Tax-Free Savings Account (TFSA)

A way for individuals of 18 years or age and older, who have a valid social insurance number to set money aside tax-free throughout their lifetime.

  • No deadline for contribution
  • Any income earned in the account is tax-free, even when it is withdrawn
  • Unused TFSA contribution room can be carried forward to future years
  • Multiple investment products such as Term Deposits and Mutual Funds available within a TSFA
  • Interest earned depends on the type of investment
  • Contribution to TFSA are not deductible for income tax purposes
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Registered Retirement Savings Plan (RRSP)

A federal government approved investment option, which helps to defer your taxes. Any income earned in the RRSP is exempt from tax as long as the funds remain in the plan; however, you have to pay tax when you withdraw money from the plan.

  • Contributions, within limits are tax deductible
  • Contributions can be made until December 31 of the year you turn 71 years old
  • A good source for retirement income.
  • Multiple investment options, such as RRSP variable, Term Deposits, Index-Linked term deposit, and Mutual Funds, are available.
  • Interest and returns earned depends on the type of investment
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Registered Education Savings Plan (RESP)

Savings for your child’s education without paying any tax on interest earned within RESP.

  • Anyone can be subscriber to RESP, not necessarily of child’s parents
  • Maximum lifetime contribution limit is $ 50,000.
  • Eligible for Canada Education Savings grant (CESG).
  • May be eligible for Canada Learning Bond (CLB) and additional CESG.
  • Up to $8,400 in government grants are available.
  • Multiple investment options, such as RESP variable, and Term Deposits are available.
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Registered Retirement Income Fund (RRIF)

A registered retirement income fund (RRIF) is created by transferring funds from an RRSP, RPP or from another RRIF. RRIF are designed to systematically withdraw funds from your retirement account as prescribed by the federal government.

The minimum amount must be withdrawn annually following the year the RRIF is entered into.

  • No maximum limit for withdrawal
  • Once created, no more contributions are allowed
  • Once created, plan can not be terminated except through death
  • Earnings in RRIF are tax-deferred
  • Withdrawals are taxable
  • Multiple investment options, such as RRIF variable, Term Deposits, Index-Linked term deposit, and Mutual Funds, are available
  • Interest and returns earned depends on the type of investment
  • Learn more

Registered Disability Savings Plan (RDSP)

The Registered Disability Savings Plan (RDSP) is a long-term savings plan to help Canadians with disabilities and their families save for the future. If member has an RDSP, he/she may also be eligible for grants and/or bonds to help with his/her long-term savings.

  • lifetime contribution limit of $200,000.
  • Withdrawals can be used for any purpose, as long as it is for the benefit of the person with the disability (the plan's beneficiary)
  • Government Grants and/or Bonds available
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Term Deposits

Whether you are commencing your investment journey or nearing your destination, KCU has a product and plan to help you meet your investment goals. The extent to which you manage your investment portfolio will generally determine the wealth you accumulate over a lifetime.

Generally, term deposits are grouped into two categories; short term from 30 – 364 days; long term from one to five years. Shorter term deposits usually require a higher minimum deposit and pay slightly lower rates of return. Laddering is a popular investment strategy whereby maturity dates of term deposits are staggered so that funds are available when required and interest rates are leveraged over a longer period.
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