Investment Accounts
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Grow your money with Parama!
Guaranteed Investment Certificate
- Minimum $1,000 deposit.
- Terms vary from 1 to 5 years.
- Interest is paid annually and deposited directly into your Daily Interest Chequing account.
- Certificates cannot be cashed prior to date of maturity.
- No Rebate GICs: Offer higher interest rates and are also available for 1 to 5 year terms but are not eligible for bonus interest under Parama's profit sharing program.
- Cashable GICs: Available for a 1-year term at a slightly lower interest rate than the conventional 1 year GIC. These are cashable anytime from 60 days after the initial deposit and require a minimum deposit of $1,000.
- US Dollar GICs: Available for a 1-year term with a minimum of a $1,000 deposit. Principal plus interest earned are deposited directly into your US Dollar Savings Account on the day of maturity. Not cashable prior to maturity date.
- Index-Linked GICs: Available for 3 and 5 year terms. Combines participation in the potential gains in the stock market with the principal protection of a GIC.
Tax-Free Savings Account
The Government of Canada introduced the Tax-Free Savings Account, or TFSA, in 2009 as a way for Canadians to save their money without having to pay income tax on interest earned. This great savings option is open to all Canadian residents who are 18 years of age or older and have a valid Social Insurance Number. Furthermore, a spouse can contribute to their spouse’s TFSA account without income attribution rules applying. Any income and gains within a TFSA account are not subject to income tax. This is an efficient tool to save & invest for your future, a vacation, an education, emergency fund, and anything in between!
- The 2026 TFSA Contribution Limit is $7,000.
Members should check their CRA tax return remittance to confirm how much contribution room is available. Withdrawals can be made at any time for any reason and are not subject to income tax like other registered plans are. In addition, you can re-contribute any such withdrawals as the withdrawal amount is added back to your future contribution limit in the subsequent year.
- We recommend that every eligible Member take advantage of this valuable savings tool and open up an account at Parama as soon as possible.
- If this is your first TFSA with Parama, you will need to visit one of our branches to complete and sign the required documentation.
A Parama TFSA is another great way for you to save money!
To learn more, visit the Canada Revenue Agency TFSA website.
First Home Savings Account
Unlock your home ownership dreams with an FHSA
The First Home Savings Account is a tax-advantaged registered plan designed to help Canadian residents save for the down payment on their first home. Contributions to an FHSA are tax-deductible, and earnings are tax-sheltered in the plan. Qualifying withdrawals from an FHSA for a qualifying first home purchase are non-taxable.
The annual contribution limit is $8,000 with a lifetime maximum of $40,000.
- You can carry forward up to $8,000 of unused contribution room.
- Your FHSA can be open for up to 15 years.
- Funds can be transferred from your RRSP to your FHSA, subject to applicable limits; the transferred amount will reduce your available FHSA room.
- Always check your CRA notice of assessment to confirm your contribution and participation room.
You can open an FHSA if you are:
- 18 years of age or older (cannot be older than 71 on December 31st of the year your FHSA is opened),
- A Canadian resident with a valid Social Insurance Number,
- A first-time home buyer. You are a first-time home buyer if you have not lived in a home, you or your spouse/common-law partner owned, in the current year or the past four years.
Maximize Your Savings
The FHSA empowers you to save efficiently for your first home. With tax-deductible contributions and tax-free growth, your savings can multiply faster. We recommend that every eligible Member take advantage of this valuable savings tool and open an account at Parama as soon as possible.
A Parama FHSA is another great way for you to save money!
To learn more, visit the Canada Revenue Agency FHSA website.
- Are you considering college or university and need a Student Loan?
- Eligible students can receive as much as $60,000 over four (4) years to help with post-secondary education and related costs at a reasonably low, variable interest rate.
- You are responsible to pay interest only once per year prior to the anniversary of your loan and you are given a 12-month grace period after graduation before repayment begins.
- Students will need a co-signer, such as a parent or guardian, and will have to provide us with a post-secondary enrollment confirmation letter and receipt of tuition.
To apply, complete our secure and convenient website form:
Downloads:
Registered Retirement Savings Plan
RRSP, or Registered Retirement Savings Plan, is a retirement savings tool designed to both encourage and help Canadians save for retirement. Contributions to an RRSP are tax deductible, meaning that when you make a contribution to an RRSP, you are reducing your taxable income by the amount of money you contribute to the plan. Each year, you can invest up to a certain percentage of your annual income into a RRSP, which is then deducted from your total income. Your contribution amount can be found on your most recent Notice of Assessment of your Income Tax Return. Any growth in an RRSP will accumulate tax deferred until it is withdrawn. If you withdraw funds from an RRSP, the amount withdrawn will be added to your income in the year of the withdrawal and taxed at your marginal tax rate. Any early withdrawals are subject to income tax and withholding tax. As a result, RRSP’s are usually treated as long-term investments.
- The RRSP contribution deadline is March 2, 2026
- Talk to us today about RRSPs and other investment options available to Parama members.
- Why not set up regular automatic transfers which will help to build your retirement savings? Speak to one of our Member Service Representatives for more information.
- If this is your first RRSP with Parama, you will need to visit one our branches to complete and sign the required documentation.
Downloads:
Registered Education Savings Plan
Registered Education Savings Plans, or RESPs, are education investment plans that help you accumulate money for a child’s post-secondary education. RESPs are an easy way to save for a child’s future. Planning for a child’s education through RESP contributions is a sound, responsible, simple way to help pay for a post-secondary education.
Free Money
With the Canada Education Savings Grant, or CESG, the government contributes to your RESP by matching 20% on a maximum of $2,500 in annual contributions until the beneficiary turns 17. This gives you up to $500 per year in free money. The lifetime CESG maximum is $7,200 per beneficiary. Families with lower incomes may be eligible for additional contributions. CESG rules also allow you to carry forward unused contribution room to later years.
The Canada Learning Bond, or CLB, provides up to an additional $2000 in grant money per beneficiary over the life of an RESP. To qualify, the beneficiary must be born on or after January 1, 2004, and the family’s net income must meet certain requirements. Eligible beneficiaries receive an initial grant of $500 and later grants of $100 in each year that they are eligible. An RESP must be opened to receive the CLB; however, you don’t have to make any contributions to the RESP to receive CLB grant money.
Your child can use the money for full-time or part-time studies in an apprenticeship program, CEGEP, trade school, college or university.
Great Flexibility
Income earned accumulates tax free until withdrawn – Students (with little or no income) withdrawing RESP funds will owe little or no tax. Virtually all full-time, post-secondary education is eligible. For family plans, you can name as many beneficiaries as you’d like. If one child doesn’t go to post-secondary school, another child can still use the money. If your child doesn’t pursue a post-secondary education, you may be allowed to transfer up to $50,000 of earnings from your RESP to your RRSP or a Spousal RRSP tax-free – assuming that the subscriber and/or spouse has RRSP contribution room available. RESP contributions and earnings may be withdrawn any time (certain conditions apply).
Registered Retirement Income Fund
- All RRSPs must be converted into RRIFs, by December 31st the year you turn 71.
- Under these plans you are required to receive a minimum level of retirement income each year, while continuing to defer income tax on the remaining capital and subsequent earnings.
- Payments from RRIFs are included in your taxable income and are taxed at your regular income tax rates.
- Withholding taxes apply only to any withdrawals which exceed the required level of plan distributions.
- RRIF investment options are the same as those listed for RRSPs.