UCU is offering six different scholarships to help our student members achieve their academic goals

UCU is offering six different scholarships to help our student members achieve their academic goals

We support students in our community by continuing to invest in their education. Over the past 15 years, UCU has awarded more than $185,000 in scholarships to post-secondary students, recognizing their academic excellence and leadership roles within the Ukrainian community.

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

UCU scholarships help offset the rising cost of post-secondary education. With the cost of tuition, textbooks, and living expenses skyrocketing, these scholarships may reduce the financial burden faced by many of our student members.

Available Scholarships

If you have been a UCU member for at least two years and are currently enrolled in a post-secondary institution or in your final year of high school, you are eligible to apply for the UCU scholarship tailored to your field of study.

UCU Michael Rebryk Memorial Scholarship

• One award of $2,500
• For students studying in the field of sports medicine and physical education or in the field of the performing arts (music, dance, drama etc.) 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 $2,500
• 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

UCU Board Chair’s Scholarship

• One award of $2,500
• For students studying in various fields of Ukrainian studies and demonstrating community involvement

UCU New Pathway Journalism Fellowship

• One award of $2,000
• For students enrolled in, or recently graduated from, a post-secondary field of study that will lead to a career in journalism and who demonstrate community involvement

Easy Online Application Process

We simplified the online application process making it easier for you to apply to one of the available UCU 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 31, 2024 deadline

Message from UCU on the 2nd Anniversary of the War in Ukraine

 February 24, 2024

As we commemorate the solemn occasion of the second anniversary of the russian full-scale invasion of Ukraine, we are compelled to reflect on the strength and resilience of our sisters and brothers in Ukraine, as they fight for their freedom and independence. The unyielding determination that unites us all is a testament to our shared commitment to a secure, just, and peaceful future for Ukraine and the world.

Over the past two years, Ukrainian Credit Union Limited has proudly done its part to support Ukraine’s humanitarian needs and its Armed Forces. We acknowledge with profound respect the sacrifices made by all the brave soldiers, medical personnel, and civilians, and also gratefully acknowledge the generous support given to them by Canada and our fellow citizens.

Our commitment to aiding the wounded soldiers is amplified through the UCU Helps Ukraine initiative whose volunteer efforts in organizing various events and fundraisers have generated vital resources in the form of equipment, medical care, and rehabilitation for our heroes on the front lines. It is inspiring to witness the generosity of our members, employees, and community partners who have rallied together to contribute to this noble cause, raising more than $1.2 million since 2015.

As we commemorate this anniversary, Ukrainian Credit Union Limited rededicates itself to continue its support for Ukraine, its Armed Forces, and the valiant individuals who continue to sacrifice so much on the path to victory for our homeland.

Thank you for being an integral part of the Ukrainian Credit Union family and for joining us in making a difference.

Glory to Ukraine! Glory to the Heroes! Glory to Canada!

Dr. Natalia Lishchyna	Taras Pidzamecky
Chair of the Board	Chief Executive Officer

24 лютого 2024 р

 Відзначаючи урочисту подію другої річниці повномасштабного вторгнення росії в Україну, ми повинні згадати про силу та стійкість наших сестер і братів в Україні, коли вони борються за свою свободу та незалежність. Незламна рішучість, яка об’єднує нас усіх, є свідченням нашої спільної відданості безпечному, справедливому та мирному майбутньому для України та світу

Протягом останніх двох років Українська Кредитова Спілка Лимитед з гордістю виконувала свою роль у підтримці гуманітарних потреб України та її Збройних Сил. Ми з глибокою повагою визнаємо жертви всіх воїнів, медичного персоналу та цивільних осіб, а також висловлюємо вдячність за щедру підтримку, надану їм Канадою та нашими співгромадянами.

Нашу відданість допомозі пораненим бійцям посилює ініціатива UCU Helps Ukraine, чиї волонтерські зусилля в організації різноманітних заходів та зборі коштів створили життєво важливі ресурси у вигляді обладнання, медичної допомоги та реабілітації для наших героїв на передовій. Дуже надихає спостерігати за щедрістю наших членів, працівників та громадських партнерів, які об’єдналися, щоб зробити свій внесок у цю благородну справу, зібравши понад 1,2 мільйона доларів з 2015 року.

Відзначаючи цю річницю, Українська Kредитова Спілка Лимитед знову присвячує себе продовженню підтримки України, її Збройних Сил і доблесних людей, які так самовіддано жертвують собою на шляху до перемоги нашої Батьківщини.

Дякуємо Вам за те, що Ви є невід’ємною частиною родини Української Кредитової Спілки та приєдналися до нас, щоб уможливити кращу долю для України.

Слава Україні! Героям Слава! Канаді Слава!

TFSA 2024 Contribution Limit - $7,000

You can contribute up to $7,000 to your TFSA in 2024 if you are a Canadian resident over 18 years of age and hold a valid social insurance number. If you have not made a contribution to a TFSA and have been eligible since it was introduced in 2009, you can contribute up to $95,000.

With a TFSA you can build your savings faster since you won’t be taxed on your investment earnings. This allows you to save for what matters most to you—whether it's starting your home renovation project, setting aside funds for post-secondary tuition, or planning for a dream vacation. Plus, you have the freedom to withdraw your money when needed without incurring any penalties.

