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Friday, July 19, 2019

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creative artist

creative artist

creative artist

creative artist

creative artist

creative artist


We understand the entertainment industry, and the people in it.

Beating the Tax Man

Sounds like a great idea, doesn’t it?
It is, and it’s easy.

Just plunk some savings into your RRSP, and reduce the amount you have to pay the government this spring. Or, if you’ve been making instalment payments, you could be in line for a juicy tax refund.

What Is an RRSP?

A Registered Retirement Savings Plan is a government-sponsored plan designed to help you save money for your retirement years. Your contributions, within set limits, are tax-deductible – usually at a time when your career income is highest, which maximizes the tax benefits. And the income earned on your investments inside the plan is tax-deferred until withdrawn.

Why Do I Need One?

Every Canadian who works, pays income taxes, and wants a secure retirement should have an RRSP. Here's why:

  • Whether you earn income through self-employment or as an employee, you can reduce your annual tax bill AND save for the future.
  • Even people who have a company pension plan can supplement their retirement needs with an RRSP. Those who don't have a pension plan will look to their RRSP as the financial foundation of their retirement.
  • Partners with one spouse earning more than the other can reduce their combined taxes through a spousal RRSP, where the higher earner can contribute to the partner’s plan and earn an additional tax deduction. And income-splitting can reduce the couple’s overall tax payable when funds are withdrawn in retirement.
  • If you are planning to buy your first home or want to continue your education, you can “borrow” a portion of the funds from your RRSP without a tax penalty.
  • And if you experience ups and downs in your income because of irregular work or a career change, the funds in your RRSP are always available to you by paying the taxes on amounts withdrawn.

How Do I Set One Up?

It’s easy – all you need is an application form and a conversation about which investment to choose. At Creative Arts Savings & Credit Union, we offer two prime investment options which can be held within an RRSP:

Fixed-Rate RRSP Investments (1 to 5 Years)

  • Non-redeemable GIC
  • Minimum $500
  • Offers a safe return
  • Interest compounds on each anniversary date and we notify you about your re-investment options prior to maturity.

High-Yield RRSP Savings Account

  • Minimum $500
  • A good 'holding' vehicle for your investment while you consider other, longer-term investment options
  • Interest is calculated daily and paid monthly

Where Do I Start?

If you want to learn more about the benefits of RRSPs, call us at 416-642-6749 or 877-643-3660, or stop by our office on the main floor of the ACTRA building. Put something away for yourself, and get something back from the tax man.... Bonus!

RRSP Tips...

Click here for more retirement planning information and our member-friendly pre-retirement planning calculator.

Check our current rates.

AGM Notice

Please join us for the 10th Annual General Meeting of the Creative Arts Savings & Credit Union Limited scheduled to be held on Tuesday May 28th, 2019 at 625 Church Street, 2nd Floor, Toronto, Ontario, at 1:00 pm.    Read more...

Look Who's Talking

Shelley Cook recalls a time when she approached one of the big banks for a loan. “I told them I was a stunt girl and they said ‘Do you have a real job?’ “ Read more...

Deposit Insurance

Did you know that deposits in Creative Arts Savings & Credit Union are insured by the Deposit Insurance Corporation of Ontario? So you can rest comfortably knowing your deposits are safe.   Learn more... 


416.642.6749  |  877.643.3660  |  info@creativeartscu.com








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