Registered Retirement Savings Plan (RRSP) - Term Deposit - up to 4.10%
A Registered Retirement Savings Plan (RRSP) is an account registered with the federal government that you use to save for retirement. The really cool thing: the amount you contribute is deducted from your annual income, and you don't have to pay tax on the growth inside the plan. Any dollar amount withdrawn from an RRSP will be taxed at the time of withdrawal and added to your annual income.
The purpose of a term deposit is to lock your money in and let it build interest for you. Based on this concept, there are no withdrawal privileges unless otherwise stated.
A term deposit pays a fixed rate of interest for a specified period between one and five years.
Interest rates:
- 4.10% : 1 Year
- 4.00% : 2 Years
- 3.90% : 3 Years
- 3.85% : 4 Years
- 3.80% : 5 Years
Please note: It’s important to review your contribution limits when making deposits to tax-free savings products. Visit the Government of Canada website to learn more.