Supporting Ukrainians arriving in Canada from war-torn Ukraine

We are offering no-fee bank accounts, debit cards and credit cards to Ukrainians arriving in Canada under the Authorization for Emergency Travel to help them establish a financial base in Canada.

UCU Welcome Ukraine Package

To help the newly arriving Ukrainians resettle in Canada we put together a Welcome Ukraine Package and waived the fees for key financial products and services. Our trained Ukrainian speaking staff will be on hand – in our branches and on the phone from our Contact Centre - to help with the set-up process.

The new Welcome Ukraine Package is for adults, 18+, and includes:

Bank Account  

• No-fee Chequing Account – including free cheques *
• No-fee Savings Account – earn interest on your savings *  
• $150 deposited on your behalf to the UCU Shares account **         

Debit Card

• No-fee Debit Card - for ATM cash withdrawals and in-store purchases *
• $500 daily ATM debit card withdrawal limit
• $750 daily in-store debit card withdrawal limit

Credit card

• Credit Card – up to $1,500 credit limit and no annual fee **

International Wire and Money Transfers

• Fees waived when sending money to family or friends in Ukraine and neighbouring countries

How to Open an Account with UCU

If you are in Canada

           Option 1

If you have a Social Insurance Number (SIN) and a permanent address in Canada you may open your account online here

Option 2

If you are waiting for your SIN or prefer to open an account in person, please call your nearest UCU branch to make an appointment to speak with a Ukrainian–speaking member services representative.

We have 13 Branches throughout Ontario. To find the nearest branch use our branch/ATM locator: Find a UCU Branch

To open an account, you will need two pieces of government-issued identification (one of which must include your photo) such as a Passport, Canadian Visa or Work Permit.

 

If you are outside of Canada

To open an account from outside of Canada, fill out the 

Membership Application Form

If you have any questions and want to speak to one of our representatives please call our Contact Centre:

From Ukraine:  +380 89 324 0486

From Poland: +48 22 397 16 11 

 

UCU – A Canadian Financial Institution

UCU is a Canadian financial institution established in 1944. UCU conducts all business and holds all its assets in Canada and has connections to the international banking network. Deposits in all savings and chequing accounts are protected and insured up to $250,000 by the Financial Services Regulatory Authority of Ontario (FSRA).

About UCU

For over 75 years, UCU has served its broader community both in Canada and Ukraine. We support the maintenance and growth of Ukrainian cultural, educational, religious and community life in Canada as well as provide support to the organizations and people who fight to preserve the freedom and sovereignty of Ukraine. If you share these values you are welcome to join our community.

* No charge for all basic everyday personal banking for 3 years from opening the account. For all other applicable fees, please see our Fee Schedule for more information

**When you close the account within 3 years of opening, a closing fee will be charged. Please, see our Fee Schedule for more information

***Conditions apply and are subject to change

 

 

 

Inflation Proof Your Child’s Education with an RESP

A Registered Education Savings Plan is a smart way to save for your child’s education. With the cost of post-secondary education rising year after year – opening an RESP is an efficient way to plan for your child’s future. 

Pre-fund your child’s education and take advantage of compound interest earnings. As a bonus you will also receive a grant from the Canadian Government – that’s free money to help cover the cost of your child’s education.

What is an RESP?

A Registered Education Savings Plan (RESP) is an investment account designed to save for a child’s education. An RESP allows investments inside the account to grown tax-free – that means you do not pay tax on the capital gains, interest and dividend payments while the money is in the account.

Who Can Open an RESP?

Anyone who is a Canadian citizen or permanent resident can open an RESP for a child. Typically, an RESP is opened by the child’s parents - but a grandparent, other family members, or even a family friend can do so as well. The person that opens the account is the subscriber of the plan and the child is the beneficiary of the RESP.

How RESPs Work?

The subscriber of the RESP makes contributions into the account up to a lifetime maximum of $50,000 per child. The federal government then adds a grant- known as the Canadian Education Savings Grant (CESG) – of up to $500 per year for a lifetime total of $7,200 per beneficiary.

Think of the funds in an RESP in terms of two buckets: bucket one holds the contributions made by the subscriber and bucket two holds the Education Assistance Payments (EAP) which consists of the government grant (CESG) plus all the investment income generated in the account.

Are RESPs taxed?

The tax implications for the two buckets are different.

Since contributions to an RESP are made with after-tax dollars – those funds will not be taxed when withdrawn from the account.

The remaining funds in the RESP – paid out as an Education Assistance Payment (EAP) - are taxed in the hands of the student (beneficiary). Since many students have little to no income while attending a post-secondary institution – they typically pay little to no tax when they file their yearly income tax returns.

RESP Benefits

There are many benefits to opening an RESP for your child – and the earlier you set up an RESP the faster the investment income will grow inside the account. The benefits include:

• Investments Grow Tax-Free: No tax is paid on the investment income while the funds remain in the account
• Government Grant Money: Take advantage of federal grant money to help pay for your child’s education
• Investment Options: Chose from a variety of investment options including GICs, mutual funds and stocks
• Student Pays the Tax: Your child will be in a lower tax bracket and will likely pay little to no tax on investment income 

More information about RESPs can be found on the UCU website. You can also visit your local UCU Branch or call our Contact Centre at 1.800.461.0777 to learn more.

How to Protect Your Finances from Inflation

As inflation rates rise to levels not experienced in over 30 years, you are seeing a spike in the cost of everyday essentials such as food, gas and housing. Maximizing your savings rate is becoming more important as your purchasing power declines. You may want to review the way you handle your finances to help protect the value of your money.

What is inflation?

Inflation is the general increase of prices for goods and services over time. It is also described as a loss of purchasing power or a decline in the value of money. That means your dollar will not go as far today as it did in the past.

Invest some of your savings

If you have savings in excess of your emergency fund, you may want to consider investing some portion of your money, which may offer the potential for higher returns.

UCU GICs provide a ladder of increasing interest rates based on the length of investment terms. You earn a higher interest rate the longer you invest your money. The latest UCU GIC rates can be found here.

UCU Wealth Strategies can provide expert advice on investing in mutual funds or the stock market.

Put your money in a high-yield savings account

Most savings accounts in Canada pay very little interest but UCU offers our Members a higher interest rate virtual account.

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.

Take a look at your household budget           

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.

Consolidate your debt

If you have personal debt from many sources such as multiple credit cards, and student or car loans then consolidating your debts into one lower interest loan could save you money. A UCU Consolidation Loan may help simplify your debt repayment process by consolidating your bills into one monthly payment.

Visit your local Branch or contact UCU Wealth Strategies for more information.