This year’s tax deadline is March 1, 2019. Here’s how you can use last-minute RRSP contributions to offset 2018 income tax:

 

First, let’s look at what an RRSP is:

An RRSP is a Registered Retirement Savings Plan. It’s an investment account that allows you to save for your retirement on a tax-deferred basis.

Who’s eligible to contribute?

Any person, including non-residents of Canada, with earned income that is subject to Canadian taxation, can contribute to an RRSP.

DID YOU KNOW: You can make all or part of your contributions in your spouse’s or common-law partner’s name? As the contributor, you are still entitled to the tax deduction, but putting contributions in your spouse’s name enables you to split your income and reduce tax implications when receiving the income.

What impact do RRSPs have on my income tax?

Contributions made to an RRSP are tax deductible (up to an annual limit), which reduces your taxable income. This means you can claim contributions as a tax deduction when you file your income tax return which lowers the amount of tax you pay. To find out what your contribution limit for 2018 is, consult your tax documents from the previous tax year – specifically, your Notice of Assessment, your accountant, or log into your Canada Revenue Agency (CRA) account online. Don’t have one? Sign up today! It’s fast and easy.

It’s not too late! You can still contribute to RRSPs to offset 2018 taxable income.

RRSP Deadline March 1 2019

 

 

 

 

 What’s the best way to make contributions to an RRSP?

There are two options:

  1. Contribute with each paycheque. As little as $25 bi-weekly can earn you $650 annually towards your retirement PLUS reduce the amount of tax you would pay now.
  2. Contribute a lump-sum via cash, cheque or transfer. Talk to your advisor about the best way to move money into your RRSP account.

Don't forget!If remembering to contribute money to your RRSP is a challenge, you can set up a Pre-authorized Transfer (PAT) to do the work for you! You can set automatic transfers from your chequing account directly to your RRSP account without any post-it note reminders or to-do list entries. It’s easy! 

 

So why not pay yourself to retire AND reduce your taxable income this April? Contribute to a Crosstown Civic Credit Union RRSP account today! Visit your local branch and speak to an advisor to find the best product for you.

HELPFUL LINKS:
Canada Revenue Agency (CRA)
Crosstown Civic Best Rates
Crosstown Civic RRSP Products

The new limit, announced at the end of November, means more savings options for Canadians.

Since the government’s introduction of the Tax Free Savings Account in 2009, there have been few changes to the program. The inaugural year saw a limit of $5000 and it stayed that way until 2013 when the additional $500 was added. TFSA limits stayed stagnant save the $10,000 promotional year in 2015.

This new limit means that for those who’ve never contributed to a TFSA before, and who were of age since the program’s inception, could potentially have a contribution total of $63,500 by January 1st.

The ability to withdraw funds as needed is one of the biggest advantages of a TFSA. Withdrawing money from your TFSA doesn’t count as “income” so it doesn’t affect your annual taxes or other benefits and pensions. So yes – you can withdraw from your TFSA at any time but it’s far more beneficial to let interest build by saving long term.

Limits are easy to track for members with only one TFSA account – but if you have more than one, you need to be aware of your limits based on the total amount.

If you don’t currently have a TFSA, you can open one with Crosstown Civic and contribute a maximum of $57,500 in 2018 and $63,500 in 2019.

If you have never withdrawn money from a TFSA account, you can keep adding until you hit the current TFSA limit. If you’ve withdrawn money from a TFSA in the past, you can earn that room back the following year.

If you have more than one TFSA, be aware of your limits as they are based on the total amount.

How can I take advantage of this increase?

Crosstown Civic Credit Union offers competitive TFSA investment terms. Interest is paid or compounded annually. Visit our rates page for more information.


A History of the TFSA Limits

 

Year

Limit

2019

$6000

2018

$5500

2017

$5500

2016

$5500

2015

$10,000

2014

$5500

2013

$5500

2012

$5000

2011

$5000

2010

$5000

2009

$5000

Edge Start, Youth Edge, and Student Edge accounts determined to jumpstart future savings and financial literacy.


Crosstown Civic is pleased to announce our new lineup of youth account products. As part of our commitment to helping our members grow their savings, we are pleased to announce we have made some enhancements to the Fat Cat®, Moving Up® and Student accounts. These improvements will help us better serve our members, while enabling us to offer the most up-to-date products.

Designed with your child’s future saving habits in mind, we’ve developed the products they need now for financial success later. Here’s what you should know:

 

FORMER PRODUCT

Fat Cat

Moving Up

Student

NEW NAME

Edge Start

Youth Edge

Student Edge

PRODUCT TYPE

Savings

Chequing

Chequing

DEMOGRAPHIC

0 to 13 years

13 to 20 years

Full-time students who are enrolled in a post-secondary educational institution

FEATURES

ü  Their first savings account—with no monthly fee.

