Registered Plans

Whether you are saving for retirement, or your child’s education, Innovation Wealth offers a range of registered plans that can help you reach your investment goals.

Click on the options below to learn more about their unique features and benefits.

Tax-Free Savings Accounts (TFSAs) are available to any Canadian resident age 18 and older with a Social Insurance Number. You can contribute up to $6,000 per year and the interest you earn is not taxable.

Unlike an RRSP contribution, TFSA contributions are not tax deductible. Withdrawals are not subject to a withholding tax and can be made anytime.

If you don't contribute the maximum $6,000 in a year; you can carry it forward to future years.

You can make multiple withdrawals over a year. Any amount you withdraw will be added to your contribution room for the following year. 

Remember the benefits of contributing monthly to a TFSA. You'll earn interest on your interest which can have a dramatic impact on your investment growth.

A Registered Retirement Savings Plan (RRSP) is a government-approved plan that helps you save money for your retirement. The interest you earn on an RRSP is not taxable until the funds are withdrawn.

Anyone who has earned income subject to Canadian taxation, including non-residents, may contribute to an RRSP.

You can also contribute to a plan in your spouse's name. A spousal RRSP is ideal for married or common-law partners with uneven income and retirement savings. The contributing spouse or common-law partner benefits from the immediate tax deduction while the plan holder benefits from the growing retirement savings.

Limits to RRSP contributions are based on your earned income of the previous year. You can carry forward any unused portions. This information is on your Room Statement from the Canada Revenue Agency or you can obtain it by phoning 1-800-267-6999 and providing them with your Social Insurance Number.

A Registered Education Savings Plan (RESP) is a special type of trust to help save for a child's post-secondary education. You can save for your own child, grandchild, another family member or family friend.

Interest and investment growth earned in the RESP are not taxed for as long as the funds remain in the plan.

It's easy to forget about saving for emergencies when you and your family are in good health. If something unexpected were to happen to you or a loved one, medical expenses can add up quickly. Personal injuries can lead to lost income and financial difficulty.

People with disabilities and their families face financial challenges throughout their lives. A Registered Disability Savings Plan (RDSP) provides you with assisted long-term savings and tax-deferred investment growth.

Eligibility

  • A Canadian resident
  • Under the age of 60
  • Eligible for the Disability Tax Credit (DT
  • Have a valid SIN

Anyone can contribute to an RDSP with the holder's written consent. Contributions are not tax-deductible but the earnings on contributions grow tax free while held in the RDSP.

There is no annual contribution limit. The maximum lifetime contribution is $200,000 and contributions must stop by the end of the year the beneficiary reaches age 59.

In addition to RDSPs, the government also offers savings grants and savings bonds. Be sure to ask us for details.

A Registered Retirement Income Fund (RRIF) helps you convert your retirement savings into income. Before the end of the year you turn 71, you will need to convert your Registered Retirement Savings Fund (RRSP) into an income option of your choice - a RRIF is one of those options. You must take a minimum annual payment in your 72nd year and each year after until your funds are depleted.

The payments made to you from your RRIF are taxable, but the investment in a RRIF continues to grow tax-deferred until it is withdrawn.

Locked-In Retirement Accounts (LIRA) are for registered funds locked in under either provincial or federal jurisdiction. The original source of funds in this account is from an eligible locked-in registered pension plan.

We are approved to hold funds under Saskatchewan, Alberta, British Columbia and Federal jurisdictions.

You must convert a LIRA to an appropriate retirement income option, such as a Life Income Fund, by December 31st of the year you turn 71.

A Life Income Fund (LIF) helps you convert your registered pension funds into income. Before the end of the year you turn 71, you will need to convert your Locked-In Registered Account (LIRA) into a LIF.

The payments made to you from your LIF are taxable, but the investment in a LIF continues to grow tax-deferred until it is withdrawn.

A Group RRSP is a collection of individual RRSPs you can offer to your employees. They're a valuable benefit that will help increase employee retention.

You and your employees can select a diversified portfolio through our wealth specialists. Both you and your employees may contribute (up to limits set by Revenue Canada). Your employees determine how their contributions are invested. Even if your business already has a pension plan, employee funds in an existing plan can continue to build in tandem with your Group RRSP.

Innovation Credit Union or Credential Asset Management Inc., our wealth services partner, will generate and distribute all the necessary receipts and reports.

Credential Financial Strategies Inc.
The wealth protection specialists at Credential Financial Strategies Inc. can help you stay protected from the unexpected by offering a combination of protection and investment plans. They will work with you to assess your needs for debt coverage, income replacement, protection planning, discuss options for charitable giving and inheritances; as well as provide exit strategies for business owners and fund successions plans. It is never pleasant to think about the misfortunes in life, but the reality is that sometimes loss happens, and illness occurs. With the right planning in place, you can ensure that you and your family won’t have to worry about financial burdens during a stressful time. Wealth protection specialists understand the need to protect you and your family. They would love to help you determine your goals and discuss your options.


Registered Plans Specialists

Donnica Bernier
Donnica Bernier
Wealth Specialist

Credential Asset Management Inc.

Communities Served
Battleford, Cut Knife, Glaslyn, North Battleford, Wilkie

Scott Cassidy
Scott Cassidy
B.A., CFP®, CIM, RIS
Wealth Advisor

Credential Securities

Communities Served
Eastend, Frontier, Gravelbourg, Hodgeville, Mankota, Ponteix, Swift Current

Hayden Friedrich
Hayden Friedrich
BIB, CFP®, RIS
Wealth Specialist

Credential Asset Management Inc.

Communities Served
Battleford, Hafford, Medstead, Meota, North Battleford

Andy Garvik
Andy Garvik
B. Comm, CIM, FCSI
Wealth Advisor

Credential Securities

Communities Served
Battleford, Cut Knife, Hafford, Meota, North Battleford, Wilkie

Paula Munro
Paula Munro
B. Comm, CFP®, FMA, RIS
Wealth Specialist

Credential Asset Management Inc.

Communities Served
Cabri, Gravelbourg, Hodgeville, Lancer, Mankota, Ponteix, Swift Current

Dana Rissling
Dana Rissling
Wealth Advisor

Credential Securities

Communities Served
Battleford, Glaslyn, Goodsoil, Leoville, Meadow Lake, Medstead, North Battleford, Pierceland, Shell Lake

Karen Rousseaux
Karen Rousseaux
CFP®, RIS
Wealth Specialist

Credential Asset Management Inc.

Communities Served
Eastend, Frontier, Gull Lake, Swift Current

Roy Schultz
Roy Schultz
Wealth Advisor

Credential Securities

Communities Served
Cabri, Gull Lake, Lancer, Swift Current

Brenda Switzer
Brenda Switzer
CFP®, RIS
Wealth Specialist

Credential Asset Management Inc.

Communities Served
Swift Current

Kirsten Wright
Kirsten Wright
BAFS, QAFP™ , RIS
Wealth Specialist

Credential Asset Management Inc.

Communities Served
Buffalo Narrows, Goodsoil, Leoville, Meadow Lake, Pierceland, Shell Lake


Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

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