RRSPs
AcceleRate Registered Retirement Savings Plan
AcceleRate your savings right through to retirement.
A Registered Retirement Savings Plan (RRSP) is an investment primarily used to save for retirement. 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.
Please note that all RRSPs must be converted to an RRIF by December 31 of the year you turn 71. If you do not wish to convert to an RRIF, your funds must be withdrawn or transferred out.
Key benefits
- 100% guaranteed by the Deposit Guarantee Corporation of Manitoba.
- Start earning interest on the day the deposit is made - no minimum balance required.
- Interest earned within an RRSP grows tax deferred.
Why choose an RRSP?
The Government of Canada provides detailed information on RRSP opportunities and limitations, but here’s what you need to know to get started:
A Registered Retirement Savings Plan (RRSP) is an investment primarily used to save for retirement. 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.
Your RRSP funds and earned interest won’t be taxed until you withdraw the funds. There’s no better time to invest in your future than now.
While your RRSP funds generally should not be touched until retirement, you can “borrow from yourself” for certain life events, such as a down-payment on your first home through the Home Buyers’ Plan (HBP), or to pay for full-time training or education for you, your spouse or common-law partner under the Lifelong Learning Plan (LLP).
Which AcceleRate RRSP is right for me?
AcceleRate Financial offers two RRSP investment options: the Accelerate Variable RRSP Savings Account or the Accelerate RRSP GIC. With AcceleRate Financial, you can either save with our variable daily interest option, or invest in a Guaranteed Investment Certificate (GIC) to receive guaranteed higher rates of return for a predetermined amount of time.
AcceleRate Variable RRSP
- The AcceleRate Variable RRSP gives you the no-fee flexibility of our savings account while keeping your funds and interest free of tax. This is also a great option to start saving to invest into a RRSP GIC.
- You may redeem or transfer your funds at any time.
- Interest calculated daily, paid monthly.
- All deposits 100% guaranteed by the Deposit Guarantee Corporation of Manitoba. This includes principal and interest.
- You’ll start earning interest on the day you deposit, regardless what day of the month it was deposited.
- No minimum balance required to earn our high rates of interest.
- No minimum length of time to earn our high interest from your deposits.
- No monthly service fees.
- Automatic transfer available from other financial institutions ($25 minimum).
Cash withdrawals are subject to withholding tax.
AcceleRate RRSP GIC
With an AcceleRate GIC RRSP, you can choose a term between one and seven years, knowing the rate will be guaranteed for that period of time. Our GICs are best for you if you’d like to reach a goal with no risk.
- 100% guaranteed by the Deposit Guarantee Corporation of Manitoba. This includes principal and interest.
- Choose a term from one to seven years to suit your investment needs.
- A minimum deposit of only $500 is required.
- Interest compounded annually.
- 14-day rate guarantee for new money mailed to AcceleRate Financial, as well as for maturing GICs held at AcceleRate.
- Maturity notices mailed 21 days prior.
- Principal and interest will automatically renew upon maturity, unless otherwise instructed.
- 30-day rate guarantees for transfers from other financial institutions.
- Terms not redeemable prior to maturity.
