2016 Spring Newsletter - The Police Credit Union

Beat the Taxman
2
Travel Tips
2
Making the Grade
3
Young Leaders
3
Be Scam-Savvy
4
Make Your Move
3
Service Fee Changes
4
TAKING CARE OF OUR OWN
PASS IT ON
DRIVE YOUR
WAY TO
SAVINGS!
Pick your ride and we’ll help you
pay less and save more.
HOT TIPS & MORE
FROM YOUR CREDIT UNION >>>
Spring 2016
IMPORTANT:
BRANCH HOUR CHANGES
Save
2.5%*
WITH AN INCREDIBLE RATE REDUCTION ON VEHICLE LOANS
Now that winter weather is almost behind us, you
may be thinking of getting a fresh start this spring
with a new vehicle. But before you hit the road to
look for your next set of wheels, whether new or
used, here are a few tips that can save you time,
money and any hassles.
Know your budget.
By talking with a Financial Services Officer before
you go, we can help you determine the monthly
payment amount that fits comfortably into your
budget. This will also tell you how much you can
afford to spend on the actual vehicle and put you in a
better bargaining position before you visit the car lot.
Do your homework.
A little time spent online researching the vehicles
you’re interested in can help you narrow your search.
Consider the types of features you want in a new
vehicle and whether they come standard or as
add-ons. Customer reviews from seasoned owners
can also be a valuable resource.
CALL
BRUCE
BEFORE
YOU BUY
Weigh your options.
There are a lot of promotions out there designed to
reel you in. Don’t always assume 0% financing is
your best option. Oftentimes the cash back rebate
could save you even more on your bottom line price
and with a great rate loan from your Credit Union,
you’ll save even more.
Have the final say.
Remember most car salespeople are not there to
educate you on the best use of your money they just
want to seal the deal. Don’t allow yourself to feel
pressured into a purchase. You always have the option
to simply walk away if the deal doesn’t feel right.
WHEEL YOUR BEST DEAL AT TPCU
This spring, we’re driving down rates on loans for all
new and nearly new vehicles. With terms up to 10
years and 100% financing available, you could drive
away in your new vehicle with no money down!
Call us today at 1.800.561.2557 and gear up for
some serious savings!
One phone call to our resident expert Bruce Lloyd of Car Choice Canada
and he can help you find the vehicle you want at the best price going
without even stepping foot inside a dealership.
We are making a few changes to our
hours in order to serve you better. These
new changes will take place beginning
May 14th and will ensure we are making
the best use of resources to effectively
meet the demands of our membership
as a whole.
Our CALL CENTRE will now be open to
our members extended hours:
NEW CALL CENTRE HOURS
Monday to Wednesday - 8:00 to 5:00 p.m.
Thursday to Friday - 8:00 to 7:00
Saturday - 10:00 to 3:00 p.m.
Our DURHAM BRANCH will be extending
their weekday hours to stay open later on
Thursdays. They will no longer be open on
Saturdays.
NEW DURHAM BRANCH HOURS
Monday, Tuesday and Wednesday
- 9:00 a.m. to 5:00 p.m.
Thursday - 11:00 a.m. to 7:00 p.m.
Friday - 9:00 a.m. to 5:00 p.m.
You can still enjoy around the clock access
to you accounts through telephone, online
and mobile banking, as well as through our
extensive network of conveniently located
ATMs including THE EXCHANGE Network®.
HOLIDAY
HOURS
Bruce knows the ins and outs of the car industry and brings his years of industry
experience and connections to help you with everything from finding the right
vehicle, to negotiating the best price, to finding the most affordable financing option.
MAY – Victoria Day
Monday, May 23
ALL BRANCHES CLOSED
The best part is, Bruce’s services are completely FREE for members who
secure their financing through the Police Credit Union. Call 905.789.7750
to discuss your needs today!
JULY – Canada Day
*Rates subject to change without notice. Check out website tor current rates. Applies to new and used
vehicles within 4 model years.
Friday, July 1
ALL BRANCHES CLOSED
FROM THE DESK OF HORST SCHEIBELT...
MEMBERCARD
PROTECTION NOTICE
FOR TRAVELERS
If you plan on traveling outside of Canada
and the U.S. for business or pleasure, be
sure to place a quick call to the Credit
Union to advise us of your travel plans so
that we can ensure uninterrupted access
to your accounts while abroad.
It’s just a small measure of added protection
we take to ensure our members’ accounts
stay safe. Letting us know before you leave
the country will help us keep you on track
without any interruption to your account
access. For a small fee we will unblock
your card for access to your accounts in
the countries you are visiting.
