Registered Products
Grow your money with investment accounts from BAY Credit Union including RRSPs, RRIFs, and RESPs.
Secure your future and build wealth with us.
Registered Retirement Savings Plan (RRSP)
Overview
Great if you’re over 18, earn income, and haven’t yet retired. RRSPs provide up to a 50% tax deduction on contributions, resulting in more taxes back or less taxes owing.
Key features
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Contributions to your RRSP are tax deductible.
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Pay no tax on growth until your funds are withdrawn.
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A variety of investment options are available including term deposits and mutual funds.
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Get complete deposit insurance on term deposits.
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Refer to your Notice of Assessment from the Canada Revenue Agency for your contribution limit.
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Schedule recurring contributions for faster growth.
Spousal RRSPs
Overview
Invest as much of your RRSP as possible in the name of the spouse who will be in the lower tax bracket at retirement.
Key features
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Any income created will be taxed at the lower tax rate.
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The contributor can reduce their taxable income by the amount of the contribution.
RRSP loans
Overview
If it’s almost the end of the tax year and you don’t have the cash available to top up your RRSP contribution, our RRSP-specific loans can help.
A BAY Investment Officer can work with you to reach your retirement goals.
Key features
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Options include lines of credit, term loans, and extended repayment term loans.
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Choose a variable rate account, embrace the guarantee of a fixed-rate term, or blend investments across multiple products.
Registered Retirement Income Plan (RRIF)
Overview
Transferring your RRSP to a RRIF helps you continue to grow your nest egg and defer your tax burden, while also offering you the flexibility and security you need to enjoy your retirement.
Key features
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You must transfer any RRSP amounts to a retirement income option before the end of the year you turn 71.
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Choose from variable rate and fixed term accounts.
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Continue to defer tax while you access retirement savings.
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Payments for both account types are made to you based on a minimum payment formula set by the government.
Registered Education Savings Plan (RESPs)
Overview
Start investing as early as possible. A Registered Education Savings Plan (RESP) is a savings account to save for your child’s post-secondary education.
Key features
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No tax charged on income earned with your RESP until the funds are withdrawn.
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Beneficiaries 17 or younger receive the Canada Education Savings Grant equal to 20% of the annual contribution up to $2,500.
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Additional grants are also available for qualifying beneficiaries up to 40% of your first $500 matched annually.
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RESPs are available through a variety of investment options, including fixed-term deposits and variable-rate savings accounts.
Get the latest rates
Rate information is updated frequently. Interest rates published here are our base rates. All published rates are subject to change without notice.
Try our investment calculator
Use this calculator to see how your investment could grow over time.
Guaranteed returns with term deposits
Get a guaranteed compounded interest rate over a fixed period of time.
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