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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  However, the contributions and the gains made can be withdrawn tax-free at any time.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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CCEC’s Board of Directors invites you to join us to discuss the future of the credit union and the upcoming Annual General Meeting.

 

CCEC is a member-owned financial co-operative and the Board seeks your thoughts about our future.


The credit union sector in British Columbia is facing enormous pressure with ever increasing regulatory requirements, rising costs and low margins resulting from historically low interest rates.

 

While CCEC’s financial position is strong and we will be reporting healthy earnings in the year ending September 2020, our long term financial planning indicates we will face challenges. Across the province, over 25% of credit unions are currently considering a merger or acquisition.

 

CCEC’s Board has initiated some informal discussions with other credit union boards about what they are experiencing and what, if any, opportunities there may be to collaborate and/or join forces.

 

This is also a great opportunity to learn more about CCEC if you are interested in running for the Board at the AGM on February 4, 2021. 

 

Please RSVP to Joanne and we’ll send you a Zoom link closer to the date. Thank you and we look forward to seeing you at a virtual town hall meeting.

 

We ae hosting two Virtual Town Halls: 

  • Thursday, December 10th  7:00pm – 8:30pm and 
  • Saturday, January 16th 10:30am – 12:00pm



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Managing your money, debt and investments, planning for retirement and protecting yourself from consumer fraud -  November is the 10th Anniversary of Financial Literacy Month  and a good time to review how you are doing. 


It is important that we all know how to protect ourselves, our identity and our money from frauds and scams.  Did you know that each year Canadians lose an estimated $100 million dollars to a variety of scams? In the past six months, loss to Covid-19 fraud was $6.2million. Lean more in the webinar hosted by the Vancouver Public Library taking place on November 24. 


The Canadian Government has many online tips and tools to help you better manage your finances in challenging times.  These include making a budget to keep track of your money, minimizing debt, and understanding financial products and services.  You can also learn how your credit score is calculated and how to make it better.  


If you have any questions about your financial well-being, we ask you to give us a call. We can provide complimentary advice. 


Financial Literacy Month is online in November. Follow them at @FCACan  and #FLM220


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November is Financial Literacy Month and the theme is “Understanding Your Finances”. Check the Government of Canada website for practical tips and tools on budgeting, savings, investing, fraud prevention, avoiding debt and building a strong credit history. Learn the 10 things you should know during times of financial uncertainty. 

They are also offering webinars: 

Financial Literacy Month is online in November. Follow them at @FCACan  and #FLM220.

If you have questions or concerns about your financial wellbeing, please give us a call. 

 

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We are now accepting applications for the 2021 recognition and award. 


This award is given annually to member groups that are active in social justice and co-operative development activity.  The award consists of three elements:  recognition from our community, our commitment to promote the project further through CCEC, and a financial contribution from the Roger Inman Trust.  The project itself contributes to the economic development of the community.

If you are a CCEC Member Group, business or individual you may apply for this special recognition and cash award. The award honours the memory of Roger Inman who contributed lots of time and effort to the early years of CCEC. His contributions to the wellbeing of the credit union and community economic development are numerous.  

Roger Inman became a member when CCEC first opened in 1976 and shortly after began serving as a volunteer teller. He was also a member of the credit committee, and later joined the Board of Directors where he served as co-chair and spearheaded the newsletter. A warm lovable man, Roger always contributed his time, insights, and humour to the many community initiatives with which he was involved. He was also active in local politics where his keen mind and natural optimism were always appreciated. Through this award, we acknowledge his devotion to community economic development, his commitment to his ideals and his generosity in spirit.

CCEC is committed to keeping our money and resources working in our community by actively supporting and promoting the development of strong, successful community businesses, projects and organizations

Applications are available on our website. Learn more about the award and our 2020 Award Recipient, The People's Prom 

If you have any questions, please contact Joanne.


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It’s International Credit Union Day on Thursday, October 15.  It has been held on the 3rd Thursday in October for the past 72 years. Did you know there are  291 million credit union members worldwide?  As we reflect on the role CCEC has played in our community and in our members’ lives, let’s share our experiences and invite our friends and family to join CCEC. 


CCEC received its charter in 1976, 2 years after a group of people involved in daycare, consumer and housing co-operatives raised capital to support community economic development. They called their group the Community Congress for Economic Change Society.  Our mandate was to serve groups that have been excluded from the economic mainstream - because they don't fit a banker's idea of a good credit risk - for example, the arts groups, immigrant organizations, housing co-operatives, and similar organizations that continue to be core of our membership. Loans were available to meet our members needs, and for community enterprises and community action. The founding members of CCEC described the loan process as "group solutions to individual problems."  The local focus of the credit union saw the money reinvested within our community. 

Some things haven't changed at CCEC over the past 44 years.  We continue to be guided by the principles that are the foundation of CCEC. We also continue to ensure community input into the lending process by maintaining a credit committee elected from the membership. Also, many directors, credit committee members, and staff are active in community groups that make up our membership.

CCEC is a member-owned, community development organization that is powered by people, like you;  in service of people like you.   Let’s celebrate International Credit Union Day! 


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In this upcoming provincial election, for the first time, all voters can vote by mail.  We feel this is a good option for many reasons and encourage our members to Request a Mail-In Ballot.  A reason is not needed to make this request as it aims to make voting more accessible and inclusive. At CCEC, we will be following issues of interest for our members, and for now want you to have the information you need to vote and to feel safe doing so.    


The Elections BC’s website has detailed information and instructions on how to request a mail-in ballot and how to vote.  Click here for the PDF of How to Vote by Mail


The deadline to request a mail-in ballot is October 17. Completed packages must be received by Elections BC before 8 pm PST on voting day Saturday, October 24. 


You can Request a Mail-In Ballot online, by phoning 1-800-661-8683 or at your closest district electoral office

Returning your package is by the postage paid return envelope provided; in-person at your electoral office or your voting place. 


For further information call Elections BC at 1-800-661-8683.


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“How can we create wealth, ensure social equity, and protect the environment?”  This question was posed in 2013, as CCEC hosted a Community Conversation on the BC Economy.  We were one of the 100 Community Conversations associated with the SFU Public Square project. Our blog  captured the feedback of ten CCEC members who participated in the conversation.  This blog highlights what we heard from our members as  seven years later, we are asking ourselves the same questions. 


The group first challenged the idea of a ‘BC Economy’, expressing the view that it was really an aggregation of several local and regional economies that were very distinct.  The consensus view was that the framing of the question was biased to mega-projects, large scale interventions and comparisons to global ‘norms’; a view that discounts small business and local exchange.   One voice noted that this abstraction was much removed from people’s everyday life.


Secondly, the conversation explored the term ‘create wealth’.  Harvesting natural ‘wealth’ is not creating wealth.  And GDP growth is a narrow indicator that certainly does not measure community well being.  Much discussion evolved around other more meaningful measures of community health in political-economic terms; suggestions included child poverty rates, street homelessness counts, and a happiness index.  It was observed that the ‘wealth created’ by the Exxon Valdez disaster, as an example, was not to be pursued as a ‘good thing’.

The group also wondered aloud about the waste created by industrial activity and a culture of consumption.  Why does conventional economics ignore, or downplay, the despoiled air, water and earth passed to future generations?  Why are there such inequalities with so many left in the margins?  Why do those in power deny and discount climate change?  

At CCEC, we want to encourage and foster conversations with members about our political-economy;  to foster individual agency and to explore the role of group action and projects.  

You may not know that "CCEC" was originally adopted by the credit union because the precursor organization that collected pledges to found the credit union was the Community Congress for Economic Change. 


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