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“Pandemic restrictions have accelerated the shift from paper to digital payments”, reports Central1 who process our Interac e-Transfers®. There are many benefits to transferring funds electronically, but are they safe and is your money secure? Yes! 

When you send money using Interac e-Transfer®, your money doesn’t actually travel by email or text message – just the notifications and deposit instructions. The receiving and sending bank or credit union transfer the funds to each other using established and secure banking procedures. At CCEC, our security measures include:

  • Encryption technology
  • Confidential user IDs and passwords
  • Secure login process
  • Security question and answer

While these security measures are in place, when you use the service please follow these safety tips:

  • Sign up for Auto Deposit. Also, encourage your recipient to sign up for Auto Deposit.
  • Action the e-Transfer the moment you receive it. Also, encourage your recipient to action the e-Transfer as soon as it is received.
  • If you created a security question, do not email the answer or put it in the message of the e-Transfer. 
  • Do not open any e-Transfer Requests that you do not recognize. 
  • Be very aware of online scams and requests for money. Refer to these security tips 

Click here to learn more and visit the Interac website. 

If you have any questions, refer to the FAQ on our website

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A Tax-Free Savings Account (TFSA) is designed to help you save for your short and long-term goals. This is different from an  RRSP that is considered a longer-term strategy to save for retirement.  A TFSA may be a good option for you to consider if you have shorter-term goals where you want to access and more easily withdraw funds.

TFSA contributions are not tax deductible as they are with an RRSP.  However, the contributions and the gains made can be withdrawn tax-free at any time.  They are flexible in that you are allowed to ‘refill’ your account with no penalty.  For example, If you do make a withdrawal, that amount of room is added back the following year.  As the amount you can contribute is adjusted annually, you can top up from unused room you have carried forward and the value of the withdrawals.

At CCEC, we are pleased to offer this new savings option to our members. It is considered a retirement savings option by  CRA and has terms and conditions.  We ask our members to contact or look at your MY CRA account to find out how much room you have available. In addition to the rules governed by CRA, at CCEC we’ve also set a minimum contribution at $500. 

Contact us to learn more and to open a TFSA account.  We can review your needs and suggest what might work best for you from the range of investment strategies we are now able to offer. 

For more information visit the CRA website 

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We recognize times may be uncertain and finances may be tight this year. Saving for your future may not be top of mind. However, even contributing a small amount to your RRSP today will go a long way in the future.  It’s not just about long-term growth but also benefits, like lowering this year’s taxes.  More important, your funds at CCEC are invested in your community, neighbours and local businesses.  

Our members tell us that they are with CCEC because we are aligned with their values.  As we are hosting the second Virtual Town Hall on Saturday, January 16th at 10:30am, a member wrote to us saying, “CCEC fills a niche that no other credit union does: a people-centred perspective that sees everyone as an equal no matter their heritage, income, or orientation.” We continue to  be an independent single branch credit union in a financial industry that has been undergoing consolidation for many years. The member reminds us of our history and says, “Where else can BIPOC and employment-challenged communities go for vehicle loans? Where else can social enterprises go that aligns with their values-based mission statements? Where else could a WomenFutures Loan Guarantee Fund exist?” 

The member adds, “There is part of CCEC's original mission that is based on E. F. Schumacher's "Small Is Beautiful" (1973). There is something to staying small on purpose! CCEC has always been about ensuring its acronym stays true: Community, Congress and Economic Change. This is why CCEC exists. “

So, as we are encouraging our members to invest in an RRSP, remember that the funds in your RRSP at CCEC stays in your community and support what is important to you. 

Call us today and ask how you can contribute to, top up or start an RRSP. 

Email Joanne to RSVP for the Virtual Town Hall on Saturday and add your voice to the conversation on the future of CCEC. 


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Saturday, January 16th at 10:30am  is our second virtual Town Hall meeting. We want to hear from our members your thoughts about CCEC’s future and the upcoming Annual General Meeting (AGM).

 

At our AGM on February 4, 2021, we will be reporting healthy earnings in the year ending September 2020.  However, our long term financial planning indicates we will face challenges  The credit union sector is facing enormous pressure with ever increasing regulatory requirements, rising costs and low margins resulting from historically low interest rates. Across the province, over 25% of credit unions are currently considering a merger or acquisition. We want to share with you the informal conversations we have had with other credit union boards on their challenges and opportunities. 

 

Please RSVP to Joanne to attend the Town Hall and the AGM.  Join the conversation, hear what other members have to say and have your voice heard.  A zoom link will be sent closer to the date. 

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