Almost half of working Canadians believe they will be retired by the age of 66.* Whether that’s your goal or you hope to retire even sooner, saving for that stage in your life is key. Cambrian’s RRSPs can help you do just that.

Registered Retirement Savings Plans (RRSPs) are a great way to save in two different ways: by putting away future savings for income in retirement and by generating current tax savings through ongoing contributions.

Cambrian offers two RRSP savings options:

RRSP Variable (Savings)

Cambrian’s Variable Daily Interest Savings RRSP offers you a great variable rate, with your funds being fully accessible at all times.

Contributions to this account can be made at any time, and are not locked-in. This is a great way to make small, frequent deposits until the balance is large enough to transfer to a locked-in RRSP GIC. Transfers to an RRSP GIC from a variable account can be done at any time simply and without penalty. 

Consider setting up a pre-authorized contribution plan for your RRSP. You'd be surprised how quickly the balance will grow through the power of compounding interest!

RRSP GIC

An RRSP GIC is a great way to benefit from the highest savings rates that Cambrian offers. Since RRSPs often accumulate interest for anywhere from five to thirty years (depending on the contributor’s years until retirement), compounding interest can be extremely powerful. Try out our RRSP calculator to see for yourself!

Cambrian's locked-in RRSP GICs offers you the best return for your long-term retirement savings. Funds can be transferred at no penalty from a Cambrian Variable RRSP account, or deposited directly from other external sources, and transferred to Cambrian. These savings earn a fixed interest rate, for a fixed term and are guaranteed 100% by the Credit Union Deposit Guarantee Corporation of Manitoba.

RRIF

Upon request, or upon the age requirement of 71, Cambrian will convert your RRSP to a Registered Retirement Income Fund (RRIF). This will keep your retirement savings sheltered from tax and will provide a source of income during retirement years. RRIF payments are flexible, and earn interest at a fixed rate of return depending on the term selected.

*Source: Sun Life Financial Canadian Unretirement Index