142 South Algoma Street
Thunder Bay, ON P7B 3B8

Phone: (807) 345-7612
Email: info@baycreditunion.com



Enjoy tax benefits now and nurture your future with a Retirement Savings Plan. It’s never too early to start saving for retirement with a plan that meets your unique needs.

Book an appointment with one of our financial planners now, or get started with our Investment Calculator.

What’s an RRSP?

Registered Retirement Savings Plans (RRSPs) are designed to save for retirement. RRSPs provide up to a 50% tax deduction on contributions, resulting in more taxes back or less taxes owing. You don’t pay interest until your funds are withdrawn, which is usually after retirement, when your income and tax rates are lower!

RRSPs should be considered if you’re over 18, earn income, and haven’t retired yet, especially if you want to maintain the same standard of living during retirement. There are a variety of ways to invest in an RRSP:

  • Term Deposits guarantee a rate of return over a period of time. Interest is compounded and rates vary based on length – from 30 days to 5 years
  • Mutual Funds are offered through Q-Trade, our Online Brokerage, including cash, treasury, bills, bonds, and equities.

Each year you have a maximum contribution limit, which includes any unused contribution limits from previous years. To figure out your limit please refer to your Notice Of Assessment from the Canada Revenue Agency.

Rather than waiting until the end of the tax year to find the money to make a single lump-sum investment, consider scheduling recurring contributions from your account. You can also use up to $25,000 of your RRSPs for your down payment through the Government of Canada’s Home Buyer’s Plan. This can significantly decrease the amount of your mortgage, resulting in less interest paid.

Spousal RRSPs

Invest as much of your RRSP as possible in the name of the spouse who will be in the lower bracket at retirement. Any income created will be taxed at the lower tax rate. A Spousal RRSP also allows the contributor to reduce their taxable income by the amount of the contribution.

RRSP Loans

It’s almost the end of the tax year and you don’t have the cash available to top up your RRSP contribution. No problem, we offer RRSP specific loans for just this situation, including Lines Of Credit, Term Loans and Extended Repayment Term Loans.

Working with a Bay Investment Officer, we can come up with the ideal formula to help you meet all of your retirement goals. You can choose to put your money in a variable rate account, embrace the guarantee of a fixed rate term or blend your investments across a number of products that grow and change as you age.


  • Contributions to your RRSP are tax deductible
  • Pay no tax on interest or other monetary growth until the day your funds are withdrawn
  • A variety of investment options depending on your personal preferences and needs
  • Complete deposit insurance on term deposits
  • Pre-authorized contribution programs make it easy to build a strong retirement fund