First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) is a new type of registered plan that’s designed to help you save for your first home, tax-free. Your contributions will be tax-deductible, like a registered retirement savings plan (RRSP). Your qualifying withdrawals will be non-taxable, like a tax-free savings account (TFSA).
Term Deposits (GICs)
Watch your investments grow with the safety and security of a GIC. We offer various term lengths to suit your needs from months to years. Best of all, the rate is guaranteed so that you know in advance what your investment will be worth at maturity.
Product features:
- Competitive rates and fully guaranteed.
- Investment options from 30 days to 5 years.
- Term information and activity is recorded on a descriptive monthly statement along with your other accounts.
Registered Retirement Savings Plan (RRSP)
Plan today for tomorrow. A Compass RRSP allows you to establish some security for your financial future. Not only do you establish a nest egg for retirement but you also take advantage of tax refunds!!
Product features:
- Various plans and options available
- No fees.
- Competitive rates and investment terms.
RRSP's are displayed on your monthly statement along with your other accounts.
Locked-in Retirement Accounts/Life Income Funds (LIRA/LIF)
Locked In Retirement Accounts hold money moved out of a pension plan. You may use one if you are changing companies and taking your pension savings with you. It works like an RRSP, but your money is locked in. You cannot withdraw the funds until you retire.
Life Income Funds are used to hold pension funds and LIRA funds, and eventually payout retirement income. The life income fund (LIF) cannot be withdrawn in a lump sum; rather, owners must use the fund in a manner that supports retirement income for their lifetime. Each year's Income Tax Act specifies the minimum and maximum withdrawal amounts for LIF owners.
Registered Retirement Income Fund (RRIF)
After age 71 you are required to collapse your RRSP's. One way to maintain control of your funds and reduce taxation is a RRIF. Many plans and options are available to suit your retirement needs.
Product features:
- No fees.
- Many payment options available from monthly too annually.
- Competitive rates and investment options.
- RRIF activity is recorded on your descriptive monthly statement along with your other accounts.
Tax-Free Savings Accounts (TFSA's)
A TFSA allows Canadian resident taxpayers to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetime.
Product features:
- Various plans and options available.
- No fees.
- Competitive rates and investment terms.
- TFSA's are displayed on your monthly statement along with your other accounts.
Registered Education Savings Plan (RESP)
Registered Education Savings Plan (RESP) is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is not taxed until it is withdrawn.
- Increase your earnings with a minimum Canada Education Savings Grant of 20% on the first $2500.00 in annual Registered Education Savings Plan contribution
- Allows contributions to grow by compounding in a tax sheltered environment until withdrawn
- Withdrawals are made in the name of your beneficiary, spread over a number of years. Your beneficiary pays little, if any, income tax at their marginal tax rate (which is usually lower)
- Fixed rate deposits are available
Registered Disability Savings Plan (RDSP)
If you answered Yes to both of these questions, then you qualify for a Registered Disability Savings Plan.
The Registered Disability Savings Plan (RDSP) is one of the most underutilized programs that the Canadian government has to offer. Children and adults up to age 49 who receive the disability tax credit are eligible, even if the disability is temporary – you can still qualify for the period that the tax credit applies. And you don’t have to make contributions necessarily; you can at least receive the Bond which is $1000 per year up to a maximum of $20,000 lifetime.