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At CCEC, RSP loans are available until February 23, 2021!  The deadline to contribute to an RRSP for the 2020 tax year is March 1, 2021. 

We know that we are in unprecedented times 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, your neighbours and local businesses.

Are RRSPs worth it in the long run? Even though you have to pay the tax back when you withdraw the funds, yes, they are worth it. They are a valuable tool to reduce your tax burden and save for the future. We encourage our members to include an RRSP as an investment option in your financial plan. And, be sure to review your plan each year.  


If you would like to contribute, ask us about an RRSP loan so that you can maximize or top-up your RRSP contribution. Consider starting a monthly contribution plan, you can earn compound interest making more than if you contribute a lump sum. 

Call us today and ask how you can contribute to, top up or start an RRSP. Be sure to also ask about our other investment options including TFSA’s.


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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  However, the contributions and the gains made can be withdrawn tax-free at any time.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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2020 was an unprecedented year.  It did not go as we were expecting as Covid impacted all of us.  We have seen loss of lives and changes in our communities and local businesses. As we are set to enter a new year, let’s pause, reflect and identify what is important to us.  

The CCEC Board is inviting members to join us to  discuss the future of the credit union and the upcoming Annual General Meeting. We hosted a Virtual Town Hall on December 10th and our second Town Hall is on: 

As you know, 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 our 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. Nominations are being accepted for 6 positions on the  Board and 4 positions on the Credit Committee. Click here for more information and to download the Nominations Form. 

 

We look forward to seeing you at a virtual town hall meeting and the upcoming virtual AGM on Thursday, February 4, 2021. 

 

RSVP Joanne  jmackinnon@ccec.bc.ca to attend the Town Hall and the AGM.  A zoom link will be sent closer to the time. 

 

Thank you and be safe and healthy in 2021.


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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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A Registered Retirement Income Fund (RRIF) provides a source of retirement income. It can be set up anytime and withdrawals must start one year after it is opened. CCEC is now offering this service to our members and we want you to better understand them. 


There are various retirement investment options and we can provide you with complimentary financial advice and guidance.  While you must convert your RRSPs to a RRIF by the end of the year you turn 71, you can transfer your existing RRSP into an RRIF at any time.  To open an account, we can help you transfer your RRIF from another financial institution. 


A RRIF, like an RRSP, is tax-sheltered for deposits. As you need to withdraw a minimum amount in the calendar year after it was first funded, those members who are thinking of taking an early retirement may want to talk with us about opening an account.


Investing at CCEC means that you keep money working in the community to benefit you, your neighbours and local businesses.  CCEC has always been highly localized in how we invest your money since we opened in 1976. Our values have not changed. 


We are pleased to offer our members the option to invest in an RRIF. 


Call us to learn more. 


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Invest in you and your future with an RRSP.  RRSP’s continue to be a good investment fit for many of our member-owners’ financial plans and lifestyles.


There are two main reasons our members invest in an RRSP:  to reduce taxable income (paying less tax in that year); and to be saving tax-free as (taxes are payable later on withdrawal in what would be a lower income year).  At this time, you can contribute up to 18% of your 2019 earned income, to a maximum of $27,230 plus any carry-forward contribution room that you may have until the year you are 71 years of age. 


If you would like to contribute, ask us about an RRSP loan so that you can maximize or top-up your RRSP contribution (before March 2, 2020).  You may be able to save tax dollars by investing the funds from the loan into your RRSP. By starting a monthly contribution plan, you can earn compound interest making more than if you contribute a lump sum. 


RRSP’s are considered longer-term retirement investments. However, you can withdraw funds,  for use towards the Home Buyers’ Plan or the Lifelong Learning Plan; which must be repaid within a specified time.  A word of caution before you resort to withdrawing from your RRSP - look for alternatives and talk to us. 


Are RRSPs worth it in the long run? Even though you have to pay the tax back when you withdraw the funds, yes, they are worth it. They are a valuable tool to reduce your tax burden and save for the future. Be sure to include an RRSP as an investment option in your financial plan. And, be sure to review your plan each year.  


