Registered Retirement Savings Plan (RRSP)

RRSPs at Motor City work a little bit differently than they do at other financial institutions. RRSPs with the best rate of return are cash deposits that are locked in as a GIC. If you want a traditional RRSP that you can make contributions to, visit our Online Investing page.

Features:

• Interest Rate: Varies
• Interest paid at the end of the term
• Short-term and Long-term options
• Redeemable and Non-redeemable options
• Minimum Investment of $500
• At age 71, a RRSP is converted to a RRIF

All RRSP annuitants, please be aware that there is an updated Declaration of Trust that can be found here.

Registered Retirement Income Fund (RRIF)

A RRIF is what your RRSP gets converted to when you reach the age of 71. It also means that you don't have to cash in your RRSP and pay a large amount of income tax that year. Your RRIF allows you to withdraw funds while still earning interest tax-free.

Features:

• Interest Rate: Varies
• Interest paid at the end of the term
• Short-term and Long-term options
• Redeemable and Non-redeemable options
• Minimum withdraw amounts dependent on age

Locked-In Retirement Account (LIRA)

Not to be confused with a former European Currency, a Locked-In Retirement Account is what happens to your company pension if you change employers before retirement. You can't contribute to a LIRA but you can choose where and how it's invested.

Features:

• Interest Rate: Varies
• Locked in until Retirement
• Interest paid at the end of the term
• Short-term and Long-term options
• Redeemable and Non-redeemable options
• At age 71, a LIRA is converted to a LIF

Life Income Fund (LIF)

Similar to a RRIF but these funds are converted from a Locked-In Retirement Account (LIRA) when you reach the age of 71. A LIF allows you to withdraw funds while still earning interest tax-free.

Features:

• Interest Rate: Varies
• Interest paid at the end of the term
• Short-term and Long-term options
• Redeemable and Non-redeemable options
• Minimum withdrawal amounts dependent on age