SCU Credit Cards
Enjoy competitive rates and rewards that help you achieve your financial goals
Offers members the opportunity to build their long-term financial strategy while saving on taxes by investing for retirement
Until December 31st of the year you turn 71
Maximum contribution for the 2020 tax year is $27,230, or 18% of your previous year’s earned income less any applicable adjustments*
Based on your contribution and the tax rate you pay, you may be eligible for a tax refund and the amount you contribute is tax sheltered.
The sooner you begin saving, the more years you have to accumulate compound interest on your savings.
Any and all amounts withdrawn from the plan are subject to classification as taxable income. There are some exceptions and instances where funds may be withdrawn tax free, such as $25,000 for first-time home buyers.
Please visit the Canadian Revenue Agency website for further details http://www.cra-arc.gc.ca/
It is possible to transfer any existing RRSP plans with other financial institutions to Sharons Credit Union and vice versa. However, penalties are applicable for RRSPs transferred out of Sharons Credit Union.
Each year Canada Revenue Agency sends you a notice of assessment, indicating your RRSP contribution limit for the current year.
At Sharons Credit Union, depositors are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia.
**Mutual funds are offered through Credential Asset Management Inc. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.
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(Coquitlam, Surrey only)