Registered Retirement Savings Plan (RRSP)

Revised RRSP Declaration of Trust 2015

Download the Credit Union RSP Declaration of Trust here.

To meet the requirements of the Income Tax Act, wording about non-qualified investments and prohited investments were added to Clause 1 and Clause 7 of the Declaration of Trust.  Also, the "advantage" wording in Clause 12 was revised to match the current wording of the Income Tax Act.

The following additional changes were made to the Declaration of Trust:

Clause 8 - Retirement Income:  The Trustee's authority and options have been expanded and clarified in situations where the annuitant of the RRSP fails to provide advance notice of his/her retirement income option prior to plan maturity (ie. the end of the year the annuitant reaches age 71).
Clause 10 - Death:  Wording has been clarified.
Clause 17 - Resignation or Removal of Trustee:  The wording has been expanded, and notably, the notice requirement has been reduced to 30 days from 60 days.
Clause 21 - Application for Advice and Direction:  This is a new clause, explicitly giving the Trustee the authority to apply to court for advice and direction where there is a dispute over the entitlement of the Plan funds on death or relationship breakdown.

Further minor amendments were made througout the Declaration of Trust.  For further information, please contact your branch.


Take time to determine your retirement needs and start saving toward that goal. If you are a long way from retirement, make a reasonable estimate - you will have time to make adjustments later.

Regardless of age, RRSP should be a priority. The more you save now, the longer you have for compound interest to work. It's magic!

Want to end up with $1 million? Your best option is to start as young as possible, and contribute as much as you can.

The key to planning for your retirement is to figure out how much money you'll need to support your retirement and then, to determine how much you'll need to put into your RRSP each year to reach this goal. Once your goal is determined, how should you invest your RRSP dollars? Choosing the right investment doesn't have to be complicated. Your answers to a few simple questions can help you to determine what kind of investor you are and to identify the investments that are right for you. Take a look at the different types of RRSPs and your investment options.

There are three basic types of investments for you to choose from:

  • Cash and cash equivalents: Include savings accounts, certain term deposits, T-bills, money market and Canada Savings Bonds. These offer the greatest security and liquidity while providing for some income.
  • Fixed-income investments: Include investments in Guaranteed Investment Certificates (GICs), bonds, and some mutual funds such as mortgage and bond funds. These offer some growth potential as well as income.
  • Equity investments: Include stocks and mutual funds. These fluctuate in value but offer the greatest potential for long-term growth.

Determining an appropriate mix of the three classes of investments is the first step toward asset allocation. With so many products to choose from, you may find it helpful to consider the following questions when making your investment decision:

  • What are your financial goals?
  • How long will you be leaving the funds invested?
  • Can you afford to take some risk to potentially increase the return on your investment, or do you need guaranteed returns?

We can take you through a simple series of questions to determine the types of investments that are right for you.

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.  Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund 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. There can be no assurances that the money market fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.


Find Branch/ATM

Enter address, postal code or branch name