A Registered Retirement Savings Plan (RRSP) is a government-registered account that helps Canadians save for retirement. Contributions are tax-deductible, and investments inside an RRSP grow tax-deferred until withdrawal. This allows your retirement savings to grow more efficiently over time.
1-Year RRSP GIC
$1,000 minimum deposit
3.35%
3-Year RRSP GIC
$1,000 minimum deposits
3.55%
Why choose a GIC for your RRSP
Investing your RRSP in a GIC gives you the best of both worlds: guaranteed growth and valuable tax benefits. It’s a straightforward, low-risk way to build your retirement savings with total peace of mind. Your rate is locked in, your money is protected, and your future grows a little stronger with every contribution.
You have until March 2, 2026 to take advantage of the tax benefits for the 2025 year.
The benefits of a GICGuarenteed returns No market risk Flexible terms Easy to plan around |
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The benefits of an RRSPTax-deferred growth Tax deductions Compound growth Additional advantages |
Grow towards the future you’ve been planning for.
You’ve worked hard to save. Now it’s time to make those savings work for you. Grow your RRSP safely and steadily with a GIC - backed by strong rates and a team that puts your goals first. Start building your future today.
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Trusted by over 65,000 members and growing.
Why Choose YNCU?
Helping serve our members since 1950
While it sounds cliché, here at YNCU, our members come first. As a credit union, we don’t have the stock pressures of big banks, so we can prioritize your financial well-being over profit.
Given the economic uncertainty we’re facing in this country, our job is to make you feel confident about your future. We’ll help you earn, save, and protect your money. We also help the local communities where we do business, because we know the financial health and security of our customers and members require investments at both individual and collective levels.
Frequently Asked Questions
What is an RRSP?
How does a GIC held in an RRSP work?
A GIC held in an RRSP works by letting your money earn a guaranteed interest rate while staying tax-sheltered until you retire. You choose a GIC term (such as 1 or 3 years), and your principal earns a fixed rate for that period. When the GIC matures, you can reinvest it, choose a new term, or reallocate the funds within your RRSP.
Can I transfer my RRSP to YNCU?
Yes. You can transfer your existing RRSP from another financial institution to YNCU at any time. The process is simple, and our team can help ensure your registered savings continue to grow without disruption.
For a limited time, YNCU will cover up to $150 in transfer-in fees** on qualifying investments of $15,000 or more. This helps you move your retirement savings without added costs and allows you to take advantage of our competitive RRSP GIC rates.
How much can I contribute to my RRSP?
Your RRSP contribution limit for the year is based on 18% of your previous year’s earned income, up to the CRA’s annual maximum. You can also use any unused contribution room from previous years. You can find your exact contribution limit on your CRA MyAccount or your Notice of Assessment.
When is the RRSP contribution deadline for 2025?
You have until March 2, 2026 to make RRSP contributions that count toward your 2025 taxes. Contributions made by this date can be applied to the previous year’s tax return, allowing you to reduce your taxable income and potentially increase your tax refund.
What happens if I withdraw money from my RRSP early?
Withdrawals made before retirement are typically considered taxable income, and most financial institutions must withhold a portion for taxes at the time of withdrawal. Early withdrawals also permanently reduce your RRSP contribution room. Programs like the Home Buyers’ Plan (HBP) and Lifelong Learning Plan (LLP) allow certain penalty-free RRSP withdrawals with conditions.
Is my RRSP insured or protected?
Investments held at YNCU are insured by the Financial Services Regulatory Authority of Ontario (FSRA) up to applicable limits. Eligible deposits in registered accounts have unlimited coverage and eligible deposits in non-registered accounts are insured up to $250,000.
When should I start contributing to my RRSP?
You can start contributing as soon as you have employment income and contribution room. Starting earlier allows your retirement savings to benefit from decades of tax-deferred growth, also referred to as compound interest, making it one of the most effective long-term financial strategies for Canadians.
How long should I invest in an RRSP GIC?
Your ideal RRSP GIC term depends on your retirement timeline and comfort level with fixed-rate commitments. A 1-year GIC is great for flexibility, while a 3-year GIC may offer higher returns. Many Canadians ladder terms for balanced access and growth.
Grow your money faster with a GIC from YNCU.
Ready to get started?
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*Available for a limited time. Terms and conditions apply. Rates are subject to change at any time. The 1-Year GIC at 3.35% and 3-Year GIC at 3.55% are only applicable to new registered deposits (RRSP, RRIF, TFSA, FHSA) with a minimum deposit of $1,000. Transfers from existing registered deposits within YNCU are not eligible for this promotion. Contributions to existing registered plans are eligible only for the amount of new funds contributed. Other conditions may apply. Contact YNCU or visit yncu.com for details.
Investment rates are expressed as annual interest rates. Interest is calculated and accrued daily and paid annually and at maturity. The indicated interest rate is subject to change at any time. The terms and conditions of this offer, including its overall availability, are at the sole and absolute discretion of YNCU and are subject to change at any time without any prior notice.
**Transfer fee reimbursement (up to $150) is available for eligible transfers into a YNCU RRSP, RRIF, TFSA, or FHSA during the campaign period. Proof of the fee is required. Reimbursement will be deposited within 30 days of approval. YNCU may request additional documentation and may decline reimbursement if requirements are not met. Offer may change or be withdrawn without notice. Contact YNCU or visit yncu.com for details.
2024 Your Neighbourhood Credit Union Limited. All rights reserved.
Your Neighbourhood Credit Union (YNCU) is a licensed credit union operating in, and under the laws of, the province of Ontario. Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA) .
