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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 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.


Email:   jmackinnon@ccec.bc.ca  

Phone: 604.254.4100 ext 227


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Alerts can help you stay informed. Choose from a variety of alerts that you can personalize to meet your needs. You can receive alerts by email and SMS any time, anywhere. If you have not yet subscribed to alerts follow these few simple steps:

Select where you'd like to receive them - by email or cellphone under "Manage Alert Subscriptions. Select a type of alert from the list. A few more common alerts are: 

  • Online log in
  • Personal Access Code changed
  • Insufficient funds
  • Balance low
  • Future/Recurring Transfer or Payment May Fail
  • Withdrawal Exceeding Limits such as a large ATM withdrawal

You can personalize the alerts you'd like to receive.  Please note we will not include your account number(s) in any alert messages we send to you. Accounts will be referenced by their type or the nicknames you give to them, which can be updated by going to the Extra's tab then Rename Account page.  You can also review the Alert History to see a history of all alerts that were generated. Learn more in our Online Banking FAQ’s

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CCEC Mobile Banking App is now available for download to your smart phones. More information is in the updated Online Banking FAQ's which includes a reference guide for services available in Online Banking and through the Mobile Banking App. 

 A new feature includes Remote Deposit Capture where you can deposit your cheque to your account anywhere using the App. Please note that all cheques deposited via the App will have an automatic 7 days hold. 

Online banking login reminder: In the Login Name field enter your Account Number; and in the Password field enter your Personal Access Code (PAC). 

Click here to log into Online  Banking. 

 
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CCEC Mobile Banking App is now available for download to your smart phones. Go to the App store, search for CCEC Mobile Banking, and follow the instructions to download as you do for other apps. A new feature includes Remote Deposit Capture where you can deposit your cheque to your account anywhere using the app. Please note that all cheques deposited via the app will have an automatic 7 days hold. Read our Mobile Banking FAQ's for more information. 
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If you have unexpected expenses, emergencies and short-term financial needs, our Temporary Overdraft service may be able to help you. 


CCEC Members for at least 3 months may qualify for this short term relief. The Temporary Overdraft loan has helped cover the costs of vet bills, a family emergency and a shortfall before a payroll deposit.  As the loan is intended to be short term, it is to be repaid within 30 days. If you need a longer term, ask us about our Personal Loan service. 


To apply for the Temporary Overdraft loan, please complete the application formEmail the completed form , mail it or drop it off at the branch.  Atilio, our Personal Loans Officer, will be in touch with you.  


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On June 16th, 2021, CCEC introduced an enhanced online banking system. We added new features and increased login security.  While many features remain the same, we want our members to learn more about these new features in the Online Banking FAQ's.

 

  • Increased login security
  • Alerts
  • Mobile Banking App - coming soon
  • Mobile Cheque Deposit - coming soon.

If you have access to online banking you will notice changes on the login screen. There is a new link to iBank and you can use your current login and password to access your account. You will need to set up your security questions and image when you first log in to the new system and may be asked to change your password. If you are not currently using Online Banking, please give us a call and we will set it up for you. 

Increased Login Security: We take many precautions to protect the online banking environment and ensure your information is safe. For more information click on the Security tab once you have logged on.  There are three parts to our Online Banking security enhancements: a personal image, a personal phrase, and three challenge questions that only you know the answers to.

When you're signing in from a different computer, we'll ask you one of your challenge questions to verify your identity. When you answer correctly, your personal image and phrase will appear. You'll then know it's safe to continue; and we'll know that it's really you.

The image will be displayed every time you login. If you don't see the image you selected the next time you login, or a different image is shown, please close the browser and contact us right away, as you may not be accessing the legitimate CCEC CREDIT UNION Internet Banking site.

Interac e-Transfer: The fast, secure way to send and receive money. For more information, download the Interac e-Transfer FAQ's With the switch to iBank you may need to reset your Auto-Deposit. 

If you have any questions about iBank, please contact the branch.

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CCEC’s enhanced online banking iBank is coming on June 16th. There will be a new link to iBank on June 16th and you can use your current log in and password to access your account. You will need to set up your security questions and image when you first log in to the new system. We are asking our members to take the following precautions to ensure a seamless transfer: 

  • Schedule your e-Transfers in advance or after the go live date
  • Cancel all pending e-Transfers or contact recipients to complete the transfer. Pending transactions may not carry over to iBank
  • Cancel pending Requests for Money
  • Make a copy of your recipient list and their email addresses. 

We expect that the recipient list and all pending transactions will be carried over to iBank. However, we recommend that you make a copy of your recipient list and their email addresses in the unlikely event that the recipient list is not carried over. We look forward to providing our members with an improved online banking experience and will keep you updated as we move closer to our go-live date.

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Improvements are coming soon to CCEC’s online banking. We are adding mobile features and increasing login security. With the enhanced security measures being introduced, we feel that members will be more comfortable switching to online banking or using more online banking services.  

 

A few of the new features include: 

  • Mobile Banking App. 

  • Mobile cheque deposit - take a picture to deposit a cheque to your account. 

  • Get customized Alerts about your account activity sent to your phone or email. 


You will notice improvements on the login screen. It has a new look and you will be asked to set up User Authentication. Here are the three steps to follow: 


  1. On the login screen, you enter your Login Name which is your current Account Number; and your Password where you enter your Personal Access Code (PAC) from the current banking system. 

  2. Set up your User Authentication. Select three questions and enter your answers. 

  3. Pick an image to use as your Personalized Security Image. 


Each time you login, you will be prompted for this User Authentication confirmation. It is random if you answer the questions you set up but the image will be displayed every time you login. The User Authentication takes a few minutes to set up and we feel the increased security will help our members feel more secure and comfortable banking online.


We will be providing our members with more information on the enhancements and improvements to online banking. This is a great time to sign up for Online Banking and switch to e-Statements. Visit our website www.ccec.bc.ca for updates.


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