Registered Retirement Savings Plans (RRSP's)

An RRSP is a government-registered retirement savings account designed to help Canadians save for retirement.

How the account works

RRSPs are a great way to save for your retirement because the money you put into your RRSP account is tax deductible. That means you can claim it as a tax deduction when you file your income tax return and lower the amount of tax to be paid.

Any income earned in the RRSP is usually exempt from tax as long as the funds remain in the plan.  Once funds are withdrawn from the plan, you will have to pay tax on the withdrawn amount.

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FAQ's Regarding RRSP's

The earlier you start, the more you will save.  Since you don't pay any interest on the investment in an RRSP, your money will grow faster. 

In general, investing at any early age provides the benefits of compound interest.  The returns on investments generate their own returns over time, leading to exponential growth of the initial investment.  Starting early means smaller, regular investments have time to grow significantly over time, making it easier to achieve your financial goals.
An RRSP can be set up through any financial institution. At Fusion, an RRSP can be set up by contacting your local branch, or by setting up a membership online.
Your available contribution room can be found on your most recent notice of assessment from the federal government, or in your CRA online account.  Unused contribution amounts can be carried over to the next year.
Most people withdraw funds from an RRSP at retirement, however, the funds can be withdrawn before retirement.  When money is withdrawn from the account, it will be taxed as income.  The benefit of waiting to withdraw funds at retirement is, generally, the income will be taxed at a lower rate as you will be earning less income in retirement.

Another benefit of an RRSP - contributions can be claimed on your annual tax return, reducing the amount of tax you may need to pay.

To withdraw funds from your RRSP, contact your financial institution or wealth advisor where the account was issued.

If the RRSP's are locked-in, you may not be able to withdraw the funds until a certain date.  If your RRSP's are not locked in, you can withdraw funds at any time.

Yes, funds can be transferred from one registered plan to another, such as a RRIF or an FHSA.  To avoid any tax implications, the funds must be transferred directly from one account to another.  Please speak to the issuer (financial institution or wealth advisor) to transfer the funds.
Yes, an investment in an RRSP is safe.  Just like other savings accounts at Fusion Credit Union, deposits you make into an RRSP are fully guaranteed by the Credit Union Deposit Guarantee Corporation.
That all depends on your current financial situation and your future goals.  Many variables play into how much you should save for retirement, including when you plan on retiring, as well as current and future income and expenses.  

Your best course of action is to have a discussion with a Wealth Advisor who can help you develop a strategy that helps you achieve your goals.

Types of RRSP Accounts


This account is similar to a savings account.

  • Interest is calculated on the daily closing balance and compounded annually.

  • Your money can be transferred to other credit union investment instruments at any time.

  • Regular contributions can be made weekly, bi-weekly or monthly.


This variable RRSP account requires regular contributions to be made weekly, bi-weekly or monthly.

  • Interest is calculated on the daily closing balance and compounded annually on December 31st.

  • Non-spousal and spousal plans are available.

  • This investment can be transferred to other credit union RSP investment instruments at any time.


An RRSP Term Deposit gets you a solid, predictable rate of return for as long as you are willing to lock it in. Best of all, the rate is guaranteed, so you know in advance what your investment will be worth at maturity.

  • Competitive rates

  • Term options from 1 to 5 years

  • Terms are non-redeemable

  • Funds on deposit at Fusion are guaranteed 100% without limited by the Deposit Guarantee Corporation of Manitoba


A LIRA represents restricted funds that have been transferred from a Pension Fund to an RRSP.  The funds are locked in because the money in a LIRA comes from a defined benefit pension plan when you leave your employer. Pensions are meant to be paid out over time, so LIRAs are legally locked in according to Provincial Legislation and can only be drawn to a Life Income Fund (LIF) or by purchasing an annuity.

Our LIRAs offer:

  • Competitive rates

  • Available as variable rate or fixed rate deposits, just like RRSPs.

  • Funds on deposit at Fusion are guaranteed 100% without limited by the Deposit Guarantee Corporation of Manitoba

Ready to get started?
Opening an account at Fusion is easy!  You decide where you want your money to take you and we help you get there.
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