Make sure you are financially prepared for
your trip. Ensure that you have more than
one method of payment. In addition to your
MemberCard, have a credit card with a high
enough limit to cover not only your regular
expenses, but also unexpected expenses or
emergencies. A Credit Union MasterCard is a
great option. Make sure you know your PIN
for all cards before you travel. Have important
contact numbers and information in a secure
place and leave a copy of the information
with a reliable trusted person you can easily
reach if needed. This includes your passport
information, ID information, credit card
numbers, and important numbers in case
anything is lost or stolen. If you encounter
difficulties while away, you can contact
us via email at [email protected] or
call collect by dialing the country code and
416.226.3353.
Simply visit your branch or give us a call at
1.800.561.2557 at least one week before you
travel to update us of your plans and ensure
easy access to your accounts.
Beat the Taxman
If you’re like most Canadians, taxes take a big
bite out of your wallet every year. For many of us
they’re our single largest expense. But fortunately
there are a few ways to beat the taxman and keep
more of your hard earned money.
Here are a few strategies to lighten your tax bill:
• Contribute to your RRSP. Then claim the
deduction at tax time. Your annual allowable
contribution is 18% of your previous year’s earned income (minus pension adjustments) to a maximum
amount determined by the government. For your personal RRSP deduction limit, check the Notice of
Assessment sent to you by the Canada Revenue Agency after you’ve filed your tax return.
• Give to charity. Charitable donations made by December 31st are eligible for this tax year. Instead of
cash, you may be able to donate certain securities you own “in-kind”, to avoid paying capital gains tax.
Your charitable receipt will be based on the current market value on the donated securities. Talk to us
about which securities qualify.
• Consider tax-loss selling. By selling non-registered assets that have dropped below their purchase
value you can generate a capital loss and use it to offset any capitalized gains you’ve realized in either
the three previous years, this year, or in the future. To claim the loss, your trade must be settled before
the annual government imposed deadline.
• Make RESP contributions. Invest up to $2,500 in a Registered Education Savings Plan (RESP) before
December 31st and you’ll qualify to receive a government-sponsored Canada Education Savings Grant
of between 20-24% of your contribution (to a maximum of $600).
• Split your pension income. Transfer up to 50% of qualifying pension earnings to a lower income earning
spouse or common-law partner. The transferred money will be taxed at their lower income tax rate.
• Pay your tax-deductible expenses. To claim them for this tax year pay tax-deductible expenses like
alimony, professional fees, union dues, eligible accounting/legal fees, and medical bills by December 31st.
For advice on how to take advantage of these tax savings strategies, and a few others, drop by
the branch and talk with your Credential Asset Management Mutual Funds Investment Specialist.
They’re here to help.
Mutual funds are offered through Credential Asset Management Inc. The information contained in this newsletter is provided
as a general source of information and should not be considered personal tax advice, investment advice or solicitation to buy
or sell any mutual funds. ®Credential is a registered mark owned by Credential Financial Inc. and is used under license.
MONEY SAVING TRAVEL TIPS
4 L ook for the ACCEL® Network of ATMs and access thousands of ATMs across the U.S.
Visit www.the-exchange.ca for a complete list of locations.
4 Pay by debit with ACCEL® Point of Sale (POS) at over 3,000,000 merchant locations in the U.S.
4 M
anage your money anywhere, anytime with convenient mobile app, text messaging, and online
and phone banking services. When travelling to the U.S. you can call us toll free at 1.800.561.2557.
4 INTERAC® e-Transfers make it easy to send and receive cash. Plus you’ll have worldwide access to
cash and balance information through the INTERAC® and CIRRUS® networks.
4 F or frequent travellers, our U.S. Dollar Chequing
and Savings Accounts makes managing U.S.
funds easy and affordable and gives you maximum
flexibility when you visit the States.
See our website for details.
4 A
rrange travel insurance whenever you travel
outside of Canada. Find flexible packages and
preferred pricing through our partner CUMIS®
Insurance Travel.
WITH TPCU SCHOLARSHIPS
Funding your education comes down to three primary categories – tuition; books and course
materials; and living expenses. Statistics Canada reports that in 2013 the average cost of tuition at a
Canadian university was $5,772, while books and course materials cost on average about $800-$1,000.
Living expenses offer the most flexibility in terms of cost. If you chose to continue living at home
and commuting to school, you’ll need to consider the cost of public transportation or owning a car
and paying for gas and insurance. On the other hand, if you opt to move into residence or a student
apartment close to campus, you’ll have rent, housing fees, utilities and food to consider.
