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A Manulife Bank RRSP can help you create a retirement nest egg
What’s your retirement dream? Whether you want the adventure and excitement or peace and relaxation, we all need a plan to make those dreams a reality.
Reduce investment ups and downs inside your registered retirement savings plan (RRSP) with high interest for your cash savings, or guaranteed investment certificates (GICs) in a Manulife Bank RRSP.
Benefits of an RRSP
RRSP investment options
Registered Advantage Account
- Get high interest on your cash with easy access to your money when you need it.
- No minimum investment
- All deposits earn the same high interest rate
- No set-up fees
Long-term GICs3
- Lock your money in to earn guaranteed returns in a secure, simple investment.
- $2,500 minimum investment
- Competitive rates on 1-year to 5-year terms
- No set-up or maintenance fees for our RRSP GIC
Short-term GICs
- Stay flexible and keep your options open with investment terms of up to a year.
- $25,000 minimum investment
- Competitive rates on 30-day to 364-day terms
- No set-up or maintenance fees for our RRSP GIC
Rates and fees
Rates
Registered Advantage Account
Long-term GICs
Short-term GICs
Fees
With our Registered Advantage Account, there are no fees to open an account, make deposits, or withdraw funds.
No fees for long-term GICs
Short-term GICs may be redeemed prior to maturity but interest is forfeited if redeemed within 29 days from issuance. If redeemed on or after 30 days but before maturity, a 1.25% reduction in interest rate will apply. Interest is prorated to the number of days. A $25 early redemption fee will also be charged. Refer to the GIC Confirmation for details. Interest is calculated daily on the total daily balance and paid monthly.
* Rates and fees are subject to change without notice.
Resources
FAQ
Each year, you can contribute up to 18% of your earned income, or the annual contribution limit set by the Government of Canada, whichever is lower. If you don't invest the maximum before a given year's contribution deadline, any unused RRSP contribution room rolls over, adding to your RRSP limit in future years.
To find out exactly how much you can contribute, it's best to check the Notice of Assessment that you received after filing your taxes.
You can also visit the Canada Revenue Agency’s My Account website, MyCRA mobile app or Tax Information Phone Service at 1-800-267-6999.
There are three ways you can deposit money into your Registered Advantage Account:
- Link an account from another Canadian bank and transfer funds,
- Mail us a cheque,
- Ask your advisor to make your deposit for you.
There are two ways to buy GICs for your Manulife Bank RRSP plan:
- If you already have a Manulife Bank account, call us at 1-877-765-2265 and we can take your request over the phone
- If you’re new to Manulife Bank, reach out to your advisor (or find a local advisor if you don’t already have one!) so you can take action in time for this year's RRSP contribution deadline.
Unless your RRSPs are in a locked-in plan, you can withdraw funds at any time. However, if you withdraw from your RRSP account, your financial institution must collect an RRSP withholding tax and send it to the government. The rate of that withdrawal tax can vary based on where you live in Canada.
You could take advantage of a government program to withdraw from an RRSP to buy a home or pay for an education, without initially paying a withholding tax. Learn more about the Home Buyers' Plan (HBP) and Lifelong Learning Plan (LLP).
What are you saving for? If you’re unsure of whether an RRSP is suitable for your situation, we can connect you with a trusted advisor to discuss your goals, and the best ways to reach them.
To invest in a Registered Retirement Savings Plan (RRSP), simply start by opening an RRSP account. Then, you can contribute money and choose from investment options to match your goals and risk comfort.
If you're not sure where to start, a financial advisor can help create a plan that works for you! We can connect you.
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Save for any goal with a tax-free savings account (TFSA)
Build your savings faster in an account that doesn’t tax the growth on your investments and doesn’t tax withdrawals. A TFSA can help you save towards a major purchase, a new home, your retirement or a “rainy day” emergency fund.
Get flexibility with a high-interest savings and chequing account
Earn the same high interest on every dollar of your combined savings and chequing Advantage Account, and get free unlimited everyday transactions when you keep a balance of just $1,000.
Accelerate your retirement savings with an RRSP loan
Whether you want to maximize this year’s contribution or take advantage of contribution room you’ve accumulated, an RRSP loan gets more money growing tax-deferred towards your retirement goals.
1 The variable annual interest rate is applied to all funds in the account. Interest is calculated daily on the total closing balance and paid monthly. Rate is subject to change.
2 Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.
3 Long-term GICs aren’t redeemable before maturity, except upon death.
Manulife Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means your deposits are eligible for CDIC deposit insurance protection. Visit cdic.ca for information on eligible deposits.