SCU Credit Cards
Enjoy competitive rates and rewards that help you achieve your financial goals
​Registered Products
TFSA
Overview
Save for your short and long term goals and grow your money tax-free
Key Features
- Unlike other registered tax-deferred plans, interest earnings in your TFSA are never subject to Canadian tax, even when you withdraw the funds for any given purpose.
- Although there are contribution limits, the contribution amounts are not reflective of your earned income, so any eligible member can participate.
RRSP
Overview
Save for your retirement with a lifetime of benefits and tax savings
Key Features
- There is a maximum contribution limit allowed for the year.
- The amount you can contribute is 18% of your previous year’s earned income, less any pension adjustments, up to the maximum contribution limit allowed for the year*.
- Members have a choice of Deposit Type or Mutual Fund** Type products for RRSPs.
- Any profits made on investments in the form of interest are not taxable to you as income until withdrawn.
- There is a deadline for RRSP contributions – within the first 60 days of the new year.
RRIF
Overview
Convert your RRSP savings into retirement income
Key Features
- If the RRSP is not converted to an RRIF, it is considered “deregistered” and the proceeds will be paid out as cash and fully taxed as income
- The year after the plan is opened, an annual minimum payment must be taken out each year and is considered taxable income
RESP
Overview
Save for your children's education and get government-funded boosts
Key Features
- An RESP combines three aspects to help you quickly reach your education savings goals: flexibility, tax-deferred investment growth and direct government assistance.
- Interest earned from RESP savings and investments are tax-deferred until withdrawn for education, the tax will also be in the hands of the beneficiary (student), which usually means little or no tax.
RDSP
Overview
A Savings plan with government-funded grants and bonds for Canadians with disabilities
Key Features
- Tax-deferred investment growth
- Government grants and bonds
- Variety of investment options, including term deposits and mutual funds
- Withdrawals are exempt when calculating eligibility for federal or provincial benefits and assistance
**Mutual funds are offered through Credential Asset Management Inc.
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