Are you expecting a tax refund for this tax year? If so, what do you plan to do with the funds? While it is very tempting to spend the funds on a holiday, an e-bike or the latest phone, you may wish to consider other options.

The first priority should be to reduce or pay off your debt. Carrying credit card balances, for example, is paying unnecessary high monthly interest charges. Give us a call and ask about a loan to pay off or consolidate your debt.

Reinvesting some of the refund to your retirement savings is a great option. Contributing now to your RRSP is giving you a jump start on a potential tax refund next year. When you reinvest your refund, you start earning interest on your RRSP contribution right away versus only earning interest when you make a tax time contribution. Also consider paying yourself first by contributing monthly, of even a small amount, to your RRSP.  

Make your money work for you. At CCEC, we can help. Investing your tax refund in an RRSP at CCEC is also an investment in your neighbours and local businesses. We have kept our members' money working in the community since we opened in 1976. 

Give us a call first for your lending, borrowing and investment needs.

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The YES offers cooperative leadership summer camp programs for 14-18 year olds. During the one week camp, youth expand their leadership and team building skills while connecting with youth from around the province. COVID-19 and other associated social issues have impacted our youth in many different ways, and the YES provides community spaces that focus on building leadership, resiliency, connection, mental wellness and more. 

Parents have called the impact of Camp YES as transformative and life-changing for the family, the parents and the youth.  A sponsored camper says:

  • "I'm excited for CCEC to sponsor more youth, because, like me, the lessons they learn at camp will help them immensely in their relationships with family and friends.”
  • "I wouldn't be where I am today without the YES and that’s all thanks to CCEC’s sponsorships throughout the years.”‚Äč

A highlight of our summer at CCEC is receiving the Thank-You cards from the youth.  Here are a few shared experiences: 

  • "This camp was impactful because I learned about how the rest of the world isn’t as fortunate as me.  I learned how to become a good leader.”
  • "I learned to be more careful with my words and to be more considerate.” 
  • "I adored the nightly activity called, Reflections.  It’s a perfect way to let out bottled up emotions in a safe and respectful environment.” 

Youth who want to attend camp can apply for a scholarship to cover the registration fee. The CCEC Scholarship Fund is 100% member supported.  Members donate to the Scholarship Fund and youth apply to be sponsored. 

Youth can complete the attached form or email Joanne for more information. 

To make a donation, send an email to or phone us at 604.254.4100. 

At CCEC, we are proud of our members who donate to the Scholarship Fund and have allowed our youth to go to camp. This is a 100% member funded project. 

Visit their website for more information, to take a look at a typical day at YES camp and learn about some of their favourite activities. 

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We are inviting our members to donate to the scholarship fund and for our youth to apply for a scholarship to cover the camp registration fee.  Youth ages 14-18 who want to attend Camp YES this year, please email Joanne the scholarship application form. 

Members may donate to the Camp YES Scholarship Fund by email to info@ccec.bc.caby phone to 604.254.4100 or in the branch. 

At CCEC, we are proud of our members who contribute to the Camp YES Scholarship Fund allowing us to cover the Registration Fee for youth to attend the one week co-operative leadership camp.  We hear from campers and their family of their transformative experience as they learned tools and skills to create positive change in their family, school, and community.

At the camp, youth expand their leadership and team building skills while connecting with youth from around the province. Camp YES recognizes that COVID-19 and other associated social issues have impacted our youth in many different ways, and look forward to providing community spaces that focus on building leadership, resiliency, connection, mental wellness and more. 

Chelsea Lake, ED for Camp YES shares their philosophy on developing leadership skills,  “Our programs are not meant to produce student class presidents, they’re meant to inspire personal integrity, personal growth, the development of self-worth and the ability to connect authentically with others.  We talk about a theory of change that relies on metaphors like the ripple effect, the butterfly effect, the snowball effect or the domino effect. It’s all about being yourself, being conscientious, doing what you think is right, and inspiring others to do the same.”

 Visit the Camp YES website for more information or send an email to

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If you wish to borrow money for shares in a co-op, to buy a new car or spiffy high-tech new bike, to consolidate your debts, contribute to an RRSP, to take a vacation - or for some other purpose - CCEC would like to help. For a personal loan, try us first. Click here to download our Personal Loan Application Form 
At CCEC, we provide first and second mortgages for purchase of a residence, recreational property, renovation or refinancing your business or organizations’ needs. Moving your mortgage to CCEC may be easier than you think.  If your friends and family need assistance with a mortgage, please refer to our branch. Help your friends, the credit union, and our local community!
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The deadline for RRSP contributions for the 2021 tax year is March 1, 2022. Apply at CCEC for an RRSP loan by February 18, 2022.

Do you have March 1 marked on your calendar? If you do, then there’s a good chance you’re already on top of your registered retirement savings plan (RRSP) contributions for this year. The 1st is the last day you can put money into your RRSP and get a tax deduction against your 2021 earnings. If you haven’t decided whether to contribute this year — or if you haven’t set up a RRSP yet — then the answers to these questions might help with your decision.

How much can I contribute to my RRSP? 

You’re allowed to contribute up to 18% of your income to a maximum amount set annually by the Federal Government. You can carry forward any contribution room from previous years, so be sure to review your notice of assessment from the CRA to find out how much. 

Do I need an RRSP if I have a pension? 

Yes, even if you have a good pension at work, an RRSP can help boost your retirement savings. However, having a pension might reduce the amount you’re allowed to contribute in order to reflect the fact that you’re already saving through your workplace pension. 

What happens when I retire?  

You can continue to contribute to your RRSP up until age 71 at which point you need to wind it up. Many choose to convert their RRSP savings into a registered retirement income fund (RRIF) that allows them to take a monthly retirement income. You can convert your RRSP to a RRIF at any age and the amount you are able to withdraw increases as you get older. Learn more about converting your RRSP to a RRIF here.

Is the money I take out of my RRSP tax free? 

No. You get a tax deduction on money that you contribute, so you are delaying paying income tax. When you withdraw money out of the RRSP during retirement or any other time, that income will be taxed just like any other income you earn. 

What happens if I withdraw from my RRSP early? 

If you withdraw money early from an RRSP, you pay withholding tax and income tax. However, there are exceptions. The Home Buyers’ Plan allows you to withdraw up to $35,000 without paying withholding tax in order to buy your first home. Repayments begin two years after and you have 15 years to pay it all back. The Lifelong Learning Plan lets you withdraw up to $10,000 annually to a maximum of $20,000 to pay for full-time education or training for you or your spouse or common-law partner. You’ll find more information about early withdrawal here
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The CCEC Board of Directors would like to invite all members to attend a virtual information session on February 3rd, 2022 for an update on the proposed merger conversations with Community Savings Credit Union. 

The Board would also like our members to know that they have applied to defer the 2022 AGM for up to 6 months, as we work on the proposed merger application.  Click here to view or download the 2021 financial statement .

Please register by 12pm on February 3, 2022, if you would like to attend the virtual meeting. 

Date:    Thurs., February 3, 2022

Time:    7:00pm – 8:30pm 

Where: Via Zoom 

RSVP to Joanne by 12pm February 3, 2022 by email or phone.


Phone: 604.254.4100 ext 227

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