It’s easy to see how the costs associated with attending a Canadian college or university can add up
quickly. And the Canadian government estimates that the cost of education climbs an average of 3.3%
every year.
The Police Credit Union stands behind the importance of higher education and wants to provide our
younger generation with the opportunity to reach their academic goals. Our scholarship program was
designed with just this in mind.
“If we can help ease the expense of postsecondary education in some small way, than we can
encourage our members’ children and grandchildren to continue on their path to scholarly success.”
Every year TPCU’s scholarship program awards four hard-working students with a $500 scholarship to
help pay for education expenses such as tuition, books, materials and more. Children or grandchildren of
TPCU members who have successfully completed their high school education, hold a valid diploma and
have received confirmation of enrolment in a postsecondary institution, are eligible to apply.
COME CELEBRATE
70 YEARS OF SERVICE
AT OUR 2016 AGM
Come out to this year’s Annual General
Meeting on Monday, April 18th. Members
and their families are invited to join us for
a delightful buffet dinner hosted by your
Credit Union. Dinner will be followed by a
presentation of the past year’s financial review
and findings, as well some insights into our
plans for the year ahead.
It’s a great opportunity to talk with our staff,
management team and meet our board of
directors, and mingle with fellow members.
DATE: Monday, April 18, 2016
TIME: Registration 5:00 p.m.
Dinner 5:30 p.m.
Meeting 7:00 p.m.
PLACE: The Brighton Convention Centre
2155 McNicoll Avenue, Toronto
We look forward to seeing you there!
In order to be considered, applicants must submit a 1000 word essay describing why they have
chosen their particular field of study. In addition, any academic achievement, community involvement
and leadership are all favourable attributes in our candidates.
Applying is easy. Fill out an application form in branch or online at www.tpcu.on.ca/Personal/
InOurCommunity/CommunityPrograms/ScholarshipProgram before June 12, 2016 to be considered.
Stand out from the
crowd as a Cooperative
Young Leader
The Cooperative Young Leaders Program is not only an
incredible opportunity for our youth to connect, collaborate,
play, learn, dream and accomplish great things with
their peers, it also looks great on a resume! Participants
gain valuable leadership experience that employers and
post-secondary administrators hold in high regard.
The Cooperative Young Leaders Program is an exciting
week-long leadership development program that invites
teens aged 14-18 who are connected to members of a
credit union or co-op, to come together to gain valuable
skills, discover new ideas and perspectives, learn more
about themselves and their world, and to become
confident communicators and strong leaders.
For almost 50 years, this rewarding program has been
providing Ontario’s youth with so much more than a
summer camp experience. In addition to canoeing and
campfires, participants will take part in team-building
games and activities, developing self-confidence, learning
from inspiring guest speakers, and so much more!
2016 CYL SESSION DATES
JUNIOR (14-15 years old)
A: July 3-9, 2016
B: July 10-16, 2016
INTERMEDIATE (15-16 years old)
A: July 17-23, 2016
B: July 24-30, 2016
SENIOR (16-18 years old)
A: July 30 - August 6, 2016
B: August 6-13, 2016
Make your move
If you’re looking to unlock the door to
your new home this spring, your Credit
Union is the perfect place to start. You’ll
always get our most competitive rate,
guaranteed. Plus, we’ve got some exciting
rate specials coming your way!
Whether you’re a first time buyer, looking
to make a move to your next home, or it’s
simply time to renew your existing mortgage,
it pays to talk to us first. Our experts have the
knowledge and resources to help you create
the best mortgage solution for your needs and
for a lot less than you might expect.
Once again, The Police Credit Union is proud
to sponsor several young members to take part
in this exciting program aimed at empowering
our youth. Applicants must apply to the Police
Credit Union and be officially approved for their
sponsorship prior to registering to CYL directly.
Visit our website and register by May 20th:
https://www.tpcu.on.ca/Personal/
InOurCommunity/CommunityPrograms/
Co-operativeYoungLeaders/
ADVANTAGES OF A TPCU MORTGAGE
>> Competitive rates
>> Flexible payments – monthly, bi-weekly,
or matched to your pay schedule
>> BIG savings on interest payments
>> SMALLER payments
>> PAY OFF your mortgage faster
with annual lump sum payments,
or increase your payment
Don’t miss out on this enriching opportunity –
registration is now open.
Let us help you make the move for less.
Come in or call 1.800.561.2557 today.
