Did You Know?

Here are five valuable facts that our TCU Account Manager Michelle Rekunyk wants you to know about Student Loans:

1. Our Student Loans function as a line of credit while you are in school, so you will pay interest only payments while completing your studies.
2. You will only make interest payments on what you borrow from your line of credit.
3. there is a 24-month grace period after completion of studies before your line of credit balance is converted to a fixed loan and you will start making regular fixed payments.
4. Our Student Loans offer competitive interest rates.
5. Having a Student Loan helps you establish and build your credit.

Here are six valuable tips that our TCU Account Manager Sangam Kumar wants you to know about Budgeting:

1. No goal is too big to achieve or too small to ignore.
2. Categorize your expenses into fixed vs. variable to identify opportunities to save.
3. Use automatic transfers to your savings account - consistency is key and baby steps add up!
4. Save on taxes with our tax efficient savings options like RRSPs and TFSAs.
5. Let us discuss goal specific savings options and choose the product that fits your needs.
6. Get $50 when you book a Money Goals appointment before September 30th, 2024 with our 2024 Spring/Summer Offer.

Here are four valuable facts that our TCU Account Manager Brayden Dewey wants you to know about a TCU Mastercard:

1. Every TCU Mastercard comes standard with Zero Liability Fraud Protection, Purchase Protection and Extended Warranty, and Mobile Device Insurance, even on our cards with no annual fees. This provides peace of mind when making a larger purchase like an expensive appliance, new cell phone, or shopping online.
2. You can save a considerable amount in fees when traveling to the United States by using our US Dollar Card. When using a Canadian card in the US, every ATM that you visit can charge you a conversion rate and a foreign transaction fee. With the US Dollar Card all your purchases are made in USD, so when the time comes to pay the bill, you can pay it with USD purchased directly from us in branch, giving you a transparent one-time conversion rate and minimizing out of country fees.
3. Credit cards are known for having higher interest rates, but that isn’t always the case. A credit card like our TCU Classic Mastercard offers a rate as low as 12.99%. If you find yourself leaving a balance on your card at the end of the month, this can be a much better option than a card with a higher rate. The average interest rate on a credit card is 23.65%, so with our Classic Mastercard you can end up paying around half as much as a traditional card.
4. If you have considered switching to a card with a higher annual fee with better benefits and are wondering if the switch might be worth it for you, often you can out earn your annual fee in the points and the benefits you take advantage of. For example, if you take a vacation once a year, the Emergency Health Care Coverage, Trip Cancellation & Interruption Insurance, Auto Rental/Collision/Loss Damage insurance, and Lost or Delayed Baggage Coverage offered by our World Mastercard can end up saving you more than the $120 annual fee when compared to paying out of pocket for these services. After that, the points you earn are just the cherry on top.
   

Here are five valuable facts that our TCU Account Manager Brandi Hanoski wants you to know about Vehicle Financing:

1. A pre-approval makes your vehicle shopping experience less stressful!
2. We work with you on a payment that fits your financial goals.
3. Choose a payment schedule that works for you.
4. There are no application fees or prepayment penalties.
5. We have loan insurance options to protect you and your loved ones.

Here are six valuable facts that our TCU Account Manager Bilal wants you to know about Flex Mortgages:

1. With a Flex Mortgage, you gain ongoing access to credit (revolving portion). As you pay down your outstanding balance, your available credit increases up to your credit limit. You can also add a term portion at any time.
2. With the revolving portion, you can borrow up to 65% credit limit of the Flex Mortgage and get a variable interest rate that changes with Prime Rate. As you pay down your outstanding balance, your available credit increases up to your credit limit. You can pay at your own pace without prepayment charges – pay as little as interest only, make additional payments, or pay off your outstanding balance at any time.
3. You can put all or a portion of your outstanding balance from the revolving portion into a term portion and establish regular payments at a fixed or variable interest rate for an open or closed prepayment term.
4. If you opt for a term portion at set-up, you may be able to borrow up to 80% of your home’s value – compared to the maximum 65% in the revolving portion (the credit limit).
5. On a closed term portion, you can make one or more prepayments up to 20% of your original term portion amount every year without a prepayment charge.
6. On an open term portion, you can prepay in full at any time without incurring a prepayment charge or increase your payment amount as much as you like.

