Through Concentra Trust, credit unions can offer seamless and sophisticated registered plan solutions directly to their members. Investing in registered plan programs at your credit union will help to deepen your member relationships while retaining financial assets that can be leveraged for your business needs. And, whether it’s a full suite of solutions or just one program being offered to members, we’ve got you covered as a trusted partner in the background helping to protect your member’s investment.
Our full suite of registered product solutions includes the following:
- Credit Union Program (CU) – RSP, RIF, TFSA
- Credit Union Deposit Program (CUDP) – RESP
- Deposit Referral Program (DRP) – RSP, RIF, TFSA, RESP
- Self-Directed Registered Plans – RSP, RIF
We have a talented team of specialists available to help credit unions establish registered plan programs and support the day-to-day administration. Our service offering as the trustee includes a range of resources and tools regularly updated and provided to clients. One of the more complex aspects of registered plan programs is the governing legislation; so, we work to collect and understand all the legislation that impacts registered plan programs.
For example, we monitor and review:
- approximately 185 acts and regulations for relevant updates on all registered plan programs
- Canada Revenue Agency (CRA) and Revenue Quebec forms and guides
- changes to tax slips and tax slip reporting
- Employment and Social Development Canada (ESDC) forms and guides for changes that impact RESPs
- federal and provincial budgets
Diligent monitoring of the legislation and updating the program administration as required ultimately protects the member’s investment while mitigating the liability of the credit union. We do this with a high-degree of competency, support, and knowledge. We’ve been in the trustee business for over 60 years and while that kind of expertise and experience adds value to our service, it is our dedication to credit union success that sets us apart.
To learn more about the value registered plan programs can bring your credit union, contact our Registered Plan Account Manager Lea Hause, 306-956-1815.
Concentra Trust is a wholly-owned subsidiary of Concentra Financial.