UCU is Offering Four Different Scholarships to Help our Student Members Achieve their Academic Goals.

 

UCU supports students in our community by continuing to invest in their education. Over the past 11 years, UCU has awarded more than $150,000 in scholarships to post-secondary students recognizing both their academic excellence and their leadership roles within the Ukrainian community or the local community-at-large.

UCU scholarships help offset the rising cost of post-secondary education.

With the cost of post-secondary education skyrocketing including the cost of tuition, textbooks and living expenses, UCU scholarships may help reduce the financial burden many of our students face today.

Available Scholarships

If you are a student enrolled in a post-secondary institution and a member of UCU for at least two years, then you are eligible to apply for the UCU scholarship that is geared towards your field of study.

UCU Michael Rebryk Memorial Scholarship

• One award of $2,500
• For students studying in the field of sports and recreation or the in the field of the performing arts (music, dance, drama) and demonstrating community involvement

UCU Wasyl Sytnyk Memorial Scholarship

• One award of $2,500
• For students studying in the field of business, finance, banking, wealth management and demonstrating community involvement

UCU Eugene Roman Scholarship

• One award of $2,000
• For students studying in a field that will lead to a career in the technology sector and demonstrating community involvement

UCU Community Leadership Scholarship

• Multiple awards of $1,000
• For students studying in various programs in a post-secondary educational institution and demonstrating community involvement

Easy Online Application Process

UCU has simplified the online application process making it easier to apply for one of the 4 available scholarships.

1. Visit the UCU website and select the scholarship that best matches your academic field of study
2. Follow the step-by-step instructions and upload all required documents
3. Submit your application by the March 1, 2021 deadline.

TFSA Contribution Limit

What is a TFSA?

A Tax-Free Savings Account (TFSA) is a registered account that allows your investment earnings to grow tax-free. It is designed for any savings goal – big or small. Withdrawals can be made at any time without penalty and the earnings on your investments will not be taxed.

What are the benefits of a TFSA?

• Flexibility – You can choose investment options suitable for your financial needs – You can withdraw any amount from your TFSA at any time without penalty
• Tax-free growth – Your investment earnings grow tax-free in your TFSA and you will not be charged on the earnings when it is withdrawn
• Rolling contribution limits – The amount of a withdrawal from your TFSA can be added to your contribution room the following year

How does a TFSA work?

Think of a TFSA as a basket that allows you to hold more than just GICs – you can hold stocks and mutual funds as well.

Contributions to a TFSA are made with after-tax dollars – since you paid taxes on the money going into a TFSA you will not have to pay taxes on the money withdrawn from a TFSA.

The earnings on your investments grow tax-free. The investment gains are not taxed inside a TFSA and they are not taxed when withdrawn from a TFSA.

What are the TFSA investment options?

You can hold any of the following investment options in your TFSA:

• Cash
• Stocks
• Bonds
• Mutual Funds
• GICs (Guaranteed Investment Certificates)
• ETFs (Exchange-Traded Funds)

How much can I contribute?

The TFSA contribution single year limit for 2021 is $6,000 – but you can also carry over unused contribution room from previous years.

As of 2021, your lifetime contribution room is $75,500 – provided you were at least 18 years-old in 2009, the year TFSAs were introduced by the federal government.

This means if you are at least 30 years old and have not contributed to a TSFA – you are eligible to contribute the full amount - $75,500.

If you withdraw funds from your TFSA, the amount you take out is added back to your contribution limit for the following year.

Your TFSA contribution limit can be found using one of the following Canada Revenue Agency services:

• My Account
• MyCRA mobile app
• Represent a Client if you have an authorized representative
• Tax Information Phone Service (TIPS) at 1-800-267-6999

Can I over contribute to a TFSA?

Make sure you know your contribution limit – the CRA will issue a penalty for over-contribution. If you exceed your contribution limit you will be charged 1% a month for your over-contribution amount until you withdraw it.

I have an RRSP - do I also need a TFSA?

A TFSA can complement your RRSP - the two accounts can work together to improve your financial outlook in your retirement. If you have reached your RRSP contribution limit and have more savings to invest – then a long-term investment in a TFSA can increase your retirement income.

Talk to a financial advisor

Nothing beats personalized advice. To get the most of your TFSA contributions and take advantage of the investment earnings potential - talk to a financial advisor. UCU Wealth Strategies Group partnered with Credential Securities and Credential Management Inc.,  can help you make smart investment choices. They will look at your financial situation and help you create an investment strategy that is right for you.

For more information please visit the UCU 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. 

RRSP Contribution Deadline: March 1, 2021

What is an RRSP?

A Registered Retirement Savings Plan (RRSP) is an account created by the federal government to help Canadians save for their retirement. It is an account that provides a way to invest for retirement with certain tax-saving features. Think of it as an additional pension plan to supplement your existing government pension.

How does an RRSP work?

The most important feature of an RRSP is the way it is taxed.

Tax-deductible

Your RRSP contributions are made with post-tax dollars and the contribution amount is deducted from your income on your tax return. For example, if you earn $60,000 last year and contributed $7,000 to your RRSP - you would pay taxes as if you earned $53,000 that year. The result – you will pay less income tax or you may even receive a tax refund.

Tax-sheltered

The investments in your RRSP grow tax-free and you won’t pay tax on your investment earnings while they stay in your plan. The result – you get the benefit of tax-free compounding of returns.

Tax-deferral

You do not pay tax on the contributions going into your RRSP - but you will pay tax on the savings you withdraw from your RRSP, including both contributions and investment earnings.  The benefit - you will pay less tax in your higher income years where you may be in a higher tax bracket and less tax in your retirement years where you may be in a lower tax bracket.

How much can I contribute?

RRSPs are registered accounts and are subject to contribution rules.  For the 2020 tax year, you can contribute 18% of your past year’s income or up to $27,230 - whichever is less. If you did not max out your RRSP contributions from previous years that amount carries over. The easiest way to check how much contribution room you have is to look at the Notice of Assessment you receive from the Canada Revenue Agency (CRA) after filing your taxes.

Can I over contribute to an RRSP?

Canada Revenue Agency will tax your over-contribution amount at the rate of 1% per month until the amount is withdrawn from your RRSP. The CRA does allow a $2,000 grace amount for over-contribution - but that amount is not tax-deductible and you will be charged tax on the amount.

When is the contribution deadline?

The RRSP deadline for the 2020 tax year is March 1, 2021.

What types of accounts and investments are allowed in RRSPs?

You can hold many types of investments in an RRSP. They include:

• Cash
• Mutual Funds
• GICs (Guaranteed Investment Certificates)
• Stocks
• ETFs (Exchange-Traded Funds)
• Bonds

Talk to a financial advisor

Nothing beats personalized advice. To get the most of your RRSP contributions and take advantage of the investment earnings potential - talk to a financial advisor. UCU Wealth Strategies Group partnered with Credential Securities and Credential Asset Management can help you make smart investment choices. They will look at your financial situation and help you create an investment strategy that is right for you and your retirement.

For more information please visit the UCU 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.