UCU Wealth Strategies Group –Year-End Investing Checklist

This has been a year like no other – a global pandemic, a shift to working from home, online classrooms, and a volatile stock market. All of this has had a tremendous impact - not only on our daily lives - but on our personal finances as well. While the year-end traditionally brings joyous holiday celebrations with family and friends – this year might cap off differently - with COVID restrictions upending festive plans.

With all the uncertainty prevailing it is important to stay on top of your finances –so this end-of-year, take time out to review your overall financial situation and plan for the year ahead.

Use this simple checklist to prepare your finances for the New Year.

Review Your General Finances

Take a closer look at your general finances to make sure they are in line with your financial goals.

• Emergency Fund – do you have a well-funded plan with enough cash on hand to cover your expenses for up to 6 months if you lose your job?
• Insurance Coverage – do you have adequate insurance protection against unexpected events?
• Estate Planning – do you have an updated will?
• Debt Plan – have you created a schedule to pay off your debts and are you on track with your payments?
• Credit Report – have you checked your credit score/standing this year?

Rebalance Portfolio                             

The end-of-year is a good time to review your investment portfolio to make sure your asset allocation – the mix of volatile and stable funds – is in line with your financial goals.  Based on tax planning and other strategies – you may want to adjust the holdings in your portfolio. A UCU Wealth Strategies, Credential Securities or Credential Asset Management Inc. advisor could help you navigate the uncertainty and provide clear advice to keep your investment portfolio on track.

Maximize your Investment Accounts

• RRSP - Know your RRSP contribution limits and maximize your RRSP contribution by taking advantage of unused limits from previous tax years - which are carried forward to this current year. You have until March 1, 2021, to contribute in order to generate a tax credit this 2020 year.
• RRIF - If you are retiring soon or about to turn 71 then you are required to convert your RRSP into a RRIF (Registered Retirement Income Fund).
• RESP - The contribution deadline for RESPs is December 31. If your beneficiary is under 17, your contributions will qualify you for the Canada Education Savings Grant – which is grant money the Government adds to your RESP contributions.
• TFSA - Withdraw any planned funds before the end of the year –and the amount of your withdrawal will be added back to your contribution room on January 1 of the New Year.

Budget and Automatic Savings

Review your monthly budget – income, expenses and savings – and see if you can trim some expenses to create more savings. If you don’t have a budget, now would be a good time to create one – it will help you stay on track to achieve your financial goals.

To boost your savings – consider opening a high-interest savings account like ucublu, or an investment account like a TFSA.  Set up automatic contributions directing part of your income to your savings or investment account and watch your savings grow.

For more information about please visit the UCU Wealth Strategies website

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

Build Your Emergency Fund with ucublu High-Interest Savings Account

 

The pandemic lockdown has put a spotlight on the financial habits of Canadians- and it reveals that people who had a more disciplined savings routine were better able to manage their finances during the uncertain economic times.

Canadians who listened to the advice of financial planners and created an emergency fund were in a better position to meet their financial obligations. They were also less likely to dip into their retirement or investment plans to pay their bills.

New Financial Habits – Start an Emergency Fund

The lessons learned from the COVID-19 lockdown has fostered new pandemic financial habits - top of the list is saving for an emergency fund.

Many financial experts recommend having a minimum of three to six months of your basic living expenses put away in an emergency fund - while other financial advisors say having nine months’ worth of living expenses is a more realistic figure to safeguard against future financial hardship.

Start or Replenish Your Emergency Fund with a ucublu High-Interest Savings Account

Building an emergency fund is different from investing. With investing - your money is tied up in stocks, mutual funds or exchange-traded funds and not easily accessible when needed. An emergency fund, on the other hand, should be liquid and easily accessible - like UCU’s virtual ucublu High-Interest Savings Account.

ucublu High-Interest Savings Account is an online-only account designed for long term savings and not intended for daily transactions. It has all the advantages of a term deposit without the need to lock in your money for a fixed period of time. It also pays a higher interest rate than a traditional savings account. Learn more about the many ucublu benefits and how to open an account. [link to ucublu article]

How to Start an Emergency Fund

Having a well-funded emergency fund takes time to build. Make small monthly deposits into a higher interest-earning account like the ucublu High-Interest Savings Account, and don’t pull out the money until you reach your financial goal.

• Determine your essential monthly expenses such as housing, utilities and food
• Trim or eliminate discretionary spending such as cable, dining out and entertainment expenses
• Determine the amount of take-home pay can you put away and make regular deposits into your fund
• If you can, deposit other income such as a tax refund or bonus to boost the fund balance

A Savings Buffer to Keep Your Financial Plan on Track

Creating a well-financed emergency fund will allow you to cover your monthly expenses in the event you lose your job – and it will also preserve your investment funds and keep you from incurring additional debt.

• Retirement Accounts – Reduce the need to tap into your retirement fund and pay a penalty as well as incur a higher income tax bill
• Investment Accounts – You won’t need to sell stocks or other funds to generate emergency income
• Lines of Credit – You won’t be tempted to tap into your line of credit and increase your debt load

Read more about the ucublu High-Interest Savings Account 

ucubiz Virtual Account – a Small Business Banking Solution for Your E-Commerce Needs

 

The COVID -19 pandemic has changed the way Canadians shop and many storefront retailers have been quick to respond to the changing economic landscape by shifting their daily operations to online sales.

