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Term Deposits

Term Deposits


Term deposits are a good choice if you have a short-term financial goal, like paying for future tuition, a wedding or that dream vacation. Also known as a Guaranteed Investment Certificate (GIC), a term deposit is a secure investment that provides peace of mind and competitive returns.

Key Features
  • Guaranteed investment returns
  • Initial investment is protected
  • Interest rates are guaranteed
  • Redeemable and non-redeemable options available

Registered Plans

Registered Education Savings Plan (RESP)


An RESP is a tax-sheltered government investment account designed to help you save up to $50,000 for your child’s post-secondary education.

Key Features
  • Interest earned in an RESP is tax-sheltered until withdrawn
  • RESPs qualify for the Canada Education Savings Grant (CESG)
  • Contributions can be made by anyone, not just parents
  • RESPs can be transferred between family members
  • $25 minimum contribution required
  • Automatic transfers available

Registered Retirement Savings Plan (RRSP)


An RRSP a tax-sheltered government investment account that will help you retire comfortably.

Key Features
  • RRSP contributions are tax-deductible
  • Interest earned in an RRSP is tax-sheltered until withdrawn
  • A portion of your RRSP can be used to buy your first home or pay for education or training
  • You can house multiple investment products, such as term deposits, within an RRSP
  • Contributions can be made until December 31 of the year you turn 71

Registered Retirement Income Fund (RRIF)


An RRIF is basically an RRSP in reverse. Once you retire or turn 71, your RRSP will be converted into an RRIF so you can withdraw your savings as needed.

Key Features
  • Withdrawals are taxed
  • No maximum withdrawal limits
  • Minimum withdrawals are required

Tax Free Savings Account (TFSA)


Save money and watch your savings grow tax-free throughout your lifetime

  • Pay no tax on the interest you earn or any withdrawals
  • Access your money at any time

First Home Savings Account (FHSA)


Save money, grow it tax free & withdraw it to buy your first home

  • Save for your first home
  • Contribute $8,000 annually, up to a lifetime limit of $40,000
  • Qualified withdrawals are not taxed
  • Contributions can be used as deductions against your income, lowering your income tax
  • If you don’t buy a home, you can transfer the money to an RRSP or RRIF

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