RSP Account

Types of RSP's

1. Individual
2. Spousal or Common Law

Minimum Deposit

$500

Transaction Fees

No Fees

Deposit Method

1. New Contributions
   1. Pre-printed personal cheque
   2. Non-registered Maturity cheque from another financial institution
2. Transfer from any other financial institution

Rate Guarantee

Nil

Interest Payment Frequency

Computed daily and paid monthly

Statements to Customers

Physical statements sent once a month to the customer

Confirmations

Deposit Confirmation Advice will be sent to the Financial Representative within 15 business days

RSP Contribution Receipt

1. Tax receipts will be issued for new contributions made for the year and for any contributions made within 60 days in the following year
2. For spousal RSP the RSP contribution receipt will be issued in the name of the contributor

CDIC Insurance

CDIC Coverage Eligible

Value date

1. Date of receipt of cheque at ICICI Bank - marked on the envelope
2. If deposit made by EFT, date of credit in account
3. Date of credit in NDDS account with RBC (A copy of the stamped deposit slip must be sent to us along with the name of the client)

Upon death of Investor before maturity of deposit

The funds in an RSP are taxed with the estate, unless transferred to a spousal RSP or RRIF, provided the spouse is named as a Beneficiary.

Early withdrawal

When making withdrawals, withholding tax will be deducted as per Revenue Canada agency guidelines

Other withdrawals

1. Marriage breakdown
   1. Form T2220 must be completed
   2. Copy of the judgment is required
2. Home Buyers Plan (HBP)
   1. Form T1036 must be completed
3. Life Long Learning Plan (LLP)
   1. Form RC96 must be completed

Option when plan holder turns age 71

Plan holder has the option to:

1. Withdraw RSP Funds
2. Transfer to a Registered Retired Income Fund (RRIF)
3. Purchase an annuity for life
4. Purchase an annuity spread over a number of years

Term

1. year to 5 years

Types of RSP's

1. Individual
2. Spousal or Common Law

Minimum Deposit

$1000

Transaction Fees

No Fees

Deposit Method

1. New Contributions
   1. Pre-printed personal cheque
   2. Non-registered Maturity cheque from another financial institution
2. Transfer from any other financial institution

Rate Guarantee

5 days from downward revision of rates (for RSP Transfers, 30 days from date of submitting application)

Early Redemption

Non-Redeemable

Interest Payment Frequency

Compounded Annually paid on Maturity

Maturity Disbursement Options

1. Reinvest for another term
2. Customer initiated transfer to another financial institutions (T2033)

Confirmations

Deposit Confirmation Advice will be sent to the Financial Representative within 15 business days

RSP Contribution Receipt

1. Tax receipts will be issued for new contributions made for the year and for any contributions made within 60 days in the following year
2. For spousal RSP the RSP contribution receipt will be issued in the name of the contributor

CDIC Insurance

CDIC Coverage Eligible

Value date

1. Date of receipt of cheque at ICICI Bank - marked on the envelope
2. If deposit made by EFT, date of credit in account
3. Date of credit in NDDS account with RBC (A copy of the stamped deposit slip must be sent to us along with the name of the client)

Upon death of Investor before maturity of deposit

The funds in an RSP are taxed with the estate, unless transferred to a spousal RSP or RRIF, provided the spouse is named as a Beneficiary.

Early withdrawal

When making withdrawals, withholding tax will be deducted as per Revenue Canada agency guidelines

Other withdrawals

1. Transfers To/From another financial institutions
2. Marriage breakdown
3. Home Buyers Plan (HBP)
4. Life Long Learning Plan (LLP)

Option when plan holder turns age 71

Plan holder has the option to:

1. Withdraw RSP Funds
2. Transfer to a Registered Retired Income Fund (RRIF)
3. Purchase an annuity for life
4. Purchase an annuity spread over a number of years