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FINANCIAL NEWS TO GROW ON
GROW
YOUR MONEY
FASTER
WITH A TFSA
The TFSA is a great option for anything; emergency fund,
new home, retirement or vacation.
FROM THE
DESK OF
THE CEO
The 2015 contribution limit is $ 5,500. Choose from
a variety of investments including GICs, high interest
savings and mutual funds. We can easily set up
regular deposits to your TFSA.
Use the government’s handy
calculator to help you see just
how far your tax-sheltered
savings can go. Visit tfsa.gc.ca
and click on the “Tax-Free
Savings Account Calculator”
in the right hand menu.
COMMUNITY HUB
You can use a TFSA to grow your savings faster by
sheltering your investment earnings and withdrawals from
income tax. A TFSA is a general-purpose savings option
that allows you to easily meet lifetime income and savings
needs. No tax means building your investments faster.
Investing takes thought and consideration.
Our advisors want to help. We are here
to answer your questions and guide
you towards your savings goals.
Drop by our branch or call
519.524.8366 and talk to us today!
WE’RE ON YOUR SIDE
One of the biggest parts of being a community-centered
credit union is our commitment to support our members
and the communities we serve. Here are just a few of the
initiatives we supported this past year.
• Annual Goderich Children’s Festival
• YMCA ”Strong Kids Program”
• Habitat for Humanity The Women Build Program
• Local OSPCA
• Hockey for Hunter
• Hometown Hockey Heroes
• Canadian Blood Services
• Outdoor Performance Stage
TELL
YOUR
FAMILY &
FRIENDS
As a member you’re
already enjoying
the many benefits
of membership at
Goderich Community
Credit Union, so why
not encourage your
family and friends to
do the same.
•
•
•
•
•
•
•
Goderich Junior “C” Sailors
Community Living
Volvo Motor Graders Reunion
Huron Art and Heritage Open Door Event
Ontario Students Against Impaired Driving
GDCI Challenge Day
GDCI and St. Anne’s Secondary School
Scholarship Programs
They will enjoy all the services they have
come to expect from a full service financial
institution, plus so much more.
• Unmatched personalized service, we get to
know our members by name
•Equal Share in GCCU means you have a
voice and a vote
• Profit Sharing in the form of bonus rates on
savings accounts
• Expert Advice for all your financial needs
• Better Rates on your investments and lending
needs
• Lower Fees on the products and services you
use everyday
• Commitment to give back to the community
where you live and work
WINTER 2014-2015
ASK THE
ADVISOR
WITH INVESTMENT MANAGER,
SHANNON BOSCH
Q. What is a RRIF?
A.A Registered Retirement Income Fund
(RRIF) is a registered account that
gives you a steady income in your
retirement years. Typically this happens
when you need a regular “paycheque”
at retirement. Before, you were putting
money into your RRSP to accumulate
savings for retirement. Now, you
withdraw that money from your
RRIF as retirement income.
Q. What do I need to know
A. about a RRIF?
• You can open a RRIF anytime, but no
later than the end of the year you turn 71.
• You open a RRIF by transferring money
from your RRSP. Transfers from other
registered plans like pension plans
and DPSPs are allowed under certain
circumstances.
• You may hold multiple RRIFs.
• You choose the types of investments to
hold in a RRIF. Examples: GICs and
mutual funds.
• You must take out a minimum amount
from your RRIF each year. This amount
increases, as you get older. There is no
maximum withdrawal limit.
• RRIFs may be left to a spouse, named
beneficiary or your estate.
Learn more about how RRIFs work by
dropping into our branch or calling me
directly at 519.524.8366 today.
The merits are immeasurable when it comes
to membership at GCCU. So tell your
family and friends to become a part of the
co-operative banking movement too.
Joining is easy! Simply drop by our branch
or call us at 519.524.8366 to learn more
or to become a member today.
2014 YEAR IN REVIEW
ASSETS
$64 million GREW BY 4.7%
ASK THE EXPERT
CAPITAL RESERVES
9.16% 1.30% 0.25% (REGULATORY
MINIMUM 4.00%)
WITH LOAN MANAGER, KIM MCDOUGALL
PAID
Q. What are the costs associated
with buying a home?
