RRSPs

TFSAs + RRSPs: Save yourself time, deposit online

Early January is a busy time for personal finances, and current health orders have moved us to services by appointment only. Save yourself time by making your TFSA or RRSP deposit online using our online banking or mobile app. Transfers can be done as one lump sum payment or scheduled as reoccurring transfers any day of the year.

What are the 2021 contribution limits and what is the deadline?

The Tax-Free Savings Account (TFSA) contribution limit for 2021 remains $6,000—the same as 2019 and 2020. If you have been eligible since the introduction of TFSAs in 2009 and haven't yet contributed, your cumulative contribution room will be $75,500 in 2021.

The RRSP contribution limit is a maximum of $27,830, and you can contribute 18% of your earned income from the previous tax year. For most people, earned income for RRSP purposes is the amount in box 14 of their T4 slips. You can carry forward the RRSP contribution room that you were unable to use in any previous year.

The deadline to contribute to your RRSP for the 2020 taxation year is March 1, 2021.

Learn more about TFSA and RRSP limits on the Government of Canada website.

How do I make TFSA or RRSP contributions through online banking?

With the TFSA & RRSP Online Transfer feature, you have the ability to make contributions to your existing variable TFSA or RRSP without visiting a branch or calling our Member Solutions Centre. Need to access those funds? You can also withdraw money from your TFSA. It’s all done in online banking on your own time and schedule.

We have outlined the steps to making an online TFSA or RRSP deposit. To transfer funds from one of your accounts to your Variable TFSA or RRSP:

  1. Log in to online banking and navigate to “Transfers” from the task menu.
  2. On the “Transfer Funds – Step 1” page, select the account you want to transfer from in the “Transfer From” drop-down.
  3. Enter the amount you would like to transfer in the “Transfer Amount” field, as well as your preferred “Transfer Schedule” details.
  4. Under “Transfer To”, select the “My Own Account” option and click “Continue”.
  5. On the “Transfer Funds – Step 2” page, select the account (your TFSA or RRSP) that will receive the funds in the “Transfer To” drop-down menu and then click “Continue”.
  6. On the “Transfer Funds – Confirm” page, review all your transfer information to ensure it’s accurate, and the click “Confirm” to complete you transfer arrangement.

What are TFSAs and RRSPs?

With a TFSA, you can deposit funds then watch those funds earn interest tax-free throughout your lifetime. Contributions to TFSAs are not tax-deductible and any money contributed, as well as any income earned in the account, is tax-free for life, even when it is withdrawn.

An RRSP is an investment primarily used to save for retirement, but can also be used for first home purchases or continued education. These plans are registered with the federal government, which allows you to greatly reduce the amount of income tax you pay each year you contribute.

Registered Terms (Rates effective 2021-05-21) Rates
Variable 1.35%
1 Year 1.30%
18 Month 1.30%
2 Year - *Rate Special 1.50%
30 Month 1.35%
3 Year 1.45%
42 Month 1.45%
4 Year 1.50%
54 Month 1.50%
5 Year 1.65%
 

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