement Income Option will provide you with a consistent, reliable source of income.

Available in:
  • Registered iSave High-Interest Account
  • Registered Term Deposit
  • Registered High 5 Term Deposit
Registered Disability Savings Plan (RDSP)
If you or a dependent are eligible for the government’s Disability Tax Credit, you may be interested in what a Registered Disability Savings Plan (RDSP) can offer. An RDSP is a savings plan intended to help save for their long-term financial security.

Registered iSave High-Interest Account

Available in RRSP, TFSA, FHSA, RIF, LIF, PRIF, and LIRA

With tiered interest that is calculated daily and paid monthly, the flexible iSave account allows you to make regular deposits and plan for your goals while enjoying the benefits of tax-deferred growth. With no minimum deposit required, this high-interest account also offers:
    • unlimited deposits
    • 1 free withdrawal per month
    • $5 per additional transaction
    • free e-Statements (paper statements available for $2.50 per month)

Registered Term Deposit

Available in RRSP, TFSA, FHSA, RIF, LIF, PRIF, and LIRA

Do you have your sights on the future with majestic plans? Making sure you have the money in place to do what you want is a key part of your financial plan. A guaranteed rate of return with tax-deferred growth is offered with our Term Deposits. You choose the length of term that fits your plans, then sit back and watch it grow.

​Registered High 5 Term Deposit Account

Available in RRSP, TFSA, RIF, LIF, PRIF, and LIRA

You are the kind of person that feels best when you can access your investment each year while reaping the benefit of guaranteed rates. This way, if rates go up, you can re-invest, or if something comes up, you have access to a portion of your money. If this is checking the boxes for you, then the RRSP High 5 Term Deposit could be just what you are looking for. This investment benefits you by:

• Laddering your investment. This means that your investment is divided by 5, each with a different maturity date from 1-5 years.
    • Example: If you invested $5,000, your investment would look like this:
      • $1,000 invested at 1 year rate, redeemable in 1 year
      • $1,000 invested at 2 year rate, redeemable in 2 years
      • $1,000 invested at 3 year rate, redeemable in 3 years
      • $1,000 invested at 4 year rate, redeemable in 4 years
      • $1,000 invested at 5 year rate, redeemable in 5 years
• Flexibility by allowing access to 20% of your investment each year.

Registered One Year Cashable Term Deposit Account

Available in RRSP, TFSA, and LIRA

Flexibility to park your money while you are planning and still earning a nice, guaranteed rate of return is where it’s at with the One Year Cashable Term Deposit. Additional features include:
    • $500 is the minimum to invest
    • 12 month term
    • redeemable at any time
    • interest is paid at maturity or when redeemed after 30 days

Registered Wealth Accumulator Account

Available in RRSP, TFSA and FHSA

Take the first step toward financial growth with our Registered Wealth Accumulator. Getting started is easy – all you need is $25 and our Wealth Accumulator account.

Here's how it works:
  1. Set a savings goal.
  2. Choose an investment schedule (weekly, biweekly, monthly, semi-monthly, etc.).
  3. Decide when you want to make your payments.
  4. Determine the amount of your payment.
  5. Select the length of the term (1- to 5-Year).
Once you've made these choices, we'll take it from there. Your regular payments will be automatically debited from your personal account, allowing you to watch your investment grow. And here's some great news – if you come across a few extra dollars, you can reach your savings goal even faster by making additional deposits.

First Home Savings Account (FHSA)

Start building your future with the FHSA, where you can save up to $8,000 annually tax-free.
Ready to get started? Let's talk!
The First Home Savings Account (FHSA) is a tax-free savings account that can aid you in achieving your goal of purchasing your first home.

Benefits of an FSHA:

  • Best of Both Worlds: Combines the advantages of RRSP and TFSA.

  • Flexible Contributions: Contribute up to $8,000 annually and $40,000 over your lifetime, simplifying savings for your first home.

  • Carry-Forward Option: Carry forward undeducted contributions to the next year, providing flexibility for maximizing your savings.

  • Tax-Free Growth: Transfer funds from an RRSP to earn tax-free investment returns, accelerating your savings journey.

To qualify for an FHSA, you must be:
  • A Canadian resident,
  • 18 years or older*, and
  • A first-time home buyer1.

*18 years of age, or the age of majority in your province or territory.
1You are considered a first-time homebuyer if you or your spouse/common-law partner haven't owned any home the year you open your FHSA or four years prior.

