You can access your savings by the touch of a button with Advance Savings. Our day-to-day savings accounts and long term investments allow you to save for your family vacation or a brand new guitar.
Did you know Advance Saving is a member of the New Brunswick Credit Union Deposit Insurance Corporation (CUDIC) which at $250,000, provides the highest deposit insurance protection in the province - over $150,000 more than our competitors.
- 5 tieredd interest - the higher the balance the higher the interest
- Interest is calculated daily and paid monthly
- 24 hour access to your money
Check out our per-tiem service fees here!
- 1 FREE withdrawal per month
- $5 per withdrawal afterwards
Made available by the Federal Government in 2023. A Tax-Free First Home Savings Account (FHSA) is a registered plan product meant to help first-time home buyers save for a home (up to certain limits).
The FHSA is not meant to replace an RRSP or a TSFA. This should be seen as a complimentary product to help you save for your first home.
Who qualifies?
- You must be at least 18 years old (or age of majority).
- You must be a resident of Canada.
- Must not have lived in a home they owned you have owned at any time during the year the FHSA is opened or during the four preceding calendar years.
Key Features:
- Individuals can contribute to a maximum of $8,000 per year.
- FHSA Contributions are tax-free up to $40,000.
- Income earned is also tax-free.
- Contributions to a FHSA reduce taxable income.
- Possibility to participate in the HPB and FHSA to purchase a qualifying home.
- A tax-free transfer of funds from RRSP to a FHSA is permitted, subject to limits.
For more information, you can contact us or go to the CRA website.
A Registered Retirement Savings Plan (RRSP) is a savings plan designed primarily to help our members save toward retirement. The money you stow away in an RRSP will only be taxed when you need to withdraw it during your retirement, most likely at a lower tax rate than now when you’re working. RRSPs are converted to Register Retirement Income Funds until the year a member turns 71.
We’ll help you understand RRSPs, learn about the different investment options available, and tailor-make an RRSP plan to that works for you and your family.
Who Can Contribute
Canadian residents under the age of 71 with employment income and a tax return can contribute to an RRSP.
Withdrawal Rules
There are tax consequences to withdrawing from your RRSP before you retire, so try to avoid it. If you withdraw early, the money you take out will be subject to a withholding tax and it’s counted as part of your income for that year (meaning you pay income tax on it). There are a couple exceptions. You can borrow from your RRSP to help pay for your first home under the federal Home Buyers' Plan. You can also use money from your RRSP to pay for training or education as part of the federal Lifelong Learning Plan.
Spousal RRSPs
With a spousal RRSP, the spouse or common-law partner is the owner of the account but you contribute to the account. This is a great way to split income for tax purposes. For example, if you earn more than your spouse, you can split your RRSP contribution between your personal RRSP and a spousal RRSP. You still get the tax deduction, and you also help to grow your spouse’s retirement savings.
Retirement Income Funds (RRIF)
Once you retire, the amounts you have invested in your RRSPs are converted into RRIFs and begin making monthly payments for your in retirement.
A Registered Education Savings Plan (RESP) helps our members save for their kid’s college or university education. If you’re looking to save for your kids future, an RESP could allow you to tap into government incentives. Typically, the Government of Canada will give you up to 20% annually on the first $2,500 deposited into an RESP until your child or dependent is 17 years old. Advance Savings provides RESPs through our partnership with Concentra Bank.
Maximum contribution
The lifetime maximum is $50,000 for each child.
Who can contribute
Anyone can contribute to an RESP
How long you can contribute
You can contribute for up to 31 years after you open an RESP
Canada Education Savings Grant (CESG)
The government contributes to your RESP by matching 20% on a maximum of $2,500 in annual contributions until the beneficiary turns 17. This gives you up to $500 per year in free money to a maximum of $7,200.
A popular product suggested by our financial planners are Mutual Funds. A Mutual Fund is a product that allows our members to purchase shares of a business for investment purposes. The shares are sold through our registered dealer and are professionally managed.