ON MEMBER CDN
SAVINGS ACCOUNTS
AND
A.Buying your first home or even your next
home can be an overwhelming process.
That’s why it is important to work with
experts who understand the ins and outs
of the home purchase process. To help
you understand what you can expect
here is a breakdown of the costs involved.
ON US SAVINGS ACCOUNTS
To view the full 2014 Annual Report go
to gccu.on.ca under “About Us” section.
Thank you to our members, staff,
management, and board of directors
for your unwavering dedication and
commitment to our credit union and its
success year after year.
EMILY
Please welcome our two new
Member Service Representatives,
Aynsley Cowperthwaite and
Emily Bell who have joined
our team. Be sure to introduce
yourself on your next visit to the
branch and these ladies will be
happy to serve you.
LAURA
Join us in wishing Laura Frayne
a happy anniversary as she
celebrates FIVE YEARS with
our credit union.
WHAT GCCU MEANS TO ME
As they say, “I never thought it would happen
to me!” But, it did. My wallet and all its
contents were pickpocketed on the Métro in
Paris in September.
After reporting to police, my wife and I
returned to our hotel to cancel our credit and
debit cards immediately. The financial phone
numbers gave me the “our menu has changed”
message and various delay times. But, my
stress level dropped within seconds of being
welcomed by Amanda’s friendly voice on the
line at our Credit Union way back in Goderich!
She had my debit card number immediately
blocked and transferred funds to my wife’s card.
It was so great to hear such a friendly, personal
and competent voice! And this was achieved by
phoning the GCCU’s number, 1-877-524-4740,
directly, at no charge, from downtown Paris,
France! I had all the relevant phone numbers
with me, but this one was worth gold!
Merci très beaucoup to the GCCU!
Marty Bond
This insurance protects
you against losses arising
from challenges to the
ownership of your
home such as fraud,
forgery and title
defects. The average cost is $400.
ADJUSTMENTS
A professional home inspection costs
around $500 but could save you thousands
in the long run.
If the seller has prepaid for any expenses on
the home such as property taxes or utilities,
an adjustment may be required on closing,
usually between $400 and $700.
APPRAISAL
HOME OWNERS INSURANCE
HOME INSPECTION
AYNSLEY
OUR FAMILY TREE
TITLE INSURANCE
An appraisal may be required to
determine the value of the home and
takes place during the condition period
of the home-buying process. Average
cost $350.
LEGAL FEES
Lawyers are required to facilitate the all
important paperwork between buyer
and seller and cost for legal fees is
approximately $1,500.
LAND TRANSFER TAX
Provincial Land Transfer Tax is estimated
at up to 2% of the purchase price. The
good news is first time homebuyers are
eligible for a tax credit of up to $2,000.
MORTGAGE INSURANCE
Mortgage default insurance (up to
3.5% of the purchase price) is required
when you put less than 20% down
and is usually added directly to the
mortgage itself.
Coverage varies depending on your needs.
Expect to spend on average about $1,000 to
$2,000 annually.
MOVING EXPENSES
Don’t forget the big day! If you’re hiring
movers or a truck, plan to spend anywhere
from $200 - $1,500.
Q.What if I want to make
improvements to my new home?
A. Often new homeowners want to have the
option to make improvements or upgrades
to their new home at the time of purchase.
This is where our high ratio insurance
provider, Genworth Canada, can offer you
the flexibility you need with the “Purchase
Plus Improvements Program.” You will need
to supply a qualified quote of the planned
improvements at the time of application and
up to 95% of the cost can be added to the
mortgage based on approval.
HAPPY HOLIDAYS FROM GCCU
GODERICH COMMUNITY CREDIT UNION STAFF, MANAGEMENT AND BOARD OF DIRECTORS WOULD
LIKE TO WISH YOU AND YOURS A JOYOUS HOLIDAY SEASON AND MAY THE NEW YEAR BE FILLED
WITH HEALTH AND HAPPINESS FOR ALL!
HOLIDAY HOURS
Wednesday December 24th – Open until 3 p.m.
Thursday, December 25th – CLOSED
Friday, December 26th – CLOSED
Saturday, December 27th – R
egular hours
(9:00 a.m. – 12:00 noon)
Wednesday December 31st - Open until 3 p.m.
Thursday, January 1st, 2015 - CLOSED
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.