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​RRSP & RRIFs

There's a lot to know and we're here to help

A Registered Retirement Savings Plan (RRSP) is a government-approved plan through which you save money for your retirement years. Your contributions, within limits, are tax deductible and income earned is tax sheltered. You can hold RRSPs until the end of the calendar year in which you turn 71, when you must make a retirement income option decision for your retirement savings.

There's a lot more to know about RRSPs. Tandia has a booklet available written in everyday language in response to the need expressed by members for clear and understandable information on RRSPs and your retirement income options. To obtain your free copy of Retirement Income - Knowing Your Retirement Income Options, contact us or visit your branch.

Tandia has a number of investment options available to be held within an RRSP.

Current Rates

RRSP Term Deposits - 1 to 5 Year

  • Minimum $500, non-redeemable
  • A safe and important component of any investment portfolio
  • Interest compounds on each anniversary date and notices are provided prior to maturity

Short Term RRSP Term Deposits

  • 3, 6 and 9 month terms, minimum $1,000, non-redeemable
  • A good 'holding' vehicle for your investment while you wait to see if rates improve or to assist in timing deposit maturity dates to better meet your needs

RRSP Tiered Savings Account

  • A registered savings plan account with no minimum deposit
  • Tiered interest - the higher your balance, the higher your interest
  • A great account to accumulate funds in through payroll deductions or automatic transfers
  • Funds may be withdrawn/transferred at any time (subject to applicable withholding taxes)

Index Linked RRSPs

An Index Linked Term Deposit presents a safe way to participate in Canadian Equity markets, with a return based on the average growth of the major market indices.  Your principal is guaranteed, yet you can benefit from the potential for a higher return.

Pay Day RRSPs

  • Minimum $1,000 commitment (savings goal)
  • You can take as long as a 12 month period to accumulate your goal
  • Funding of the RRSP account is paid by payroll deduction or automatic transfer from an account
  • 1 year termInterest is calculated on the daily balance and paid at maturity

Step RRSPs

A Step Term Deposit is an excellent investment alternative in times of low interest rates, as you are assured that each year your interest will increase. As with all our term deposits, the principal and return is guaranteed and it qualifies for deposit insurance protection.

Financial Services Regulatory Authority of Ontario’s (FSRA) deposit insurance program protects insurable deposits held with Ontario credit unions and caisses populaires. Learn more ​​

​Registered Retirement Income Fund (RRIF)

Registered Retirement Income Funds (RRIFs) are a popular form of retirement income. While you do not contribute directly to a RRIF, funds can be transferred from a RRSP, another RRIF, a Registered Pension Plan, or a commuted RRSP annuity.  At age 71, all RRSP investments must be converted to a RRIF or annuity, or cashed.

RRIFs are similar to a RRSP with the exception that you must take some taxable payments from your RRIF on an annual basis. You choose the payment level as long as it meets the minimum levels set out by the government.

Tandia has a number of investment options available to be held within a RRIF.

Current Rates

RRIF Investments - 1 to 5 Year

  • Minimum $500, non-redeemable
  • A safe and important component of any investment portfolio
  • Interest compounds on each anniversary date and notices are provided prior to maturity

Step RRIFs

A Step Term Deposit is an excellent investment alternative in times of low interest rates, as you are assured that each year your interest will increase. As with all our term deposits, the principal and return is guaranteed and it qualifies for deposit insurance protection.

Short Term RRIF Investments

  • 3, 6 and 9 month terms, minimum $1,000, non-redeemable
  • A good 'holding' vehicle for your investment while you wait to see if rates improve or to assist in timing investment maturity dates to better meet your needs

Tiered Variable RRIF Account

  • No minimum deposit
  • Tiered interest - the higher your balance, the higher your interest
  • Funds may be withdrawn/transferred at any time (subject to applicable withholding taxes)

Financial Services Regulatory Authority of Ontario’s (FSRA) deposit insurance program protects insurable deposits held with Ontario credit unions and caisses populaires. Learn more ​​

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