ü  Free ATM transactions and POS purchases

ü  First $5 investment paid by CCCU

ü  Unlimited Debits

ü  No monthly fee

ü  Free ATM transactions and POS purchases

ü  Unlimited Debits

ü  E-Transfers

ü  Online Banking

ü  Get student perks, no matter your age.

ü  Free ATM transactions and POS purchases

ü  Unlimited Debits

ü  Free E-Transfers, Online Banking, Mobile Banking, and Deposit Anywhere™

ü  Reduced interest rate loans available

 

For a complete list of the features and benefits of these exciting new products:

In addition to enhancing our youth product offering, we are working on communications initiatives dedicated to educating today’s youth on savings strategies, investment opportunities, and debt knowledge. Stay tuned for more details!

On December 3, 2018, Crosstown Civic Credit Union is releasing two new Interac® E-transfer features that members are sure to love. The Request Money and Autodeposit enhanced e-transfer features target both personal and small business members.

Request Money allows you to easily request money you are owed. Here’s how it works:

  • Using your online or mobile banking, select a contact, then enter an amount and choose an account where funds are to be deposited.
  • This step includes the option to add a personalized message (ex. businesses can enter an invoice number).
  • An Interac e-Transfer notification will then be sent to the person you are requesting money from.
  • Once they receive the notification, they can fulfill the request by logging into their online banking, and the funds will be immediately deposited into your bank account. (NOTE: Whoever initiates the request will pay the fee.)

For Personal Account Members, it’s a softer way to say “Hey, remember that $20 you owe me?”

For Business Account Members, it can help streamline payments.

Autodeposit is convenient, fast, and makes Interac e-Transfer even easier for everyone. It is a secure way to receive money without having to answer security questions for every transaction. Here’s how it works:

  • Simply link your email address to your CCCU bank account.
  • Select “Autodeposit,” enter your email address, and select the bank account you want associated with Autodeposit.
  • When an Interac e-Transfer is sent to you, the payment will automatically be deposited into your bank account associated with that email address – no need to select the Financial Institution, login to online banking and answer a security question!
  • You will receive a notification that funds were deposited.
  • Money being sent to a recipient registered for Autodeposit will take the same time as a regular Interac e-Transfer transaction – i.e. from instant to within 30 minutes.
  • Service fees will be paid by the sender.

For CCCU business members, Autodeposit and Request Money are features that will enable you to turn your CCCU online banking into your business payments hub. With these features, you will be able to:

  • Provide a convenient option for businesses to request payments
  • Receive funds faster
  • Track payments online
  • Improve cash flow management

For more details, visit your local Crosstown Civic Credit Union branch.

Did you know that for some children, cold temperatures mean they miss school, extracurricular activities and winter fun? Without proper winter gear, Winnipeg children are homebound.

Every year, from September to February, Koats for Kids brings Winnipeggers together to share winter outerwear. This year, Crosstown Civic Credit Union will be running a collection drive from November 5 to 30 at each of our nine branch locations.

Have winter outerwear to share?
Koats for Kids collects children's outerwear, from infant to toddler to youth. Members are invited to donate new or gently used:

  • Winter jackets (must have a working zipper and be machine washable i.e. no leather or dry clean items)
  • Ski pants
  • Boots
  • Hats
  • Scarves
  • Mittens/gloves

Crosstown Civic will have collection boxes and signs set up throughout the branch network during this time. For a complete list of drop off locations, visit KoatsForKids.ca.

Thank you for “sharing the warmth!”

Jascha Boge
Chair

Jascha is a P. Eng., and graduated from the University of Manitoba with a B. Sc. degree in Civil Engineering. He is a member of the Association of Professional Engineers and Geoscientists of Manitoba. Jascha’s principal occupation is Secretary-Treasurer of Langreen (2005) Ltd., a construction company that builds commercial and industrial projects in Manitoba and North West Ontario. He serves Crosstown Civic Credit Union as Chair of the Board of Directors and sits on the Executive and Governance, as well as the Loan Committee. Jascha also serves the community at large as a member of the Executive Committee of Rainbow Stage, Winnipeg’s well-known musical theatre company. Jascha and his wife, Hildi enjoy spending family time with their 6 children and 14 grandchildren.

Henry Dyck

Henry has had a career with the City of Winnipeg as a senior manager in the Planning, Property and Development Department, as well as consulting in areas of Legal Land Surveying, Property Development and Real Estate. Henry is a Professional Land Surveyor and has served as President of the Association of Manitoba Land Surveyors. He has served on various boards including Chair of the Westgate Mennonite Collegiate Board of Directors.