Staff Notes
RECOGNIZE, REJECT AND REPORT:
25 YEARS OF SERVICE
Congratulations to Denise Lombardo as
she celebrated 25 Years of Service with
The Police Credit Union on March 25th.
What a wonderful accomplishment and
testament to our cooperative.
NEW STAFF MEMBERS
Please join us in welcoming the following new
staff members to our Credit Union family.
Louis Christidis, Financial Services Officer
- York Branch
Diane Gelinas, Branch Manager - York Branch
CHANGING POSITIONS
Rocchina Correia – part-time teller at
Durham Branch has moved into a full-time
position as a Call Centre Representative
Tamara Pitter – ATM Clerk has moved up to
a Call Centre Representative
Sandie Loder – Toronto Teller has moved up
to the position of Loan Administration Clerk
in our corporate office Centralized Lending
department
Lila Jacob – Financial Services Officer
Toronto will now be the Loan Officer Retail
Credit in our corporate office’s Centralized
Lending department
Lianne Balasingham – Financial Services
Officer Durham will be transferring to the
Toronto Branch to continue in her role as
Financial Services Officer
PROTECT YOURSELF FROM FRAUD
This past March the Canadian Government marked the 12th Anniversary of Fraud Prevention
Month. Lead by the Competition Bureau, this annual awareness campaign is designed to educate and
inform consumers on safe practices and how to protect oneself from becoming a victim of fraud.
At the Police Credit Union we take every precaution to ensure our members financial information is
secure. But there are added measures you can take to protect yourself and your information...
Sign up for online banking alerts and get a text or email message (or both) each time your account
is accessed online or when using your mobile app as well as when there are any changes done online.
If you are concerned that your credentials have been compromised, or that fraud has occurred on your
account, contact us immediately. Outside of business hours you can call 1.888.273.3488 and arrange
to have your online banking shut down.
If you receive an email requesting personal or financial information, ignore it. In fact, you shouldn’t
even click through to learn more. Pick up the phone and call the Credit Union to report your concern.
Be cautious about phone calls requesting personal information. Fraudsters are likely to pose as a
trusted provider such as your financial institution in an attempt to lure information from you. Don’t be
afraid to just hang up.
Trust that your Credit Union will never contact you by phone or email to request personal or
financial details. This kind of information is confidential and should only be discussed in person.
As an added measure, ensure both your personal and work computers firewalls and security
software (like anti-spam and anti-virus protection) are up to date.
Check your statements regularly and review your monthly account and credit activity to ensure the
purchases are accurate and there is nothing out of the ordinary.
When in doubt, let us check it out. Call the Credit Union if you receive any suspicious emails or
phone calls.
We are officially moved into the new space
for our Toronto Branch and Corporate Office
at 105 Gordon Baker Road. It’s been a busy
process to make the move happen and we
are grateful to all of our staff and members
for their patience and support during these
past few months.
We are happily settling into our comfortable
new surroundings and are excited for our
members to share in all that this enhanced
environment will provide. PCU members
can also enjoy reserved parking spaces
exclusively for them right at the front of
the building.
Effective May 1st, members will notice a change to our service fees.
FREE everyday banking will continue for our REWARDS members, however non-Rewards
members will see an increase to process pre-authorized debits (PAD) from $.60 to $.70.
However, an Interac Monthly Bundle is now available to help offset Interac ATM fees:
• For $7.00/month, REWARDS members get unlimited Interac debit transactions,
3 free Interac e-Transfers and 4 free Interac cash withdrawals
• For $9.00/month, non-Rewards members’ get 4 free Interac Debit transactions,
3 free Interac e-Transfers and 4 free Interac cash withdrawals
DON’T FORGET that THE EXCHANGE Network provides FREE ATM cash withdrawals.
Corporate Office
Toronto
Durham
York
Peel
105 Gordon Baker Road
Suite 222
Toronto, Ontario M2H 3P8
105 Gordon Baker Road
Suite 103
Toronto, ON M2H 3P8
962 Kingston Rd.
Pickering, ON
L1V 1B3
General Inquiries 416.226.3353
toll-free 1.800.561.2557
Phone Banking
toll-free 1.888.434.3511
Toronto - College
18025 Yonge St.
Unit 7
Newmarket, ON
L3Y 8C9
85 Aventura Crt.
Unit C
Mississauga, ON
L5T 2Y6
Toronto Police Headquarters
40 College St. Room 101
Toronto, ON M5G 2J3
www.tpcu.on.ca
MEMBER BULLETIN
We’re Here!