Investing
Flexible investment options to suit your needs
Guaranteed Investment Certificate (GIC)
Save for a large purchase or long-term financial goal with the security of GICs, which offer fixed interest rates and various term options to suit your needs.
Registered Retirement Savings Plan (RRSP)
Save for retirement with an RRSP, a tax-advantaged investment account designed to help you build a nest egg for your retirement years. Contributions to an RRSP are tax-deductible, allowing for potential tax savings while the investments grow tax-free until withdrawal.
Registered Education Savings Plan (RESP)
Save for your child’s education with an RESP, a tax-advantaged investment vehicle designed to help families save for post-secondary education expenses. Contributions to an RESP grow tax-free until withdrawn and government grants are available to eligible contributors.1
Tax-Free Savings Account (TFSA)
You can use your TFSA for anything. It’s one of the most tax-effective ways for Canadians to save, but also one of the most flexible. TFSA contributions can be withdrawn at any time without penalty,2 making it an ideal choice for emergency savings or future plans.
First Home Savings Account (FHSA)
Save for a down payment on your first home with an FHSA, a tax-advantaged account combining features from both an RRSP and a TFSA, where contributions are tax-deductible, and withdrawals and income gains are tax-free when used for a qualifying first home purchase.3
Tools and resources
Investing: FAQs
Personal investing refers to the process of individuals managing their own finances by making investment decisions with the goal of growing their wealth over time.
Investing allows you to potentially grow your wealth over time by earning returns on your invested capital. It can help you achieve financial goals such as retirement planning, saving for a home, or funding education expenses.
Common types of investments include Term Deposits, GICs, stocks, bonds, and mutual funds.4
Investing involves putting your money into assets like stocks, bonds, or real estate with the expectation of earning a return on your investment over time. The goal of investing is to grow your wealth.
On the other hand, saving generally means setting aside a portion of your income in safe and easily accessible accounts such as savings accounts or certificates of deposit (CDs). While saving also helps you accumulate funds, the primary aim is usually to preserve capital rather than generate significant returns.
Investing can potentially help you grow your wealth over time, outpacing inflation and reaching your long-term financial goals, such as retirement or a down payment on a house.
UCU offers a variety of resources and tools to help you get started with investing. Consider exploring our investment options, talking to a UCU investment advisor, and assessing your risk tolerance and financial goals.
An RRSP is a tax-sheltered account that allows you to contribute money towards your retirement and deduct those contributions from your taxable income. Contributions grow tax-free until you withdraw them in retirement, when they may be taxed as income.
A GIC is a safe investment option that offers a guaranteed rate of return over a fixed term. UCU offers GICs with various terms and interest rates to suit your investment goals.
An RESP is a tax-sheltered account designed to save for a child’s education. Contributions are not tax-deductible, but investment earnings grow tax-free. The government may also contribute additional grants on eligible contributions.
A TFSA is a flexible investment that allows you to save for a short or long-term goals. The income earned on your TFSA investments is not taxed, and you can withdraw your funds when you need to.2
The FHSA is a tax-free investment that allows you to save for a down payment on your first home. FHSA contributions are tax deductible and withdrawals for a qualifying home purchase is not taxed.3
01A registered education savings plan (RESP) is a registered account for Canadian tax purposes. The features, benefits (including government grant eligibility and related minimum and maximum grants), contribution limits, rules, and applicable taxes for registered accounts are determined by the Government of Canada. Assets in a RESP must be eligible contributions under the Income Tax Act.
02A tax-free savings account (TFSA) is a registered account for Canadian tax purposes. The features, benefits, contribution limits, and rules for registered accounts are determined by the Government of Canada. Assets in a TFSA must be Qualified Investments under the Income Tax Act. If the TFSA holds non-Qualified Investments, it could be subject to tax.
03A first home savings account (FHSA) is a registered account for Canadian tax purposes. The features, benefits, contribution limits, rules, and applicable taxes for registered accounts are determined by the Government of Canada. Assets in a FHSA must be eligible contributions under the Income Tax Act. Generally, an FHSA can be opened by residents of most provinces at age 18. In certain provinces and territories, the legal age at which an individual can enter into a contract including opening a FHSA is 19. You must be at the age of majority in your province of residence. FHSA cannot be opened after the end of the year you turn 71. An individual is considered to be a first-time home buyer if at any time in the part of the calendar year before the account is opened or at any time in the preceding four years they did not live in a qualifying home (or what would be a qualifying home if located in Canada) that either (i) they owned or (ii) their spouse or common-law partner owned (if they have a spouse or common-law partner at the time the account is opened). The listed options are eligible to be held within a fist home savings account (FHSA) on May 1, 2024. Eligible types of investments within a FHSA are determined by applicable law and government policy, which may change at any time. For a current list of eligible types of contributions, contact UCU directly to consult with a financial advisor or review the current guidance from the Canada Revenue Agency (CRA) and Income Tax Act (Canada).
04Mutual funds, stocks, ETFs, and bonds, are available through Ukrainian Credit Union Limited’s network arrangements, including through Aviso Wealth Inc. and its various affiliates.