Double Your Interest

How can you DOUBLE your interest?

Make the most of your money now by doubling your interest in a RRSP, TFSA or RRIF for the first 90 days on a new investment¹.

Build your savings with these great rates. Our competitive rates on our RRSP products makes FirstOntario the right place for you to invest. Offer available in branch only and ends on March 31, 2018.¹

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Every Canadian who works, pays income taxes, and wants a secure retirement should have an RRSP. Here's why:

  • Whether you earn income through self-employment or as an employee, you can reduce your annual tax bill AND save for the future.
  • Even people who have a company pension plan can supplement their retirement needs with an RRSP. Those who don't have a pension plan will look to their RRSP as the financial foundation of their retirement.
  • If you are planning to buy your first home or want to continue your education, you can “borrow” a portion of the funds from your RRSP without a tax penalty.
  • And if you experience ups and downs in your income because of irregular work or a career change, the funds in your RRSP are always available to you by paying the taxes on amounts withdrawn.

How Much Can I Contribute?

Canadian taxpayers 71 years of age or younger can make annual contributions up to 18% of their earnings up to a limit set by the federal government.

Your personal RRSP contribution limit for the current year can be found on your previous year's Notice of Assessment, which the Canada Revenue Agency (CRA) sends out every year after you file your income tax return.

You an also call the CRA T.I.P.S. line (1-800-267-6999). This service is available from mid-September through the end of April each year. Callers must provide their Social Insurance Number, date of birth and total income from line 150 of the previous year's income tax return.

Are My Deposits Protected?

Funds held in deposits such as Term Investments and the Investment Savings Account within an RRSP are separately insured from the funds you hold outside a registered plan.


The Tax-Free Savings Account allows Canadian residents, 18 years of age and older, to save after-tax income and pay no further taxes on those funds or their investment returns. In addition to the annual $5,500 maximum, unused contributions from prior years can be carried over and past withdrawals can be re-contributed in the following year.

Annual contribution limits:

Year(s) Amount
2009 - 2012 $5,000
2013 - 2014 $5,500
2015 $10,000
2016 - 2018 $5,500

Unlike an RRSP, there is no upfront tax deduction with a TFSA, but neither are the proceeds taxed when they are withdrawn. This means interest compounds tax-free, as do capital gains and dividends generated by mutual funds and stocks. Plus, any withdrawal you make frees up a comparable amount of new contribution room the following year – the TFSA offers full flexibility to withdraw and re-contribute.

How Do I Know It’s Right for Me?

The TFSA is attractive for any person saving for any goal, from automobiles to vacations to home renovations. And just as RRSP withdrawals have become a key tool for first-time home buyers, the TFSA offers a unique advantage for people entering the housing market – a TFSA withdrawal doesn’t have to be repaid.

It will also be attractive to low-income seniors, since tax-free TFSA withdrawals will not be added to income and will not trigger reductions in Old Age Security benefits or the Guaranteed Income Supplement. There is no maximum age limit for contributing to a TFSA and unused contribution room can be carried forward indefinitely.

As with RRSPs, TFSA holders can name spouses as beneficiaries and roll the proceeds over to them upon their death. And, as with spousal RRSPs, spouses can contribute to their partner’s TFSA. This means couples can shelter up to $10,000 worth of new investments every year from tax. High-income investors who may have maxed out their RRSP room can use the TFSA for additional shelter, and to receive dividends from foreign investments, which do not qualify for the dividend tax credit – there is no foreign content limit on a TFSA.







¹Offer available in-branch only. Online contributions to a registered term are not eligible. Offer available to new and existing FirstOntario Members. The “Double Your Interest” offer is not available on the 15-month special term deposit.

Invested funds must be new to your FirstOntario account and cannot be moved from an existing FirstOntario account. “New” money is represented by funds that have been deposited into a FirstOntario account in the past 30 days from an external source. Investment must be made to a registered, non-redeemable term product with a term length of 1 year or greater. Investment must be completed by March 31, 2018 except in the case of registered funds being moved from another financial institution through a T2033, in which case, the T2033 form must be completed by March 31, 2018 in order to be eligible of the offer.

After the 90 day period, the interest rate on the term deposit will be the FirstOntario posted rate that applied on notice. Term deposit must be for a term length of 1 year or greater and must be registered, i.e., RRSP, TFSA, RIF, LIF.

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