Peoples Trust - Term Deposits FAQ

Would my term deposit with Peoples Trust be insured?

Funds invested in Peoples Trust term deposits are insurable by Canada Deposit Insurance Corporation (CDIC) to a maximum of $100,000.00 per account holder. For further information contact CDIC @ 1-800-461-2342 or www.cdic.ca Copies of the brochure's "Protecting Your Deposits" or "CDIC Membership" are located on our sites.

What is the minimum deposit?

Minimum deposit is $5,000.00

What if I need the funds prior to the maturity date?

All term deposits are locked in until maturity. If you think you will require funds prior to the maturity date, you may want to take advantage of our "Cashable GIC".

What happens to my term deposit at maturity?

Someone from our Deposit Administration Department will contact you prior to the maturity date. If we are unable to reach you or we do not hear from you by 2 o'clock on the date of maturity the funds will automatically be renewed for 30 days.

How do I set up a term deposit?

Just call our Deposit Administration Department @ 1-800-663-0324 (toll free) or (604) 683-2881, email us.

Registered Retirement Savings Plans - FAQ

What is an RRSP?

An RRSP is an arrangement registered with Revenue Canada Taxation in which a portion of your earned income is invested by the plan issuer to provide a retirement income when the plan matures.

Who qualifies to invest in an RRSP?

All taxpayers with earned or eligible income can invest in RRSP's in their own name at any age up to the end of the year in which they reach age 69. This includes self-employed persons as well as employees and certain non-residents taxable in Canada.

What is my contribution limit?

The amount you can deduct for RRSP contributions is based on your previous years RRSP deduction limit, which appears on your Notice of Assessment or Notice of Reassessment. The maximum RRSP deduction limit you can earn currently is 18% of you previous years income or $15,500.00 whichever is higher. If you contribute to a pension plan the maximum deduction limit is 18% of your salary to a maximum of $15,500.00 minus any pension adjustment.

Can I contribute to my spouse's RRSP?

Yes, however the contribution cannot be more than your RRSP deduction limit for the year.

What if I over-contribute to my RRSP?

Generally you have over-contributed if your unused contributions are more than your RRSP deduction limit on your Notice of Assessment or Notice of Reassessment plus $2,000.00. Revenue Canada will charge you a penalty of 1% per month on the over-contribution amount until it is removed from the plan.

What is the contribution deadline?

Contributions must be made in the taxation year or within 60 days after the end of the year. Contributions made after the first 60 days of the year may be deducted only from that year's income.

Can I withdraw funds from my RRSP?

If at the maturity date of the RRSP, you wish to withdraw a portion or the entire plan, you will be subject to a withholding tax as outlined by Revenue Canada Taxation.

What is a withholding tax?

When funds are withdrawn from an RRSP, the annuitant is subject to a withholding tax as outlined by Revenue Canada Taxation. The higher the amount withdrawn the higher the tax withheld.

See below for withholding tax rates

Amount	Federal Tax
Up to $5,000.00	10%
$5,000.00 to $15,000.00	20%
Above $15,000.00	30%

How can I set up an RRSP account with Peoples Trust?

It's easy. Just contact the branch at: 1-800-663-0324 (toll-free line) 1-604-683-2881 (calls within B.C.) Email: people@peoplestrust.com PLEASE NOTE: There are no transfer fees charged on a Peoples Trust RRSP.

How can I transfer my existing RRSP to Peoples Trust?

RRSP'S can be transferred from one institution to another by completing a Letter of Transfer. (This now replaces Revenue Canada's T2033 transfer request). For further information please contact Peoples Trust @ 1-800-663-0324 (toll-free line) 1-604-683-2881 (calls within B.C.) Email: people@peoplestrust.com

Will I receive a tax receipt for funds credited to my RRSP?

RRSP tax receipts are issued for new contributions and TD2 transfers. Tax receipts for the current year will be mailed to clients by February 28th of the following year. Tax receipts including the first 60 days of the following year will be mailed to clients by March 15th of that year.

Does Canada Deposit Insurance Corporation cover RRSP contributions?

CDIC provides separate protection for deposits held in registered retirement savings plans. By law, the maximum basic protection for eligible deposits is $100,000.00 per depositor (principal and interest combined) in each member institution. Deposits are not insured separately in each branch office of a member institution.

For further information contact CDIC @ 1-800-461-2342 or http://www.cdic.ca/ Copies of the brochure's "Protecting Your Deposits" or "CDIC Membership" are located on our sites.