Henry has and continues to be involved in a variety of community organizations and/or projects that include Charleswood Mennonite Church, Westgate Mennonite Collegiate, Canadian Mennonite University, Mennonite Central Committee (MCC) and Community Housing developments. Major property development and building projects were undertaken during his leadership. Henry’s experience, knowledge and dedication in this area has been an asset to the Board and in the strategic planning and the establishment of the St. Anne’s Road, Pembina Highway, Portage Avenue (St. James) and the McPhillips Street branches. Crosstown Civic CU now has nine branches to better serve its members throughout the City.

Henry is a long time Crosstown Civic member, an active Board member and has been on the Executive, Nominating, Branching, Building (Chair) and Loans Committees. Henry has the vision, experience, energy, time and motivation needed to help continue leading Crosstown Civic to move forward into the future and stay strong. Henry and his wife Elsie have two married children and six grandchildren. Henry and his wife enjoy spending time with family, the Arts, sports, volunteering, travelling and the cottage.

Catherine Burns

Catherine Burns has served on the Board of Crosstown Civic Credit Union for six years. She Chairs the Audit and Risk Committee and has participated in the Performance Review and Evaluation Committee and Nominations Committee. Catherine has recently completed the Institute of Corporate Directors-Rotman Director Education Program and attained her ICD.D.

Catherine is a Chartered Accountant with over 30 years of experience in consulting, finance and administrative leadership positions. Her industry experience includes insurance, post-secondary education, telecommunications, health care, retail and publishing in private, public and non-profit organizations.

Catherine is currently the Interim CFO for Diagnostic Services Manitoba (DSM), a $200 million operation providing laboratory and imaging services at 77 diagnostic sites throughout Manitoba. She has worked for DSM for over seven years in a variety of leadership positions related to financial governance, organizational performance, change management and enterprise risk management.

Alan J. Janzen
Vice Chair

Alan is currently "self-deployed" after a career in education which involved teaching at all levels of public school and culminated in 23 years with Manitoba Education's Curriculum Branch as a consultant, assistant director and director. He has also been a long standing credit union board member, having served 12 years as Board Chair (president) of Crosstown Credit Union, and subsequently has been active in every aspect of committee work with Crosstown Civic Credit Union. He is currently Board Vice-Chair and Chair of the Performance Review Committee. Alan holds B.A., B.Ed., and M.Ed. degrees from the University of Manitoba. Alan enjoys spending quality time with his family, is active in his church community, and enjoys choral singing and volunteering with The MCC.

Ellie Krahn

Ellie became a member of the credit union in 1971 and joined the Board in 2000. She has served in many capacities including the Personal Committee, President of the Safeway Credit Union Board from 2003 until amalgamation with Civic, as Vice President of Civic Credit Union from the Civic/Safeway amalgamation to the Crosstown Civic amalgamation. With Crosstown Civic she has served on the Executive, Loans, Nominating, and Building Committee's. She has completed the required Credit Union Director Achievement Program as well as many optional training modules.

Randy Schartner

Randy has founded/co-founded four entrepreneurial start-ups over the past 15 years. The most successful one was purchased by Priceline.com, a public, multi-national company. He is currently the President of Priceline Partner Network and oversees its Winnipeg office and manages key accounts for the company, which has seen tremendous growth over the past six years. Randy is also a Real Estate and Development entrepreneur.

Don Enns

Don has been a member of our credit union for more than thirty five years. Don possesses a Master of Business Administration (MBA) degree, a Post Baccalaureate Diploma in Management, and an Honours Certificate in Project Management. Don has also completed extensive course work in organizational behavior, strategic planning, financial management, and ethical decision making. Don is a District Chief with the Winnipeg Fire Department and an instructor for both Dalhousie University and the Justice Institute of British Columbia, facilitating fire service based administrative course delivery to students across Canada while utilizing an online platform.

John Zacharias

John is a Chartered Professional Accountant and has been in private practice since 1978. During those years, he worked with many businesses in manufacturing, construction, retail and service industries assisting them with their accounting, financial and tax planning needs. He also served on various boards including the Society of Management Accountants of Manitoba, Westgate Mennonite Collegiate and treasurer of the North Kildonan Mennonite Church. John and his wife Helen have been members of Crosstown Civic Credit Union for more than forty-five years.

Ingrid Loewen

Ingrid is a Chartered Accountant (1986) with a Bachelor of Commerce, Honours Degree (1983) from the University of Manitoba. For 25 years she worked for one of Manitoba’s largest crown corporations in leadership positions including the Chief Audit Executive and Chief Financial and Strategy Officer with a wide range of responsibilities including governance, strategy, finance, internal audit, privacy, social responsibility, and communications. Ingrid has extensive experience with board governance as an executive responsible for board processes and a board/committee member for various professional associations, not-for-profit organizations and Church Council.

