Member TFSAs Members Maximize Your Stress-Free Avoid the Chip Card Drive An
REWARDS 2 Take Off 2 Speak 2 Retirement Income 3 Tax Prep 3 HST Hike 4 On the Way 4 Easy Bargain 4
taking care of our own
PASS IT On Hot Tips and More from Your Credit Union
ANNUAL GENERAL MEETING
IT’s eleCTIon TIme!
You won’t want to miss our AGM on
Monday, April 26, 2010 at 7:30 pm. This is
your opportunity to meet the three candidates
KEEPING IT IN THE FAMILY running for two Board positions, and exercise
your right to vote.
Low-rate mortgages jUST FOR MEMBERS – THAT’S YOU! You’ll also enjoy an evening of good food and
conversation while hearing about your Credit
Civilian members, uniformed members, old members,
new members: you’re all part of our Credit Union family,
3.00% >1-year closed
Union’s successes, challenges and future plans.
same great location: Grand Baccus
and more than likely wary of mortgages in these topsy-
turvy times. We figure you have enough on your plate
without added worry about the future, so here’s some
3.90% >5-year closed
Banquet & Conference Centre located at
2155 mcnicoll Avenue, Toronto, ontario.
good news. We’re offering easy, dependable, low-rate mortgages just for our family of members.
Purchase a new home • Make your dream renovations • Refinance or renew your existing mortgage
• Transfer your mortgage from another financial institution • Finance whatever else you want
We’re your Credit Union, and understand your needs better than anyone else. If you need cash for those
big plans you’ve been putting off, our great rates and options can’t be beat. e-sTATemenTs
FIRST TIME BUYING A HOME?
E Is For EAsY ANd Eco-FrIENdLY
You may be eligible for one the following government programs. Help the environment, save paper and
Home Buyers’ Plan (HBP): The Home Buyers’ Plan allows you to withdraw up to $25,000 from your RRSPs time, and simplify record keeping by opting
to buy or build a qualifying home for yourself or for a related person with a disability. The home must be in to have a paperless monthly statement
Canada. You need to purchase it before Oct. 1 of the year following the year of the RRSP withdrawal. You can available when you logon to your account
repay the withdrawal in equal, annual instalments over 15 years, beginning in the second year. through Home Banking. Your Credit Union
e-statement offers just as much privacy and
First-Time Home Buyers’ Tax Credit (HBTC): Certain homebuyers qualify for a $5,000 non-refundable security as statements sent by snail mail.
income tax credit that will provide up to $750 in federal tax relief. “First-time” means that you’ll qualify
only if you and your spouse or partner did not own a home in any of the four preceding years. e-statements are another handy aspect of
online banking. even if you’re used to the
We can set you up with a locked in, low-interest mortgage today, and advise you of your eligibility for familiarity of a paper statement, you’ll be
government home-buying incentives. Talk to your team at the Police Credit Union to get started. Give us surprised how quickly you’ll appreciate the
a call or visit us online. convenience. Get in touch with us today to
Rates subject to change without notice. See our website for current rates. switch to e-statements. You’ll be glad you did.
THE REWARDS OF
MEMbErSHip TFSAS TAKE OFF
cANAdA’s NEw wAY To sAvE GAINs MoMENTuM
In February, the Toronto Sun reported that TFsAs enable every member 18-years-old
more and more Ontarians are warming to and up – there is no upper age cutoff – to
Tax Free Savings Accounts (TFSA). The save taxes on investment income. Investment
federal government introduced its new savings income earned in a TFsA is tax-free,
incentive at the beginning of 2009. According regardless of whether it is interest, dividends
Our REWARDS program is one reason an to an Ipsos Reid/Investors economics or capital gains. similar to RRsPs, a variety
increasing number of police personnel and report, by June roughly one in five Canadian of investment options are available for TFsAs.
civilians are joining the Police Credit Union households had opened TFsAs. That translates Withdrawals from the plan are tax-free, and
family. When you’re a member with your total to approximately 3.6 million accounts holding unused contribution room can be carried
pay deposit directed to an active chequing $12.4 billion in assets – and the number has forward indefinitely.
account, you benefit from all the advantages. been growing steadily since then.