If you are considering opening a TFSA and want to learn more about it, here is a quick primer to help you get started.

What is a TFSA?

A Tax-Free Savings Account (TFSA), is a flexible tax-advantaged savings account that allows you to earn investment income, including interest, dividends, and capital gains, without paying tax on those earnings. Contributions to a TFSA are made with after-tax dollars, but withdrawals, including investment gains, are tax-free.

What are the key features of a TFSA?

• Flexibility – You have the freedom to select investment options based on your financial objectives and you can withdraw any amount from your TFSA at any time without incurring a penalty
• Tax-free growth and withdrawals – Your investment earnings grow tax-free if you stay within your contribution limits and you won’t be taxed on the interest earned when it is withdrawn
• Rolling contribution limits – The amount you withdraw from your TFSA is added back to your contribution room the following year  
• Contributions - Contributions are made with after-tax dollars and are not tax-deductible, but withdrawals from your account are tax-free

What are the TFSA investment options?

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

• Cash
• GICs (Guaranteed Investment Certificates
• Mutual Funds
• Stocks
• Bonds

How much can you contribute?

The TFSA contribution limit for 2024 is $7,000 and the lifetime contribution room is $95,000. You can carry over unused contribution room from previous years provided you were at least 18 years old in 2009, the year TFSAs were introduced by the federal government.

You can find your TFSA contribution room by using CRA’s MyAccount.

Can you over-contribute to a TFSA?

If you exceed your contribution limit, the excess contribution will be subject to a penalty of 1% per month each month the excess remains in the TFSA account.

Talk to a financial advisor

To maximize the benefits of your TFSA contributions and take advantage of the investment earning potential, consider consulting with a financial advisor.

UCU Wealth Strategies Group can help you make informed investment choices. Your advisor will assess your financial situation and work with you to develop an investment strategy tailored to your needs and financial goals.

Information about TFSAs can be found on our website. You can make an appointment with one of our advisors for personalized service.

RRSP Contribution Deadline – February 29, 2024

You have until February 29, 2024, to contribute to your RRSP for the 2023 tax year. An RRSP allows you to save for retirement while taking advantage of certain tax benefits. To determine your contribution limit, check your CRA Notice of Assessment.

If you are considering opening an RRSP and want to learn more about it, here is a quick primer to get you started.

What is an RRSP?

A Registered Retirement Savings Plan (RRSP) is a plan created by the Canadian government to help you save for retirement. It is an account that provides you with a means to invest for retirement while offering specific tax-saving features. Think of it as an additional retirement fund to complement your Canada Pension Plan.

How does an RRSP work?

The most important feature of an RRSP is its tax advantages. Here are three tax-related features:

• Tax-deductible contributions: Contributions made to an RRSP are tax-deductible. This means that the amount you contribute to your RRSP can be deducted from your taxable income for the year in which you make the contribution. For example, if you earned $60,000 in 2023 and contributed $7,000 to your RRSP, you would only be taxed on $53,000. This can result in immediate tax savings, particularly beneficial during higher income years.
• Tax-sheltered growth: When you contribute money to an RRSP, the investments held within the plan grow on a tax-deferred basis. This means that any interest, dividends, or capital gains earned within the RRSP are not taxed while they remain in your plan.
• Tax-deferred withdrawals: While contributions are tax-deductible and growth is tax-sheltered, taxes on the funds within an RRSP are deferred until you make withdrawals. When you withdraw funds from your RRSP, you'll be taxed on both contributions and investment earnings. The advantage lies in potentially paying lower taxes during high-income years and reduced taxes in retirement when you might be in a lower tax bracket. It's important to note that you must begin withdrawing from your RRSP by the end of the year in which you turn 71, converting it into a Registered Retirement Income Fund (RRIF) with mandatory minimum annual withdrawals.

How much can I contribute?

RRSPs are registered accounts and are subject to contribution rules.  For the 2023 tax year, you can contribute 18% of your previous year’s income or up to $30,780 - whichever is less. If you did not max out your RRSP contributions from previous years' tax filings that unused amount carries over. To determine how much contribution room you have, review the Notice of Assessment you receive from the Canada Revenue Agency (CRA) after filing your taxes. It states your contribution room for the current tax year. You can also call the CRA Tax Information Phone Service or log into CRA My Account.

When is the contribution deadline?

The RRSP deadline for the 2023 tax year is February 29, 2024.

What types of accounts and investments are allowed in RRSPs?

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

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

What happens when I over-contribute to an RRSP?

The Canada Revenue Agency (CRA) imposes a penalty for overcontributions to an RRSP. It is 1% per month on the amount that exceeds your RRSP contribution limit by more than $2,000. This penalty is calculated for each month the excess contribution remains in the account. The CRA allows a $2,000 lifetime overcontribution allowance. This means you may not be penalized for the first $2,000 of overcontribution. However, you can’t claim a tax deduction for any portion of the $2,000 over contribution.

Talk to a financial advisor

To maximize the benefits of your RRSP contributions and take advantage of the investment earning potential, consider consulting with a financial advisor.

UCU Wealth Strategies Group can help you make informed investment choices. Your advisor will assess your financial situation and work with you to develop an investment strategy tailored to your needs and retirement goals.

Information about RRSPs can be found on our website. You can make an appointment with one of our advisors for personalized service.