Since small businesses were forced to shut their doors during the COVID -19 lockdown, many of them have turned to e-commerce to keep their businesses afloat.

Curbside pick-up and contactless delivery of products have surged – and as a result, many small businesses are considering making e-commerce a permanent component of their daily operations.

Grow Your Business and Your Business Savings

The ucubiz Virtual Account is a small business account for Members who want an online banking solution that will complement their growing e-commerce business.

This small business account is operated and managed by you online - you can move money and pay your bills with your ucubiz virtual account using your computer, smartphone, or tablet.

You will save time and money by not having to visit your local branch to conduct your business transactions – time and money that you can put towards growing your business instead.

No Monthly Fee – No Minimum Balance – No Service Charges

ucubiz Virtual Account is designed for small business owners who prefer to conduct their banking transactions online.

No Monthly Fees will be applied to your account - most banking transactions will be performed by you and not your local Branch teller.

No Minimum Balance required to maintain your account.

No Service Charges will be added to your account for transactions using:

• UCU and Exchange Network ATMs
• Electronic Credits
• Online Banking
•  Mobile Banking

Added Features

• Two FREE in-branch banking transactions each month
•  Business Overdraft Protection option

ucubiz Virtual High-Interest Savings Account

When you open an ucubiz Virtual Small Business Account you will automatically receive a ucubiz Virtual Savings Account. This is a higher interest savings account that will allow your business savings to grow.

• Interest rates can be found on our website

For more information about the ucubiz Virtual Small Business Account, please visit the UCU website website

 

 

ucubiz Community Account – the Business Account for your Community or Not-For-Profit Organization

 

For over 75 years, UCU has supported the maintenance and growth of many Ukrainian cultural, educational, religious, and recreational organizations. UCU has sponsored and promoted many organizations that have contributed to the vibrant Ukrainian community life we experience today.

As UCU recognizes the impactful work of each group – it also helps many local community organizations and registered charities with their banking needs.

Most Community-Based Organizations Need Their Own Business Account

If you run a community organization or not-for-profit charity then it is advantageous to have a bank account in your organization’s name.

With an ucubiz Community Account your organization can:

• Keep track of your organization’s money
• Apply for government grants
• Collect donations or fees

ucubiz Community Account – No Fee Business Account

With the ucubiz No-Fee Community Account, your organization and charity can keep more of its money since there is no fee for day-to-day transactional banking.

Some charges will be applied if your organization requires additional banking items such as:

• Certified cheques
• Bank drafts
• Personalized chequebook
• Send Interac e-mail transfer

ucubiz Community Account May Benefit Your Organization

Open an ucubiz Community Account if your community organization or not-for-profit is one of the following:

• Cultural – dance groups, choirs or theatre groups
•  Sports - recreational youth and adult sports teams
•  Educational – Ukrainian based education activities or publications
• Church – religious groups that support local churches
• Registered Charity

ucubiz Community Account – Supports your Organization as it Grows

UCU will support your organization or charity as it grows by offering additional electronic payment options such as Merchant and Cash Management Services.

For more information please visit our website

 

Grow Your Business with UCU Merchant Services

 

Customer behaviour is rapidly changing with an increased shift towards e-commerce. Customers want to shop and buy online, pay for their restaurant meals at their table or use their credit/debit cards when shopping at pop-up stores or markets. Businesses are looking for merchant services that will help with the transition to e-commerce and UCU Business Banking has the right solutions to help your business grow.

Reliable Payment Solutions That are Right for Your Business

UCU Merchant Services has a wide range of payment solutions that will simplify the way you run your business. No matter what type of business you have, UCU Merchant Services will provide secure payment solutions that will better serve your customers. Your business will be able to accept credit and debit card payments from customers that are made in person, online or on the go.

Payment Solutions

UCU Merchant Services has partnered with First Data and Everlink to provide reliable credit card processing and payment solutions which include:

In-Person Payments

Your customers can pay in person with their credit/debit cards using safe and secure contactless payment terminals.

• Countertop Terminals - For you storefront business with a hard-wired point of sale terminal
• Portable Terminals – For restaurants or other business that need wireless terminals that allow customers to pay at their tables or away from countertops
•  Remote Solutions – For businesses on the go that operate at pop-up stores or markets. Your customers can pay through smartphones or tablets using a credit and debit card reader.

Online Payments

Your customers can order pay and pay for purchases on your website or through your computer.

• Virtual Terminal – For businesses that do not have a website – Your business can accept payment from your computer through a secure web portal.
• E-Commerce Solutions – For businesses that want to accept payments through their website

Grow Your Sales and Better Serve your Customers

UCU Merchant Services go beyond providing reliable payment solutions that include business services to help grow your sales.

•  Online Reporting Tool – Provides customer behaviour and unique insights that will make you better understand your current customers and target new customers.
• Loyalty Programs – Set up a loyalty card program to reward your current customers and attract new customers.

Security and Fraud Protection

UCU Merchant Services provides the most up-to-date security, privacy, and fraud protection to keep your business data safe and reduce your business liability.

Round the Clock Customer Service

UCU Merchant Services offer 24/7 customer service support because your business is more than a 9-5 operation. The Help Desk is always open to answer your questions and provide much needed support for your business.

For more information about UCU Business Merchant Services please visit our website

Or contact a UCU Business Merchant Service Representative who is available to help you with your business merchant service needs. Contact Us