• FREE direct payment (debit card)
“True, the ‘s’ in TFsA stands for savings and can
TFsAs are also growing in popularity at the also be considered as standing for ‘spending’, but
• FREE ATM transactions through
The Exchange Network
Police Credit Union, offering a variety of you should think of it as standing for ‘investment’,”
benefits depending on your needs. If you’ve said a recent article in the Financial Post,
• FREE telephone and Internet bill payments
capped your RRsP contributions, a TFsA is which encouraged young people to open a Tax
• FREE pre-authorized debits a great way to complement your retirement Free savings Account. That’s something for our
• 20% discount on safe deposit boxes savings. Its flexibility also allows you to save Recruit members to consider – and the civilian
• LOWEST POSSIBLE RATES on loans up for other goals such as purchasing a home, members of our Credit Union family too!
and mortgages renovations, travel, and much more.
• HIGHEST POSSIBLE RATES on
• NO monthly package fees
• NO minimum monthly balance requirements
THE EXcHANGE® Network
CAnAdA’s onlY InTeR-InsTITUTIonAl,
REWARDS MEMBErs sAvE!
FUll-FUnCTIon ATm neTWoRk
Fees Fees As a member of the Police Credit Union, all you need is your
Exchange ATM memBeR CARd for convenient account access at over 2,300 FuLL-
Deposits/Withdrawals FrEE FrEE sErvIcE ATMs across canada – without paying additional surcharges!
Debit Card FrEE 60¢
Telephone & Online
$ neVeR PAY any additional fees to access your own money even if you use
Bill Payments FrEE 60¢ another participating financial institution’s ATm.
Safe Deposit Box $24.00 $30.00 $ mAke dePosITs at ATms across Canada.
Transaction fees apply to chequing account only.
$ ACCess oVeR 265,000 AmeRICAn ATms when traveling in the United states, most without a surcharge.
If you would like to become a REWARDS
member, contact us today. And remember to always safeguard your PIn!
memBeR TesTImonIAl moRe THAn A moRTGAGe Shaneen & paulette
The last couple of years have been financially difficult for many of us. “Are we satisfied? We sure are. We were in debt and they did their best
Finding themselves in a tight squeeze, members shaneen Anderson to improve things for us. We feel more secure now,” says shaneen.
and Paulette Whiteley found a complete, one-stop solution when they “They’re definitely more dedicated, and easy to deal with.”
refinanced their mortgage with the Police Credit Union, using their
home to consolidate debt. “They’re more personal and make more of an effort,” adds Paulette,
singling out member service officer katarina Rakic for special mention.
Paulette and shaneen are a mother and daughter who live together in “she was very helpful.”
Acton, and have both worked for several years as civilians with Toronto
Police services. They transferred their mortgage from another financial As shaneen and Paulette discovered, you can’t beat your Credit Union’s
institution. They haven’t looked back since. In fact, today they do all low-rate mortgages and options such as meRITline to leverage the equity
their banking with the people they can trust. in your home and consolidate all your financial needs in one place.
FroM THE dEsK oF... KEITH D’SYLvA
MAXiMiZE YOUr rETirEMENT iNCOME
SIMpLE TIpS TO HELp YOU GET THROUGH A RETIREMENT INCOME CRUNCH
As retirement draws near, income takes on co-ordinating CPP payments with your spouse. rates. keep this in mind when you construct
greater importance. Finding ways to replace For example, if the higher income earner in your your retirement income portfolio.
a regular pay cheque becomes a top priority. household receives $700 a month in CPP and
The good news is that there are many ways to the lower income earner receives $300, CPP Create a systematic withdrawal plan.
