An RSP is a government approved plan designed to help you as you save money for retirement. Your contributions (within pre-defined limits) are tax deductible and the income your RSP earns is tax sheltered until you withdraw the funds.


  • When you invest in an RSP, your deposits (up to your personal limit) are tax deductible and so it reduces your taxable income while you're in your peak earning years. You don't pay taxes on the money until your funds are withdrawn.
  • By starting to save for retirement when you're younger, your money has time to grow and so you have more options once you retire.
  • The investment income that you earn on your RSP investments is tax sheltered until you withdraw the funds.
  • You can rest easy knowing that your RSP deposits with Encompass Credit Union are 100% guaranteed.

Don't Be a Kevin We have both redeemable and non-redeemable RSP options so you can choose the option that suits you best.

Learn More about RSPs



There are so many benefits to taking full advantage of your RSP deduction limits and we can help. An RSP Loan can help you get what you need to be able to invest your full allowable contribution amount each year.

Learn More about RSP Loans

Your Notice of Assessment from the Canada Revenue Agency will indicate your RSP deduction limit for the following tax year. You will receive this notice after you file your tax return. The amount depends on whether you are a member of a pension plan and what type of pension plan you have. At certain times of the year, you can also phone the CRA Tax Information Phone Service 1-800-267-6999 (TIPS) to get specific information about your RSP deduction limits.

When you purchase an RSP investment, it allows you to claim a tax deduction for the amount of your annual contribution. This will reduce your overall taxable income. Before making any RSP deductions, make sure you will still be fully utilizing your available tax credits for the year.



For more information on RSPs, check out these booklets on our Articles page:

  • Member Retirement Services: Understanding All the Basics
  • Member Retirement Services: Designations on RSPs, RIFs, & TFSAs
  • Member Financial Fitness: Planning For Your Retirement
For more information, check out our RSP Brochure!

If you are interested in an RSP or would like more information, please contact your branch and they would be happy to help you!


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