RSP Plans

Why invest in an RSP?

The Registered Retirement Savings Plan (or RSP) was introduced more than 50 years ago to encourage people to save for their retirement. They are still one of the best tax-saving and retirement planning tools around. Benefits include:

  • Tax-deductible contributions – Contributions, within limits, are tax deductible.
  • Tax-sheltered earnings – Any income you earn in an RSP is usually exempt from tax as long as the funds remain in the plan.
  • Tax deferral – Although you are required to pay tax on your RSP savings when you withdraw them from the plan, you will have deferred this to the future when it’s likely that your marginal tax rate will be lower than it was during your peak income-earning years.

Special investment plans

Luminus has a variety of special investment plans that you can choose from for your retirement investing:

  • High interest savings account at 2.50% - liquid and readily accessible.
  • 1 year GIC at 2.65%.
  • 3 year GIC at 3.10%.
  • Escalator Term Deposits – long term with growth.

Need a loan to make more contributions? We have investment loans available with rates starting at 4.50%.


For more information, please visit our Financial Hub or call one of our Member Relations Officers at 1.877.782.7639. Tell us where you want to be in 2050, and we will help you maximize your savings!
The Deposit Insurance Corporation of Ontario (DICO) provides separate unlimited deposit insurance protection for deposits held in registered savings plans while non-registered deposits (savings accounts, term deposits, GICs ,chequing accounts, certified cheques, money orders, “bank” drafts and funds in transit) in the name of an individual member are covered up to a combined maximum of $250,000. Visit the DICO website for full details.
*up to 2.50%

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