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RRSP GICs
It’s the best of both worlds – the security of guaranteed savings and the shelter of tax deferral. It’s the RRSP GIC and it’s available through four issuers: B2B Trust, Laurentian Bank, Laurentian Trust and LBC Trust.
Our RRSP GICs come with a variable interest savings component which is like a cash account within the RRSP, meaning that your clients can contribute regularly through pre-authorized chequing (PAC). Once a minimum of $500 is collected in variable interest savings, a long-term deposit can be purchased.
Highlights:
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Company & products |
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Accounts |
- Individual RRSP: a basic RRSP for your client
- Spousal or Common-Law Partner RRSP: beneficial for income splitting purposes
- Locked-in RRSP or Locked-in Retirement Account: great investment options for funds transferred from registered pension plans
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Terms & amounts |
- Short-term deposits:
30 to 89 days, minimum amount: $25,000
90 to 364 days, minimum amount: $5,000
- Long-term deposits:
1 to 5 years, minimum amount: $500
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Interest payments |
- For terms of less than a year, interest is paid at maturity; simple interest is paid for terms of less than 2 years
- Interest payments can be deposited to the variable interest savings account within the RRSP or rolled-over with the principal for the same term and conditions
- Interest for terms of 1 to 5 years can be compounded annually or credited to the variable interest savings account within the RRSP
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Rate guarantees |
Interest rates on RRSP transfers-in are guaranteed for up to 30 calendar days from the date the Transfer Authorization for Registered Investments Form and Application are signed. Renewals are rate guaranteed for up to 15 days from the renewal commitment date |
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If your clients are interested in RRSP GICs, they may also be interested in our RRSP loans. |
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