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FINANCIAL NEWS TO GROW ON
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On Friday, January 16th we announced our intention to
enter into a partnership with Mainstreet Credit Union.
We believe a merger with Mainstreet is the right decision to
ensure continued growth and success of our Credit Union.
With a competitive financial landscape, coupled with increased
technological evolutions, we need to take advantage of greater
resource opportunities which we can realize from having a larger
staff, service-offering and financial base.
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If you would like to learn more about our upcoming merger
and the continued growth of our Credit Union, please join us
on April 30th. We will be asking Goderich members to vote on
this opportunity on May 26th. Location of both meetings is at
the Goderich Legion beginning at 7 p.m.
For more details on key dates, FAQ’s and more, please visit your
branch or our partnership website at www.cupartnership.ca
GIVING BACK
At Goderich Community Credit Union we are about investing
in our members and our local community. We support local
programs, groups, events, services, teams, and more in
order to help grow and strengthen the community where
we live and work. Through our donations, sponsorships,
scholarships and more, it is our way of saying thank you
for your support. Go to www.gccu.on.ca/community.php
to read about how we’re giving back.
Member Service Representative,
Barb Jeffrey celebrates 15 years of
service with Goderich Community
Credit Union. Congratulations!
ASK THE
ADVISOR
WITH INVESTMENT MANAGER,
SHANNON BOSCH
Q & A ABOUT THE TAX-FREE
SAVINGS ACCOUNT
What is a TFSA?
A Tax-Free Savings Account (TFSA) is a
flexible investment account that can help
you meet both your short- and long-term
investing goals.
Why have a TFSA?
Investment income in a TFSA—whether
you’re earning interest, dividends or capital
gains—is not taxed, even when withdrawn.
Compounding tax-free earnings, means that
your money grows more quickly inside a
TFSA than in a traditional taxable account.
Do I get a tax deduction?
Is it taxed later?
There is no tax deduction for contributing
to a TFSA. However, the income your
investments earn is not taxable: Interest
income – no T5, Dividends – no T3,
Capital gains – no calculating. AND, your
withdrawals are tax-free.
When can I withdraw my money?
Depending on your investment, you may
withdraw money from your account at any
time.
What can I use my TFSA for?
You can use your TFSA to save for anything!
A new car, home renovations, a vacation, an
emergency, your retirement. If you need to
save for it - a TFSA may be a great option.
How much can I save?
The annual contribution limit is $5,500 for
years 2013 to 2015 and $5,000 for the years
2009 to 2012. This annual limit will rise
along with inflation in future years, in $500
increments. AND, you can carry forward
unused contribution room indefinitely.
What if I do not have $5,500?
LORI
Lori Salverda, Member Service
Representative, will be leaving us
after 14 years of service with plans
to help out on the family farm.
Our members, her co-workers and
our board will miss her dedication,
positive attitude, fun loving personality
and warm smile. We wish her all the best!
BARB
OUR
FAMILY
TREE
Mainstreet Credit Union currently has 13 locations across
southwestern Ontario, as well as strong commercial and
agricultural product offerings. Like our own credit union their
focus is on providing exceptional personalized service to their
members and investing their time and resources into their
community.
We sincerely thank you for your support as we pursue this
fantastic opportunity for the future of our Credit Union.
COMMUNITY
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This merger will help us further establish our presence in
a competitive financial landscape and ensure we are well
positioned to offer our members the very best that we can.
SPRING 2015
Congratulations to
Loan & Investment Officer
Amanda Moody and her
husband Mike, on the happy
and healthy arrival of their
new baby boy Jack Michael,
on Saturday, March 28th.
You can make smaller regular automatic
contributions or occasional lump sums up to
your maximum contribution.
How do I get started?
Call me directly at 519.524.8366 or come
into the branch and I can help you choose
the best TFSA investment option for you.
PRACTICE SAFE
ONLINE AND
MOBILE BANKING
ASK THE EXPERT
WITH LOAN MANAGER, KIM MCDOUGALL
Q. Is it better to buy a new vehicle or
a used vehicle?
A.Let’s take a look at the advantages both of
these options have to offer.
THE PROS OF BUYING NEW
With the growing ease
and convenience of online
and mobile banking they
are quickly becoming the
standard for meeting our
daily banking needs. With
this rising trend comes the
responsibility of financial
providers to ensure a failsafe
online and mobile banking
environment for its users.
