Registered Plan Information

RRIF – Registered Retirement Income Fund

In the calendar year that you turn 71 years of age, you MUST convert your RRSP’s into a RRIF. A RRIF is a tax-sheltered investment designed to provide an income in your retirement years from the funds that you have accumulated in a Registered Retirement Savings Plan. Payments may be received monthly, quarterly, semi-annually or annually. 

A RRIF allows you to select the length of time you wish to lock in your interest rate and while there is a minimum amount required to be withdrawn each year, you can take more if you want or need. 

Your RRIF can be transferred to a surviving spouse on a tax-deferred basis, if directed by a designation of beneficiary or by a will. 

You have the option to choose from Beautiful Plains Credit Union’s Variable Rate Plan or a Fixed Term Plan. 

Click here for BPCU’s current posted RRIF deposit rates. 

RRSP – Registered Retirement Savings Plan

A Registered Retirement Savings Plan is a tax-sheltered savings plan that allows a tax break now, and allows you to tax shelter contributions and interest to provide an income for future years. All funds contributed to your RRSP (subject to Canada Revenue Agency’s limit) gives you a tax deduction. When you withdraw money from your RRSP it is treated as taxable income. 

We offer a variety of options available to set up a plan that suits your lifestyle. Whether you invest in variable RRSP or a fixed term RRSP we offer plans that are easy to understand. 

Click here for BPCU’s current posted RRSP rates. 

TFSA – Tax Free Savings Account

A tax free savings account allows Canadian taxpayers aged 18 or older to earn investment income tax-free. 

There are no restrictions on the way TFSA funds may be used. You can purchase a car, start a small business, take a vacation or just save for a rainy day. 

The TFSA contribution limit for 2019 is $6000.00 All unused contribution room can be carried forward to a subsequent year and withdrawals will also create contribution room for the subsequent year. 

Withdrawals can be made at anytime and all withdrawals are tax free subject to the type of investment. Visit Canada Revenue Agency’s website for information on finding your unused contribution room. 

Click here for BPCU’s TFSA current posted rates. 

Registered Plan Fees: 

A $60 Transfer our fee is charged to all Registered products being transferred out of the Credit union. 

Term Deposits  

If you want a guaranteed return on your investment, then a GIC (Guaranteed Investment Certificate) is what you want. 

We provide short-term and long-term options and we will guarantee the interest rate for whatever length of term you choose. 

Our GIC’s provide a higher rate of interest than a savings account and all our deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba. 

Short term GICS – are offered from 30 days to 364 days and interest in calculated on the full value of the deposit for the period of time invested. 

Long-term GICS – are offered from 12 months to 60 months and interest is calculated on the full value of the deposit for the period of time invested. Interest is paid on the annual anniversary date. Upon maturity, the investment will automatically renew for the same term at the then current rate, unless you tell us otherwise. 

Please contact BPCU for current rates. 

Registered Plan Fees:

A $60 Transfer-out fee is charged to all Registered products being transferred out of the Credit Union.