PARAMA Benefits: PARAMA has consistently paid higher interest rates than Canadian Chartered Banks on Term Deposits and GIC's. Plus - you could receive bonus interest payments through our profit sharing plan.
PARAMA term investments are an effective means of getting a higher rate of return on your money. Simply choose the amount, type and term that suits your requirements.
All eligible non-registered deposits at PARAMA are protected by Deposit Insurance Corporation of Ontario (DICO) up to a total of $100,000 for each of our members (www.dico.com). All eligible registered deposits (such as eligible RRSP and RRIF deposits) are fully insured, regardless of either individual contract size or total amounts.
GIC'S (GUARANTEED INVESTMENT CERTIFICATE)
- minimum $500 deposit
- terms vary from a minimum of 30 days to a maximum of 5 years
- interest paid: for terms under 1 year, interest is paid on the date of maturity; for terms over 1 year, interest is paid annually
- principal investment is renewed automatically for the same term
- these certificates may be cashed before their due date at a reduced rate of interest
- minimum $1,000 deposit
- terms available from 1 to 5 years
- interest can be compounded or paid yearly and is deposited directly into your Daily Interest Chequing account
- certificates may not be cashed prior to date of maturity BUT carry a higher rate of interest than Term Deposits
U.S. DOLLAR GIC'S
- minimum $10,000 deposit
- 1 year term
- cashable 60 days after initial deposit
- minimum US $1,000 deposit
- 1 year term
- principal investment plus interest earned is deposited directly into your U.S. Dollar Savings Account on date of maturity
- certificate may not be cashed prior to date of maturity
PARAMA Benefits: we reserve our best GIC interest rates for those members who save for their retirement needs through a PARAMA RRSP. In the event you are short of funds to make your desired contribution, we also provide attractive loan rates to help you catch-up or make your annual RRSP deposit.
RRSP (REGISTERED RETIREMENT SAVINGS PLAN)
An RRSP is a Government regulated plan that allows you to save for your retirement. A certain percentage of your earned income can be invested, then deducted from your total income, and will accumulate interest free of tax until withdrawn. The amount of your eligible contribution can be found on the Notice of Assessment of your most recent Income Tax Return. At PARAMA we offer you the ability to invest your funds in a variable rate savings account or in RRSP eligible GIC's or Mutual Funds*. Please note that PARAMA'S RRSP GIC's and savings account deposits are now 100% eligible for unlimited Deposit Insurance Corporation of Ontario protection, regardless of the number or size of any individual RRSP contract(s). This would be in addition to available protection up to $100,000 for eligible non-registered deposits. (Please refer to www.dico.com for additional details)
An easy and effective way to build your retirement savings ongoing is to make periodic deposits throughout the year. Please see your Member Representative to arrange automatic monthly or bi-weekly RRSP contributions from your account.
RRIF'S (REGISTERED RETIREMENT INCOME FUND)
All Registered Retirement Savings Plans (RRSP's) must be terminated no later than December 31 of the year you turn age 71. Any withdrawals are fully taxable BUT by converting your RRSP to a PARAMA RRIF, you are allowed to begin receiving retirement income while continuing to defer income tax on your remaining capital and subsequent earnings, until withdrawn. Any income withdrawn from your RRIF is taxed at your annual income tax rate. Your RRIF investment options are the same as those listed for RRSP's above.
Your RRIF-eligible GIC’s or savings account deposits are now 100% eligible for unlimited Deposit Insurance Corporation of Ontario protection. You can now consolidate all of your RRIF balances with PARAMA, knowing you are fully protected. (Please refer to www.dico.com for additional details)
Parama is committed to providing our members with integrated wealth management and investment options suited to their individual needs. For a review of your portfolio and a discussion about your personal financial circumstances, please contact one of our Mutual Fund Investment Specialists for details.
Mutual funds* are offered through Credential Asset Management Inc. (www.credential.com). Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.