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Investments |
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Term investments such as Term Deposits and GICs are a risk-free
means of getting a better rate of interest on your money.
You
can select the investment type and term based on the amount you
wish to invest and the flexibility you need to access these funds.
All
deposits at
the credit union are protected by insurance
up to a total of $100,000.00 for each of our members.
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| Term
Deposits |
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Guaranteed
Investment Certificates (GICs) |
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Term Deposits are competitive with other financial institutions. Terms
are available for 30 days through to 1 year.
Term deposits are cashable before maturity with
a penalty.
Minimum deposit is $1,000 ($100 for members under 21). |
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The
minimum amount for this kind of investment is $500.
(Except for members under 21, who can invest for as little as $100).
GICs carry higher interest than Term Deposits and can be invested
from 1
to
5 years.
While GICs are typically non-redeemalbe we do offer a special cashable
1-year GIC, please call for details. |
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Unless notified by phone, fax or in person,
all term deposits and GICs are automatically
renewed at the going rate for the same term. |
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| Government Savings Bonds |
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| Estonian
(Toronto)
Credit Union Ltd. is a sales agent for Canada Savings Bonds (CSB) and
Canada Premium Bonds (CPB).
These are generally available for purchase between October and April 1
of each year. CSBs are generally cashable at any time.
Canada RSPs anda Canada RIFs permit Canadians to hold CSBs and CPBs directly
as RSP or RIF investments. Contact our branch for further information.
Ontario Savings Bonds are also available (usually in June). |
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| RRSP
(Registered Retirement Savings Plan) |
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RRIF
(Registered Retirement Income Fund) |
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RRSP is a government-approved plan that enables you to save money for
your retirement. The maximum
limit for annual contributions is based on your previous year's earned
income.
Your contributions are tax deductible and income is tax sheltered until
you remove funds from your plan.
The money in your RRSP can be invested in RRSP eligible GICs, CSBs
and mutual funds. |
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Registered
Retirement Savings Plans must be terminated no later than December 31st
of the year in which you turn 69.
These funds can be converted into a Registered Retirement Income
Fund, which then provides regular income which is taxed at the effective
rate for the year of receipt. Consideration should be given to the amount
of desired payments, spousal survivorship and the term of the underlying
investments.
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RESP
(Registered Education Savings Plan) |
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An
RESP provides a convenient way to accumulate funds for your children's
or grandchildren's post-secondary education.
Income earned in the plan is not taxed until it is withdrawn.
The beneficiary receives Educational Assistance Payments from the plan
to cover expenses related to registering in a qualifying educational program
at a post-secondary educational institution (either in attendance at the
institution or enrolled in distance education courses).
The first $2,500 of annual contributions for children up to age
18 are eligible for a 20% government grant (to a maximum of $500 per year).
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| ETCU
has RRSP, RESP, and RRIF
applications and booklet information at our office. Please contact us
and we will be happy to assist you! |
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| Mutual
Funds & Self Directed RRSP Plans |
Online
Brokerage |
Over
1,200 different mutual funds are offered through
Credential Asset Management Inc. For more
information about mutual funds, please contact a Mutual Funds Investment
Specialist at our office.
Mutual
funds are offered through Credential Asset Management Inc.
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Members may purchase stocks,
bonds, mutual funds and other investment products online via Qtrade Investor.
Qtrade Investor is Canada's leading independent online broker and is accessible
from our web site.
To learn more or to open an account, click
on the Qtrade Investor logo below.  |
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