What is a RRSP?

A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the Canadian federal government allowing you to save for the future on a tax-sheltered basis.

After the age 71 you are required to roll your RRSPs into a Registered Retirement Income Fund, this is one way to maintain control of your funds and reduce taxation. Different options are available to suit your retirement needs.

Your allowable RRSP contribution for the current year is the lower of:

  • 18% of your earned income from the previous year, or
  • The maximum annual contribution limit for the taxation year, or
  • The remaining limit after any company sponsored pension plan contributions
  • Tax Benefit – The total amount of your annual RRSP contribution can be deducted from your gross income at tax time, reducing the amount you pay in income tax that year.
  • Tax Sheltered – The income earned in your RRSP is not taxed until it is withdrawn.
  • Tax Deferred – By the time you begin to withdraw the funds at retirement, you will probably be in a lower tax bracket than during your earning years. Funds withdrawn at that time will benefit from this lower tax rate.


  • Transfers in from other institutions and pension rollovers easily arranged
  • Variable rate deposits or fixed rate terms up to 5 years available
  • Automatic RRSP deposit transfers at varying frequencies at no fee
  • Minimum term deposits of $500 (RRSP) and $5,000 (RRIF)
  • Competitive Rates
Duration Rate
12 Months 2.55%
24 Months 2.65%
36 Months 2.85%
48 Months3.10%
60 Months 3.20%
Special Rates
15 Month2.80%
55 Months3.50%
Registered Savings 
RRSP/RRIF Variable1.25%
TFSA Variable 1.75%

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Vanguard Credit Union is a full-service financial institution with branches in Binscarth, Birtle, Brandon, Hamiota, Kenton, Miniota, Oak Lake, Oak River, Rossburn, Russell, and St. Lazare.

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