Investing

Higher yielding deposits such as GIC's provide 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 Canadian dollar deposits at the credit union are insured by DICO (Deposit Insurance Corporation of Ontario) for up to $100,000.00 for each of our members. All eligible Canadian dollar deposits held in our registered plans have unlimited insurance.


Non-Redeemable Guaranteed Investment Certificate (GIC)

GICs carry higher interest rates than other deposits and can be invested for terms of 1 to 5 years. Withdrawals are not permitted prior to maturity.  The minimum deposit is $1,000 ($100 if member is under 21 years of age).

Unless notified by phone, fax, mail or in person, the Estonian Credit Union will automatically renew all GICs at the going rate for the same term. 


Premium Savings

This savings account calculates interest on the daily closing balance and credits the interest to the account at the end of each month.  You can access your Premium Savings account either in-branch or via online banking.  Chequing privileges do no apply.
 


Tax Free Savings Account (TFSA)

Introduced by the Government of Canada, the TFSA account allows you to save or invest money without paying tax on the interest income. You can make withdrawals tax free. The funds in a TFSA can be invested in GICs, a High Interest Savings Account, and/or mutual funds.


Registered Retirement Savings Plan (RRSP)

An 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 a High Interest Savings Account, Guaranteed Income Certificates (GICs), Canada Savings Bonds (CSBs), Canada Premium Bonds (CPBs), and/or mutual funds.


Registered Retirement Income Fund (RRIF)

By the end of the year in which you turn 71 any RRSP held by you must either be redeemed in full or alternatively, be converted to a RRIF.
The RRIF product provides the annuitant with periodic income that is taxed at the effective rate for the year of receipt.


Registered Education Savings Plan (RESP)
          
An RESP provides a convenient way to accumulate funds for your child's or grandchild'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.



The first $2,500 of annual contributions for children up to age 18 is eligible for a 20% government grant (to a maximum of $500 per year).

We have RRSP, RESP, and RRIF applications and information booklets available at our office. Please contact us and we will be happy to assist you.


Government Savings Bonds

The Estonian (Toronto) Credit Union Ltd. is a sales agent for Canada Savings Bonds (CSBs) and Canada Premium Bonds (CPBs).
Bond purchases may typically be made between October and April. CSBs are generally cashable at any time.
Canada RSP and Canada RIF regulations permit Canadians to hold CSBs and CPBs directly as registered investments. Ontario Savings Bonds are also available (usually in June). Contact our branch for further information.
 


Mutual Funds & Self Directed RRSP Plans

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.


Online Brokerage (Qtrade)

We are pleased to partner with Qtrade Investor - Canada’s leading independent online brokerage. Whether you currently use an online broker or are interested in doing so, Qtrade Investor is our online brokerage of choice. Qtrade Investor offers you, among other things:

• Market-leading service and support – Qtrade Investor has been rated the #1 online broker in Canada by The Globe and Mail for the past six consecutive years.

• A full range of investments including stocks, options, and fixed income securities.

• Comprehensive investment tools and research, news, real-time quotes, portfolio watchlists, email alerts and more.

• Low trading commissions.

• Easy electronic funds transfer to and from your chequing account. 

 

To learn more or to open a Qtrade account, click HERE.

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