You’re planning your big day and looking for financial guidance and assistance – you’ve come to the right place. From saving and financing your special event to everyday banking for your future, we have a list of great products and resources to help you get financially prepared as you start your new life together.
Let us help you narrow your search by discussing your financial position and evaluating what you can afford, including how much you will need for your down payment, lawyer and real estate costs, and other associated fees. Together, we can work out a savings plan and pick the mortgage product that works best for you.
We need to save
High Interest Savings Account
The savings account designed for long term savings. This account is service-charge free providing you manage your money online or through telephone banking. A convenient way to save while earning more with a premium rate of interest!
An ideal way to stay consistent with your savings. Set up a recurring automatic transfer to your savings account for the day that your payroll is deposited.
Tax-Free Savings Account (TFSA)
The TFSA is a flexible registered plan that allows you to save for short or long term goals. Introduced in 2009, TFSA’s offer a unique way of savings up to a specified amount each year determined by the Government of Canada. These accounts are tax sheltered, have a competitive interest rate, and allow you to withdraw your money at any time without penalty.
earnings are tax sheltered
contributions are not tax deductible
withdrawal of contribution is not taxable
unused contribution room will accumulate each year (ie. if you don’t contribute the maximum each year, unused contribution room will always carry forward to the following year)
withdrawal of contribution increases the contribution room for future years (ie. if you withdraw $500 from your TFSA this year, you have an extra $500 in contribution room the following year)
We recommend tracking your contribution room each year with your notice of assessment from the CRA.
Contributions over the Limit
At any time in the year, if you contribute more than your allowable TFSA contribution room, you will be considered to be over-contributing to your TFSA and you will be subject to a tax equal to 1% of the highest excess TFSA amount in the month, for each month you are in an excess contribution position.
If you know you will not need immediate access to your funds, you can also take advantage of our TFSA GICs with flexible term options of 1 to 5 years. With this product your funds remain tax sheltered while you earn a premium rate of interest. Note that funds invested in TFSA GICs cannot be withdrawn before the maturity date.
The perfect product to help you realize your dream day. The average wedding today costs $32,000 which can seem like an overwhelming number. Whether you are looking to finance your reception, rings, or honeymoon, let our No Worries Wedding Package alleviate your stress by helping you with the expenses that come with planning your perfect wedding.
special loan rate
free chequing/savings account for a year
high interest savings account
term loans available from 1–6 years (secured & unsecured)
special discount rate
no payments for 6 months
choice of repayment schedule
option to make extra payments at any time
option to include life, disability and critical illness insurance
We need to consolidate our debt
The ideal solution to paying off unwanted high interest debts and converting them into one affordable payment. Start off your new life together with a clean slate with this simple and manageable product.
terms from 1 to 5 years
convenient weekly, bi-weekly, semi-monthly or monthly payments directly from you Credit Union account, another financial institution or payroll deduction
make extra payments or pay down at any time without penalty
A joint account is a great way to manage your finances together. From having your payrolls deposited, paying your bills and making everyday purchases like gas and groceries, it enables you to both participate in the financial aspects of your life.
In addition to opening a joint account, you and your spouse may choose to keep your own separate accounts which will allow each of you to make your personal purchases, but still give you the convenience of a joint account that you can manage together.