Here are five valuable facts that our TCU Account Manager Mike Jones wants you to know about TCU Mortgages:

1. Today, the housing market can seem like it is moving quickly. A mortgage pre-approval can guarantee financing for a home purchase for up to 90 days, meaning you can search for your perfect home knowing exactly what your options are ahead of time.
2. We can guarantee mortgage rates for you for up to 120 days, so you can have peace of mind about your borrowing costs.
3. You can purchase a home with as little as 5% of the purchase price as a down payment and 1.5% of the price as closing costs; though we always recommend having some extra funds saved for your new responsibilities as the homeowner.
4. An Account Manager at TCU can build a plan for you to make the most out of your savings in the build up to a home purchase though great options such as Tax-Free Savings Accounts and the new First Home Savings Account. You worked hard to build those savings, so let’s make those savings work hard for your new home.
5. Have other financial goals such as retirement, travel, or supporting your children through further education? By collaborating with our Account Managers, not only can we create a plan to help you reach the goal of home ownership, that same plan can ensure your other goals and responsibilities are prioritized too. This way, the costs of home ownership do not come at the expense of your family’s well being and the experiences you work hard to provide.
   

Here are five valuable facts that our TCU Account Manager Qaiser Khan wants you to know about our First Home Savings Accounts:

1. Contributions made to an FHSA are tax-deductible to buy your first home.
2. Enjoy earnings on your FHSA tax-free.
3. Qualified first-time home buyers do not need to pay back FHSA funds.
4. You can contribute to your spouse’s FHSA to help buy a home together.
5. Contributions are not limited to the down payment of your home.
   

Here are five valuable facts that our TCU Account Manager Mike Jones wants you to know about our Referral Program:

1. Sharing your experience at TCU with family and friends rewards everyone involved. The new member gets tailored service from TCU and both of you receive a gift.
2. By giving the gift of financial advice, you will both receive a reward from TCU for any referrals booked before June 30, 2024.
3. You can each earn up to $250 in rewards by introducing your friends and family to TCU.
4. TCU has members at the heart of everything we do, that’s why we want to show our gratitude and reward new and existing members through our referral program.
5. Financial goals? We’ll help you get there, and we can help your family and friends do the same through tailored financial advice. With up to $250 each for you and the new member you refer, it’s a great time to speak to your Account Manager about your goals and introduce us to those who are most important to you.
   

Here are five valuable facts that our TCU Wealth Management Investment Advisor/Qtrade Advisor Jeff Elliott, CFP® wants you to know about TFSAs:

1. There are no mandatory withdrawals.
2. Withdrawals do not affect government benefits because they are not considered income.
3. You are allowed to contribute to your spouse or common-law partner's TFSA to maximize contribution levels.
4. You are not required to earn an income to contribute.
5. TFSAs are an efficient tax strategy for estate planning.

Here are five valuable facts that our TCU Wealth Management Financial Planner/Qtrade Advisor Tré Bynoe, CFP®, RIS, CIM® wants you to know about RRSPs:

1. RRSPs are one of the many tools available to pay less tax during your lifetime.
2. If done incorrectly, contributions to RRSPs can result in paying more tax overall than if you didn’t contribute.
3. RRSPs ultimately move income from one year to another year. Ideally, you should move from a year in which you earn more into a year in which you earn less.
4. Don’t assume postponing RRSP withdrawals is always in your best interest. Tax planning around when and how you withdraw from any registered product, including RRSPs, is important.
5. None of my points have mentioned retirement. They are typically used for retirement, but can be used effectively for parental leaves, education leave, a sabbatical, or any situation where someone expects to be in a significantly different tax bracket.
   

Here are five valuable facts that our TCU Account Manager Tom Brown wants you to know about TFSAs:

1. TFSAs are tax-free. The funds that you contribute to your TFSA will be after-tax dollars.
2. You will not pay tax if your investments increase in value, or when you choose to withdraw funds.
3. You will never lose TFSA contribution room. The TFSA limit for 2024 is $7,000, and unused contribution room carries forward each year.
4. TFSAs were introduced in 2009. Now, in 2024, Canadians now have a cumulative lifetime TFSA contribution limit of $95,000.
5. There is no age limit on how long members can hold a TFSA. Members must be at least 18 years of age to open a TFSA account.

Here are six valuable facts that our TCU Account Manager Erin Valentine wants you to know about RRSPs:

1. Contributions to an RRSP are tax deductible.
2. Funds in an RRSP remain tax sheltered until they are withdrawn.
3. Annual RRSP contribution limit is 18% of earned income from the previous year up to a maximum which is indexed each year.
4. Unused contribution room can be carried forward from year to year.
5. You can contribute up to the end of the year in which you turn 71 years old.
6. You can set up automatic transfers into your RRSP to maximize your contributions.

Here are four valuable facts that our TCU Account Manager Cally Sumners wants you to know about RESPs:

1. Contributions to RESPs earn Government Grant money. This is the biggest perk of an RESP!
2. RESP money can be used to cover more than just tuition; it can be used to cover the cost of education related expenses.
3. If your child doesn’t go to school, savings can be returned to you.
4. You can top up your RESP with any unused contribution room by December 31^st.