maximize retirement income. Here are some allows households to split the income so each looking to make regular withdrawals from your
simple suggestions to get you started. earns $500 per month. retirement portfolio? Consider a tax-efficient
systematic withdrawal plan. These systematic
Lower your taxable income. Retired early? Think about part-time work. withdrawal plans feature tax deferral benefits
one of the easiest ways to boost your take-home not only will this provide you with additional (most of the distributions are a return of capital
pay is to reduce the amount of money you send income in the here and now, it can be a great and not subject to tax). This structure translates
to the government. speak to a qualified taxation way to earn additional RRsP contribution room into strong cash flow, good liquidity, and the
professional and review your tax return to take full prior to age 71 – and that can boost your chance to invest for growth and stability.
advantage of available credits and deductions. retirement income even further in the years to
come. more and more retirees are finding that For more information or
Investigate income splitting. part time work in a field totally unrelated to their assistance with your portfolio,
If you are still contributing to your RRsP, career can be an immensely satisfying way to contact Keith D’Sylva,
consider income splitting through a spousal ease into retirement. Investment Advisor
RRsP. This way, future income is transferred Credential Securities
from the higher income earner to the lower Invest strategically. Inc., at 416.224.6708
income earner. This can be an excellent strategy not all investments are considered equal. or by e-mail at
when there is a sizeable discrepancy between dividends receive favourable tax treatment, firstname.lastname@example.org.
the incomes of two spouses. When it comes for example, while interest, rental income, and
time to retire, continue this splitting strategy by RRsP/RRIF withdrawals are taxed at marginal
sTrEss-FrEE TAX PrEPArATIoN
ENjoY A 20% DISCOUNT oN QuIcKTAX oNLINE!
As a member of the Police Credit Union, you get a 20% discount on
the retail price of QuickTax Online tax preparations. All you have to
do is access your online banking, where you’ll find a portlet directing
you to the QuickTax Online site and the discount offer. In the past,
only big banks offered this discount during tax season. last year, over
6,000 Credit Union members took advantage of the discount.
• Special guidance for first-time users. QuickTax Online walks you
step-by-step through your entire tax return with guidance designed
especially for people new to tax software. Count on
• Maximum refund guaranteed. We search your return for 400+ possible
deductions – so you always get your maximum refund – guaranteed. for the coverage
• Fast refunds. File online with nETFILE for a This group insurance program is only available through our Contact Centre and website.
refund in as few as 8 days.
While you may never expect to have an auto or home insurance claim, it’s reassuring to know that if it
ever does happen you can expect superior claims service. And you should feel good knowing that you
If you require assistance, please contact have exceptional beneﬁts that are only available to members of our group insurance plan.
the Call Centre at 1.800.561.2557. Plus, you could WIN the grand prize of $15,000!** To enter, just call 1-800-387-1963 or visit us
on-line at www.cooperatorsgroupinsurance.ca for a free, no-obligation quote on your auto* and
Dont miss out. Contest closes December 31, 2010.
Quote your group number to ensure you get the best rates: 01317
Group Auto* and Home Provider
for Members of the
Police Credit Union
The Co-operators® , used under license from The Co-operators Group Limited. Underwritten by COSECO Insurance Company and administered by HB Group Insurance Management Ltd. Member companies of
www.cooperatorsgroupinsurance.ca. **No purchase necessary. For complete contest rules and regulations visit www.cooperatorsgroupinsurance.ca or write to Group Marketing, 5600 Cancross Court, Mississauga,
ON L5R 3E9. Contest closes December 31, 2010.
cALLING ALL rEcruITs!
rENovATE Now, wITH MERITLINE™
iT’S TiME TO AvOid HST COST HiKES!
REWARDS. Renovating your home becomes more expensive bathroom remodelling, driveways, putting in fences,
on july 1. That’s when ontario’s new Harmonized swimming pools, spas, patios and more.