This information, and the information below, is based on the Government of Canada's information on the First Home Savings Account (FHSA).
Yearly contribution limit = $8,000
Lifetime contribution limit = $40,000

Carry forward unused portions of your annual contribution limit up to $8,000, giving you the flexibility to contribute even more towards your first home in the future. For example, if you contribute $5,000 to FHSA in 2023, you can add the remaining $3,000 in 2024 (in addition to your annual contribution limit of $8,000), subject to your lifetime contribution limit. Keep in mind that carry-forward amounts start accumulating only after you open an FHSA.

You may have more than one FHSA, but the total contribution amount to all of them should not exceed the annual and lifetime contribution limits.

Contributions made within the calendar year fall under the annual contribution limits.

You can claim FHSA contributions as a deduction against your taxable income from all sources. This deduction will decrease your taxable income for the year, and thus, your taxes payable. Your actual tax savings will depend on your marginal tax rate.

You can diversify your investments in your FHSA by holding different types of qualifying investments. These investments are similar to those allowed in RRSPs and TFSAs and include mutual funds*, exchange-traded funds (ETFs), publicly traded securities, government and corporate bonds, and guaranteed investment certificates (GICs).

*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.

Withdrawals made to purchase a qualifying home from your FHSA are tax-free, provided they meet certain conditions. These conditions include:

  • being a resident in Canada from the time of withdrawal to the acquisition of the qualifying home,
  • being a first-time home buyer, and
  • having a written agreement to buy or build the home before October 1 of the year following the year of withdrawal.

Additionally, the qualifying home must be a housing unit located in Canada and intended to be used as a principal place of residence.

If there are funds remaining after making a qualifying withdrawal, you can transfer them to another FHSA, RRSP, or RRIF on a tax-free basis before the end of the year following the year the first qualifying withdrawal was made. However, withdrawals and transfers do not replenish FHSA contribution limits.

Non-qualifying withdrawals from FHSA are subject to taxes and withholding. Be sure to plan your withdrawals carefully to avoid unexpected tax implications.

The FHSA account must be closed by certain deadlines. If you turn age 71, it must be closed by December 31 of that year. If the FHSA account has not been used to purchase a qualifying home, it must be closed by December 31 of the 15th anniversary of the account's first opening. If the FHSA account was used to make a qualifying withdrawal, it must be closed by December 31 of the year following the year of that withdrawal.

Unused funds in the FHSA account can either be withdrawn or transferred to an RRSP or RRIF on a tax-free basis before the account closure. However, if funds are withdrawn, they will be taxed.

If you have used FHSA funds to purchase a qualifying home, unused funds can be transferred to an RRSP or RRIF on a tax-free basis until December 31 of the year following the year of the qualifying withdrawal.

It is possible to make withdrawals from both your FHSA and your RRSP under the Home Buyers' Plan (HBP) for the same qualifying home purchase.

Withdrawals under the HBP are borrowed from your RRSP interest-free, up to a maximum of $35,000. The amount borrowed must be repaid within 15 years. In contrast, qualifying withdrawals from your FHSA are tax-free and do not require repayment.

*subject to eligibility and conditions.

*Registered products (TFSAs, RRSPs, RIFs, LIFs and PRIFS) do not participate in our ProfitShares program due to regulations. Instead, more favourable rates are offered.
**Deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation. For more information, visit Unless otherwise stated, mutual funds, other 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.

Achieving Your Dream of Homeownership with a FHSA

Meet Sarah, a young professional who has been renting an apartment for a few years. She's been dreaming of owning her own home but hasn't been able to save enough for a down payment. Sarah hears about the First Home Savings Account (FHSA) and decides to open one. She knows that with an FHSA, she can contribute up to $8,000 annually and up to $40,000 over her lifetime, tax-free. Sarah sets up automatic contributions of $500 per month to her FHSA, which is the maximum she can afford at the moment.

After two years of saving, Sarah has accumulated $12,000 in her FHSA, thanks to the tax-free investment earnings and the option to carry forward unused contributions. She also learns that she can combine her FHSA with the Home Buyers' Plan (HBP) to withdraw up to $35,000 from her RRSP to use towards her down payment. Sarah decides to take advantage of this and withdraws $25,000 from her RRSP and $12,000 from her FHSA, for a total of $37,000.

With a down payment of $37,000, Sarah is able to purchase her first home, a modest condo in the city. She's thrilled to be a homeowner and knows that her FHSA and HBP savings helped make it possible.

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