Saving and Investing for Retirement

RRSPs

An RRSP is an account, registered with the federal government, that you use to save for retirement. RRSPs have special tax advantages. Your contributions, within limits, are tax deductible and income earned is tax sheltered.

RRIFs

A RRIF is basically a RRSP in reverse. You put money into RRSPs while you were working to save on taxes every year. When you eventually switch your money over to RRIFs, you'll be drawing money out, and paying taxes on that money as you do.

Find Out More

Healthcare & Municipal Employees' Credit Union can help you learn more about RRSPs, RRIFs, and other annuities. Doing your homework and consulting the right advisors will make it easier to select any option that may make your retirement more comfortable.