Mona Forsen

Chief Executive Officer

Prior to joining Crosstown Civic, Mona held executive leadership roles within the Manitoba credit union system, and a variety of management roles with a major Canadian bank. She holds a Master of Business Administration and Bachelor of Commerce (Honours) degree from the University of Manitoba. As Chief Executive Officer, Mona believes that Crosstown Civic is all about helping our members achieve their financial goals and that this is only accomplished by caring about and investing in CCCU employees, members and the local communities we serve. Mona and her husband Ward enjoy traveling and participating in many sporting activities.

Bernice McClintock

Chief Operating Officer

Bernice has worked within the credit union system in various leadership roles for over 20 years. She is passionate about optimizing our members’ experiences within our credit union. She holds her Certificate in Management (Honours) and a Professional Management designation, and has been recognized as a leader in her field. Bernice is actively involved in the community, and has served on the board of The Elizabeth Fry Society, Community Credit Counselling, and The Manitoba Marathon. Bernice volunteers for Manitoba Cancer Care, Siloam Mission and Canadian Blood Services. Bernice and her husband Phil are actively involved in the many outdoor sporting events Winnipeg has to offer.

Brent Berzuk

Chief Governance & Risk Officer

Brent has been employed in the financial services field his entire career, initially in various branch banking roles with major Canadian Chartered Banks, and more recently for almost a decade in the Manitoba Credit Union system in areas of specialized project work and risk management. Brent is a graduate of the University of Manitoba where he obtained his B.Comm (Hons) degree, and he also holds his Canadian Risk Management designation (CRM) awarded through the Global Risk Management Institute. Brent was born and raised in Winnipeg and enjoys raising his two boys with his wife Cindy.

Joël Bosc
Chief Financial Officer

Joël joined Crosstown Civic Credit Union in 2007 as its Chief Financial Officer. Prior to joining the credit union, Joël held various senior accounting and finance roles, including five years as director of finance at a Manitoba caisse populaire. Joël is a CPA,CA, having attained his Chartered Accountant designation while working with Ernst & Young’s Winnipeg office, and also holds a Bachelor of Commerce (Honours) degree from the University of Manitoba.

Neil Enns
Commercial Department Manager

Neil Enns is the Manager of the Crosstown Civic Commercial Department and has been employed by the credit union for over 26 years. He has seen the commercial department grow from about $2,000,000 in size to its current portfolio of over $700,000,000. Neil has a degree from the University of Manitoba, Faculty of Business with a major in Finance. He is married to his wife Patty and they have three wonderful daughters.

Rick Yallits
Chief Information Officer

Rick is the CIO of CCCU. He has been employed by CCCU since 2010 but has been involved with CCCU and their IT since the early 90’s, when there were only four branches. Prior to 2010, Rick spent the previous 17 years working for another company which provided IT services to many CU’s within the province, of which CCCU was one. Rick has a diploma from RRCC in Business Administration as well as a Certificate from RRCC in Computer programming.

Deborah Harri

Deborah’s is a corporate governance professional with over 20 years of experience. She was formerly an executive and member of the leadership team of the Canadian Wheat Board. Deborah also served as Corporate Secretary of the CWB for 10 years, which involved advising and working closely with an elected board. She has formal director training and is an accredited director with an ICD.D designation from the Institute of Corporate Directors (ICD)-Rotman School of Management Directors Education Program.

Deborah is currently chair the board of the Manitoba Lung Association and also serves on the Executive of the Manitoba Chapter of the ICD, on the advisory board of NovaTuri Group and on the Governance Renewal Subcommittee of the Canadian Lung Association.

Deborah holds a Bachelor of Commerce (Honours) degree from the University of Manitoba and has taken numerous corporate governance courses.

Ken Braun

Ken Braun is the General Manager of a large home builder in Winnipeg. Previously he spent most of his career in the concrete business, culminating in a General Manager role. In this role he oversaw four production facilities and a large logistics network. He obtained a Bachelor of Commerce (Honours) and a Master of Business Administration from the Asper School of Business at the University of Manitoba. To enhance his formal education, Ken broadened his leadership skills through numerous courses including the Dale Carnegie Leadership Training for Managers as well as a Mannaz Management Program in Malaysia. These training opportunities, along with escalating managerial responsibilities, gave him tools needed to lead an organization. In addition to his professional experience, Ken has served on the board of directors for three not-for-profit organizations, which include two separate roles as committee chair. Serving in his local community has been fulfilling and rewarding. Ken has been a Crosstown Civic Credit Union member since his parents first took him to open an account as a child. This is the only financial institution he has ever used. His 10 and 8 year old daughters recently became members, proudly carrying on the family tradition. When he is not working or volunteering, he enjoys golf, travelling with his family or simply watching Netflix with his wife.