Despite our best efforts however, there
are individuals and organizations out
there that have dedicated themselves to
developing convincing scams designed to
lure your confidential financial and personal
information away from you.
As an online and mobile banking member it
is important you are adopting safe banking
practices and habits in order to further
safeguard yourself from falling victim to
identity fraud.
Here are few steps you can take to protect
your personal information:
• Use caution when using free Wi-Fi hotspots
in public. Verify network names before
connecting.
• Ensure you are taking advantage of the
password protection feature on your
devices.
• Refrain from storing personal passwords
and key login information on your devices.
• Keep your anti-spam and anti-virus
protection software up to date.
• Never reply to emails, phone messages or
pop ups that are soliciting private personal
information.
• Check your financial statements regularly
for any activity that is out of the ordinary
or was not performed by you.
When in doubt check it out. Call your credit
union to ask about any suspicious solicitation
you may have received. Stay in the know and
practice safe banking.
Custom order. With a new car purchase
you can opt for the all the bells and whistles
or just take the basics, the choice is yours.
True you’ll pay for all the extras, but you can
customize the car exactly how you want it.
More incentives and lower financing
rates. Since the vehicle is new and typically
worth more this means you can usually
secure a much lower interest rate than
with a used car. Some dealerships offer
0% financing or cash back incentives on
select terms and vehicles. While the idea
of 0% financing might seem like the obvious
choice, you might be surprised to learn that
taking a cash-back incentive along with a
lower loan rate approved by the Credit Union
could save you more money in the long run.
Full warranty. While you can buy
extended warranties with used vehicles,
you’re guaranteed to get this when you
purchase new. Plus, dealers often add
in additional perks like maintenance
packages to help you keep the car in
good shape.
Fresh off the lot. Nothing beats that new
car smell and the added comfort of knowing
that the vehicle you own is brand new, rarely
been touched by anyone but you.
Your dollar
goes a lot
further. With
the lower price tag
on a used car you may
be able to opt for a nicer
model or more features than
you could afford buying the
same vehicle new.
Insurance savings. Used
cars tend to be less money
to insure. Insurance rates are
based on the car’s value, so factoring in the
depreciation of an older car helps you out on
insurance premiums.
More wiggle room. With a used
vehicle you may have more opportunity
to negotiate on price. With services like
www.canadianblackbook.com and
www.autotrader.ca you can find a fair
comparison on the car you are considering
and get a good indication on the price you
should be willing to pay. This gives you a
good idea of what the car is really worth.
While there are advantages to either option,
it’s easy to feel overwhelmed by all of the
offers available to you. Cash-back rebates, 0%
financing, black book values, new car incentives,
car proof reports and safety ratings, it’s a lot of
information to wade through. That’s where the
help of our experienced lender can make all the
difference in your car buying experience.
Let us be your first stop before you shop.
We’ll get you pre-approved before you go so you
know how much you can comfortably afford.
THE PROS OF BUYING USED
Plus, our convenient terms and competitive
Lower price tag. Vehicles depreciate
quickly, often as high as 40% within the first rates could help you drive away a winner.
year of purchase. That means you can save a Talk to us today!
considerable amount off the purchase price
Call 519.524.8366 to set up an
on vehicles that are one year or older.
appointment or come into the branch.
LET THE SUNSHINE IN
Spring has officially sprung and we can’t wait
to get outdoors and enjoy the warmer weather.
Our Board and Staff would like to wish
all of our members and their families
a safe and happy Spring &
Summer season.
P.O. Box 66
39 St. David Street
Goderich, ON N7A 3Y5
T. 519.524.8366 F. 519.524.1329
www.gccu.on.ca
Monday to Thursday
9:00 a.m. - 5:30 p.m.
Friday 9:00 a.m. - 6:00 p.m.
Saturday 9:00 a.m. - 12:00 noon
WE’D LOVE YOUR FEEDBACK!
CONTACT US BY EMAIL WITH YOUR
COMMENTS OR SUGGESTIONS AT
[email protected].
The information contained herein is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal,
accounting, or professional advice. Readers should consult their own subject matter experts for advice on the specific circumstances before taking any action.