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AcceleRate Financial’s parent company, Crosstown Civic Credit Union, merged with Access Credit Union on January 1, 2021. With this merge, there will be some minor changes affecting your investments with AcceleRate Financial. No action is required by account holders at this time.

Notice to Registered Savings Plan Holders

There are two stages in investing for your retirement; the first stage is accumulating retirement savings, typically in an RRSP. The next stage is to provide retirement income. When it’s time to use
the money you’ve accumulated for your retirement years, a Registered Retirement Income Fund (RIF) provides a regular income stream, while continuing to shelter your investment principal from
income tax. Amounts paid out of a RRIF are taxable on receipt.

It is mandatory that you convert all your RRSPs by December 31 in the year you turn 71. The latest you are allowed to take your first payment is December 31 in the year you turn 72, however, the payment must be at least the full annual minimum* amount.

Tax law stipulates that a minimum payment must be withdrawn from your RRIF each year and reported as income. *This minimum annual payment is taken from a schedule that is based on your age or the age of your spouse selected at the time the RRIF was opened. TIP: You can also opt to use your spouse’s birthdate if they are older in order to increase the amount of the minimum
annual payment.

As this rate fluctuates annually, your RRIF payment may change from year to year and will be adjusted automatically.

Please do not hesitate to contact AcceleRate Financial toll free at 1-888-954-9543 if you have any questions about your RRIF, or any of our other services. For more information, including the factors used, please consult the Canada Revenue Agency website.

Notice to all Tax-Free Savings Account (TFSA) Holders:

As of January 1, 2021, your TFSA plan currently held under AcceleRate Financial’s TFSA specimen plan will be transferred to Access Credit Union’s specimen plan. Concentra Trust remains as the trustee, while all administration and processing continues to be conducted directly at AcceleRate Financial. Note, this amendment does not alter the investment(s) held in your TFSA plan in any fashion.

Please refer to this document or contact us to obtain a copy of the Declaration of Trust governing Access Credit Union’s TFSA specimen plan.

Attention RRSP, RRIF, TSFA plan holders:

CAUTION: Your designation of beneficiary by means of a designation form will not be revoked or changed automatically by any future marriage or divorce. Should you wish to change your
beneficiary in the event of a future marriage or divorce, you will have to do so by means of a new designation.


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AcceleRate Financial is committed to providing our members with excellent service and support. If you have any questions, comments or concerns, please contact our member services support centre.


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If your AcceleRate card has been lost or stolen, please call immediately to cancel access to your card.


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