Porcupine Credit Union offers various government regulated investment accounts. Each of these accounts has a specific purpose. Funds in these accounts may not be assigned to the credit union for the purpose of providing a guarantee on indebtedness to the credit union.

RETIREMENT PLANNING:
No matter what your plans may be, one thing is certain about your retirement-you've worked hard and you want to enjoy it! Even if you are years away from retirement, let us help you plan the retirement lifestyle that you deserve.

Tax Free Savings Account (TFSA)

• Tax Free Savings Accounts are a new registered savings account introduced by the Federal Government in January 2009
• They allow taxpayers to earn investment income tax free
• TFSAs are available to all Canadian residents 18 years of age and older who hold a valid Social Insurance Number
• There is no maximum age limit and no restrictions on the way TFSA funds are used
• These accounts allow taxpayers to set money aside in eligible investments and watch those savings grow tax free throughout their lifetime
• Investment options include:
  • non-redeemable 12 to 60 month fixed rate plans
  • redeemable three year Rate maker plans (conditions apply)
  • redeemable five year Select plans (conditions apply)

Registered Retirement Savings Plan (RRSP)

• Encourages saving for retirement
• Contributions are tax deductible
• Interest compounds in a tax sheltered environment
• Investment options include:
  • non-redeemable 12 to 60 month fixed rate plans
  • redeemable three year Rate maker RRSP plans (conditions apply)
  • redeemable five year Select RRSP plans (conditions apply)
  • Various provincial and federal pension plans (LIRA) can be invested in similar payment plans

Registered Retirement Income Fund (RRIF)

• Allows tax deferral of RRSPs to continue into retirement
• Allows withdrawals from your investment to fund your retirement
• Plans similar to RRSPs are available
• Regular payment options include a government prescribed minimum payment, a set payment amount or a set payment term
• Payment options can be changed annually over the life of the RRIF
• Payments can be taken monthly, quarterly, semi-annually or annually
• Various provincial and federal pension plans (LIF, LRIF) can be invested in similar payment plans
• Investment options include:
  • non-redeemable 12 to 60 month fixed rate plans
  • redeemable three year Rate maker plans (conditions apply)
  • redeemable five year Select plans (conditions apply)

Registered Education Savings Plan (RESP)

• Encourages parents and grandparents to save funds for their children's and grandchildren's education
• Tax sheltered investment account
• Individual or family plans are available
• Contributions qualify for the Canada Education Savings Grant which adds 20% to your annual RESP contribution to a maximum of $500 per child per year
• Investment options include:
  • one year to five year non-redeemable plans