Need a plan?  We can help you with that.


Call us today to speak with one of our investment specialists. 

Pick up the leaflet, Your Guide to Understanding RRSP’s in the branch or visit the CRA website for more information. 


A Registered Retirement Savings Plan (RRSP) is a retirement savings and investing vehicle for employees and the self-employed in Canada. Pre-tax money is placed into an RRSP and grows tax free until withdrawal, at which time it is taxed at the marginal rate.

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April 24: Join the ACORN Fair Banking Campaign Rally at Fairstone Metrotown. 

At CCEC we support the work of ACORN Fair Banking campaign. and have been providing our members with emergency short term loans for many years. We also provide debt consolidation services to help our members avoid the predatory lenders. 

Non-bank lenders like Fairstone are unregulated when they give out loans over $1500. They give out loans up to $20,000 at rates as high as 59%  which is still considered legal (under 60% is legal in Canada). Fairstone recently rebranded from CITI Financial. You may have heard of them as they were a leader in the US with predatory mortgages. In the US, they paid penalties of over $7 Billion for their role in financially destroying millions of Americans. So, they renamed their high interest loan outlets as Fairstone. ACORN's campaign for Fair Banking is putting Fairstone on notice that their days of unregulated lending are coming to an end.

The BC Government has introduced legislation that would license high-interest lenders, enabling them to cap the interest rates and other predatory lending practices. "Regrettably many people do not understand the true implications of taking out a high-cost loan only to find out later how hard and how long it can take to repay,” says Scott Hannah, president of the Credit Counselling Society.

Email Metrovan@acorncanada.org for more info on ACORN's campaign and be sure to join the rally on April 24!  

Call CCEC if you need a short term or other loan. We want to work with our members to avoid them feeling they need to work with predatory lenders. 

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Interest rates in Canada are climbing so if you’re on the verge of going into debt over holiday spending this year, you might want to reconsider.

To get through the holiday season with as little financial pain as possible, here a few tips to keep from overspending (which can be hard!):

Make a budget: Figure out how much you can afford to spend over the season and then work from there. For example, if you can afford $200, then make a list of what you think you need to buy and work backwards. And don’t be afraid to cut – whether it’s trimming the decorations, making your own cookies, or opting for a thoughtful card instead of a gift for someone.

Do go out with your list: Shopping centres and malls are packed at this time of year and it’s easy to get distracted and over spend. The best way to avoid this is to have a clear list of who you need to shop for and what you plan to buy for them.

Use cash: Paying for everything with cash or using your Interac Debit card makes it much easier to track your spending. Carrying a few bills along with you can ensure you stick to the essentials and avoid impulse purchases.

Have honest conversations: Avoid awkward moments by setting a price limit ahead of time for gifts among friends and family. This way no one is caught off guard by pricey or less fancy gifts. You might also find that you’d prefer to skip the gift giving altogether and opt for a night out or another kind of treat you can share.

Try a Secret Santa with your family: This is a fun way to set gift giving limits among family. Give everyone a budget of no more than $30 and one person to buy for. That way everyone gets a gift and no one has to break the bank.

We wish all our members the best for the holiday season. 

(reprinted from the cutrust newsletter)

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November is Financial Literacy Month in Canada. Throughout the month, we encourage you, our members,  to take control of your finances and reduce financial stress by making a budget, having a savings and debt reduction plan, and understanding your financial rights and responsibilities. 

​Financial literacy is important for the financial well-being of individuals, but also for the economy as a whole. Understanding the basics about money is as essential today as numeracy and basic literacy.​

We know that it isn’t always easy to live within our means, and debt can accumulate quickly. Having a plan to pay off debt will go a long way to reducing financial stress. Spending more than you earn makes you less resilient to economic surprises. A heavy debt load makes you more vulnerable if your financial situation changes or if you need to pay for unexpected expenses.

Learn more at https://www.Canada.ca/financial-literacy-month

We can help. Call us at CCEC to meet with one of our financial advisors. 

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