Guaranteed Investment Certificates (GICs)
Overview
Me-Dian Credit Union offers a variety of GICs, also known as term deposits.
Key features
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GICs provide a guaranteed interest rate in terms of 1 to 5 years
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Ours are non-redeemable prior to the maturity date
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At Me-Dian, all deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba
Tax-Free Savings Account (TFSA)
Overview
A tax-sheltered account to grow your savings and meet short-term and long-term investment goals.
Key features
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Available to Canadians 18 or older
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Contribute up to $7,000 for 2024
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Capital gains and other investment income will not be taxed
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Withdrawals can be made tax-free
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Unused TFSA contribution room can be carried forward to future years indefinitely
Registered Retirement Savings Plan (RRSP)
Overview
A tax-deferred government-approved retirement savings plan for Canadians under 71 who are employed or self-employed.
Key features
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Monthly or biweekly preauthorized contributions available
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Personal contribution limits based on earned income
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Funds must be moved into a Registered Retirement Income Fund (RRIF) the year you turn 71
Registered Retirement Income Fund (RRIF)
Overview
A registered account for drawing income from your RRSP.
Key features
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An RRIF is a continuation of your RRSP; you contribute to an RRSP, but withdraw from an RRIF
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Convert your RRSP to a RRIF by the end of the year you turn 71
Registered Education Savings Plan (RESP)
Overview
The RESP is a registered account for saving for post-secondary education.
Key features
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Income earned within the plan is not taxed until withdrawn
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Single or family plans available
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Most secondary institutions and programs, including correspondence courses, qualify for payments
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Additional funding is provided by the Canadian Education Savings Grant
Registered Disability Savings Plan (RDSP)
Overview
A savings plan to help individuals with disabilities and their families save for long-term needs.
Key features
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Government incentives like the Canada Disability Savings Grant (CDSG) and the Canada Disability Savings Bond (CDSB) are available
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Tax-sheltered interest earnings while in the plan
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When withdrawn, the funds are taxed as income
Planning Calculators
Our suite of financial calculators will help you plan for the future, including finding the right loan for you, exploring mortgage options, and more.
Lending Options
We're proud to offer flexible lending options with competitive rates and personalized support to help you navigate life's opportunities and challenges.
Planning tools to get ahead
At Me-Dian, our focus is your success. Check out our financial literacy & planning page for more detailed tips and advice to get you started.
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