Skip to main content
Banner retiring 2x.jpg

Your Retirement Planning Guide


When you retire, it's important to feel ready. We can help with that.

The Future

With modern medical advances and increased standards of living, people can plan on spending one quarter of their lives in retirement. Everybody has heard it before: It's never too early to start saving for your retirement. It's true. The effect of compound interest is significant.

Let Us Help

At YNCU, we can help you organize your finances so your retirement will be secure. Just ask us about our RRSPs and Term Deposits.


An RRIF is basically an RRSP in reverse. You put money into RRSPs while you were working to save on taxes every year. When you eventually switch your money over to RRIFs, you'll be drawing money out, and paying taxes on that money as you do.

Reverse Mortgages

This is simply a loan against your house that you don't have to pay back as long as you live there. To qualify you must be 62 years or older and own your own home.

Find Out More

YNCU can help you learn more about reverse mortgages, RRIFs, and other annuities. Doing your homework and consulting the right advisors will make it easier to select any option that may make your retirement more comfortable.

Get in touch

Being Protected

All your life you were a wage earner and you made sure that if anything happened to you, your family would be able to continue living the same lifestyle that they were used to. But once you retire, it's still important to think about protecting your assets. YNCU can help you ascertain whether or not you have the right type, and amount, of insurance to let you and your family rest easy.

Life Insurance

A good life insurance policy will cover many of the expenses and concerns that will arise when you die. It will protect your assets for your heirs and continue any income for the people who depend on it. It will also cover funeral costs, legal and executor fees, as well as pay any taxes you owe at death.

Health Insurance

Just as with life insurance, you'll benefit greatly from obtaining a health insurance policy early. This type of coverage can be a great help if you become sick and need special medical care. A good policy can help cover the costs of prescription medications or any medical supplies you need. It will also cover extended hospital stays and any special home care that you may require.

Know Your Needs

Make sure you choose the policies that are right for you and your family, and don't get talked into getting more than you need. YNCU can help you find good insurance coverage you can afford.

Canada Pension Plans

Every Canadian over the age of 18 that earns a wage has contributed money toward the Canada Pension Plan. This is an earnings related social insurance program designed to help people and their families financially after they retire, become disabled or die. It ensures that all contributors are protected.

Pension Credits

How much money you'll receive from the Canada Pension Plan depends on the amount of pension credits you build up. These credits are based largely on the total amount of money you contribute. The higher your annual salary and the more years you work between age 18 and retirement, the larger your pension will be.


In the event of divorce, the pension credits earned as a couple can be evenly split, even if one spouse or common-law partner did not pay into the Canada Pension Plan. A retired couple can also share pension credits for tax purposes, if one of their pensions is significantly higher than the other.

Receiving Payment

You will begin receiving pension payments when you retire, or any time you become disabled and are no longer able to work. If you choose to retire in another country, you are still able to receive your pension, paid in Canadian dollars, anywhere in the world.

Other Benefits

If you're over 65 you may qualify for the Old Age Security Act. If you're between 60 and 65 and married or widowed you may be eligible for an Allowance. If you're living on a low-income, you may also be able to receive a Guaranteed Income Supplement. Information on these and other federal and provincial programs is available through Human Resources Development Canada.

What is an RRSP?

A Registered Retirement Savings Plan (RRSP) is a government approved plan through which you save money for your retirement years. Your contributions, within limits, are tax deductible, and the income earned is tax sheltered. You can have any number of plans.

What Does an RRSP Mean to You?

An RRSP allows you to invest money when you can most afford it – during your peak earning years – to build up a comfortable tax-sheltered retirement fund.  Since 100% of these earnings can be reinvested and compounded, the growth of your RRSP increases rapidly over the years. Your retirement savings will also increase significantly if you make each RRSP contribution as soon as allowed, for example, early in the year.

What Happens at Retirement?

The first stage of an RRSP is to accumulate retirement savings. The next stage is to provide retirement income. Your accumulated savings may be invested in a variety of ways to provide a retirement income. Only the retirement income payments are taxed each year as you receive them, thus spreading the taxation of your accumulated savings over your retirement years.

Who is Eligible to Contribute?

Anyone with “earned income” subject to Canadian taxation, including non-residents, may contribute to an RRSP. Even if you have an income below the taxable threshold, you should file a tax return to report your earned income and create RRSP deduction room. You can make part or all of any contribution to a plan in your own name or to a plan in your spouse’s or common-law partner’s name. You, as the contributor, are still entitled to the tax deduction. Contributions can be made until the end of the year in which the planholder’s 71st birthday occurs. An over-contribution can be carried forward beyond this year and deducted in subsequent years providing you have earned income on which to base the deduction.

RRSP Deduction Limits

Your Notice of Assessment from the CRA, received after filing your tax return, will state your RRSP deduction limit for the following year. At certain times of the year, you can also phone the CRA Tax Information Phone Service (TIPS) 1.800.267.6999  to confirm your deduction limit. This information is also available in My CRA Account. The calculation of the amount will depend on whether you are a member of a pension plan, and if you are, the type of pension plan. NOTE: The amount of RRSP contributions you can deduct from your income may be less than the amount you can contribute. Employer contributions made to an RRSP on your behalf form part of your RRSP contribution.



Teach your old money new tricks by converting your RRSP into an RRIF.


Put your money to work. Tax Free.


Life Advice


Business Advice