Retire on Your Own Terms
Retirement isn’t necessarily just about leaving the workforce – it can be about building the life you’ve always imagined. Whether that means travelling the world, starting a passion project, jumping into a part-time consulting role or simply enjoying peace of mind, the key is planning. By investing in a Registered Retirement Savings Plan (RRSP), you’re not just saving, you’re taking control of your financial future.
Kay LaPointe, Wealth Consultant, explains how RRSPs can help you retire on your own terms, how they provide long-term security, and tips to make the most of them.
Important Dates and Contribution Limits
The start of the new year also marks the beginning of a new tax season. The key dates and contribution limits below can help you stay on track and make the most of your registered investments.
First Home Savings Account (FHSA)
The 2026 FHSA annual contribution limit is $8,000, plus any unused contribution room carried forward from previous years.
The contribution deadline for the 2026 tax year is December 31, 2026.
Registered Retirement Savings Plan (RRSP)
The 2026 RRSP contribution limit is 18% of your earned income from the previous year, up to a maximum of $33,810.
Contributions for the 2026 tax year must be made by March 2, 2027. To confirm your personal tax deduction limit, refer to your 2025 Notice of Assessment.
Tax-Free Savings Account (TFSA)
In 2026, the TFSA annual contribution limit is $7,000. The deadline to contribute for 2026 is December 31, 2026.
Once you file your 2025 tax return, check your Notice of Assessment to confirm your cumulative contribution room.
The new year is the perfect time to open or review your registered investments.
Visit your nearest branch to get started.
How Financial Plans are Derailed
Creating a financial plan for the year is only one part of improving your financial health. However, its easy to be thrown off track. Below are six common reasons why financial plans can fail, along with our suggestions for addressing them.
Unclear Goals
Without clear, specific goals, it may be difficult to stay focused and measure progress.
Ignoring High-Interest Debt
High-interest debt can grow quickly, reducing your ability to save and invest.
Overspending
Consistently spending more than planned or neglecting your budget can harm your financial progress.
Procrastination
Waiting for the “right time” to start saving can cost you valuable time and missed opportunities.
No Emergency Savings or Plans
Without a financial cushion, an unexpected event can quickly become a financial crisis.
Doing it Alone
Financial planning can be complex. Without guidance, you might overlook important details or second-guess your decisions.
Book time with one of our financial experts to create —or refine— a plan that works for you.
In Case You Missed It:
WFCU is the Official Financial Institution
of the Ontario Hockey League!
This partnership is all about community, teamwork, and creating unforgettable experiences for you and your family.
You’ll find WFCU and its divisions in arenas across the province, including:
Barrie Colts
Sadlon Arena
Kingston Frontenacs
Slush Puppie Place
Kitchener Rangers
The Aud
London Knights
Canada Life Place
North Bay Battalion
Boart Longyear Memorial Gardens
Oshawa Generals
Tribute Communities Centre
Peterborough Petes
Peterborough Memorial Centre
Windsor Spitfires
WFCU Centre
Never Miss a Statement with E-Statements
Switch from paper to digital and get your statements online – anytime, anywhere!
E-statements continue to be available free of charge and it only takes a minute to get set up. Call our Member Contact Centre at 1-866-500-9328 to make the switch, save some money, and never miss a statement.
If you don’t currently use online banking, now is a great time to start.
Contact us today, and we’ll show you how easy it is to do your banking online.
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