Sales Tax (HST) kicks in. It will substantially
increase the cost of home improvements. BUT... if “start now to get a decent contractor and check
you access meRITline now to get your renos done out timelines to see if the project can be finished
before the deadline, you’ll save considerably on before July 1,” said mike martin, chair of the ontario
taxes and keep some money in your pocket. Renovators’ Council for the ontario Home Builders’
As a recruit, when you become a member Association. “There’s going to be a mad rush.”
with your total pay deposited to an “ontario homeowners are hurrying to complete experts are concerned that the HsT will force huge
active chequing account at the Police renovations before the introduction of the new numbers of renovators to go underground and work
Credit Union, you’re preapproved for harmonized sales tax, which could add thousands of for homeowners who want to avoid paying the new
a Cadet Training loan to cover ontario dollars to contractors’ bills,” CBC news reported in tax. Homeowners who do that are taking a risk
Police College tuition, locked in at our January. one woman interviewed for the report rushed and are liable for injuries incurred at their homes,
low REWARDS rate for four years. life to build a two-storey addition on her home because she since “black market” contractors won’t have proper
estimated the HsT would cost her about $16,000 extra. insurance in place.
and disability insurance are included!
Right now, the province doesn’t charge the existing It makes sense to renovate now rather than later, using
other benefits are: 8% retail sales tax on contract labour and major your meRITline. A flexible, low interest, stress-free line
• FREE membership. home fixtures. In July, when the provincial tax of credit, meRITline frees up funds using your home as
• A $5,000 Personal Line of Credit. is combined with the 5% federal GsT, the 13% security, letting you get started on your refurbishments
HsT will apply to additions, kitchen renovations, right away, and avoid HsT costs before it’s too late.
• A Credit Union MasterCard with a
• Overdraft Protection of $1,000.
• Preapproval for a mortgage at our CHIp MEMBER CARD on THe WAY
lowest REWARDS rate – based on
Your Member Card will be even safer soon, thanks to intelligent
meeting standard credit approval encryption technology that secures it against fraudulent use. A “chip card”,
criteria. also known as a smart Card, features an embedded silicon chip visible on the
• Plus all the other advantages of our card’s surface. When you insert your card into a card reader such as an ATm,
REWARDS program (see page 2). the secure interface makes electronic contact, giving you added protection.
members will appreciate the extra levels of security when making important financial transactions.
If you choose to opt for our ReGUlAR
program, you’re still preapproved for a The many benefits of chip card technology include extra security and protection from counterfeit, identity theft and
fraudulent activity. They are virtually impossible to copy and do not require a signature, just your PIn.
Cadet Training loan as described
above. It’s easy to enrol, so come in or We are implementing chip technology over the next several months. For some time, you’ll see and use cards with
call us today! a chip or magnetic stripe – both are reliable and secure. We plan to update current member Cards during the fall.
vEHIcLE LoANs • No down payment
driviNg AN EASY bArgAiN • Flexible repayment options and fast approvals
• Preferred rates on new or used
cars (within 4 model years)
In the market for a car? Truck? RV? Interest on a loan for a new or used • 100% financing available
set of wheels shouldn’t give you road rage. You can’t beat the Vehicle loan
rates offered by your Credit Union. They’re the best around, and we fast- don’t forget vehicle insurance!
track the process. You get the best rates when you belong to our REWARDS We offer a great deal on that too.
program. We’ll help you lower your monthly payments and can save you Whether you apply online or talk to
hundreds, even thousands of dollars in interest. your member service officer, we’ll steer you in the right direction.
Corporate Office Toronto Durham York Peel
3650 Victoria Park Ave. 3650 Victoria Park Ave. 962 kingston Rd. 18025 Yonge st. 85 Aventura Crt.
suite 303 suite 103 Pickering, on Unit 7 Unit C
Toronto, on m2H 3P7 Toronto, on m2H 3P7 l1V 1B3 newmarket, on mississauga, on
General Inquiries 416-226-3353 (between Finch & steeles) (401 & Whites Rd.) l3Y 8C9 l5T 2Y6
toll-free 1-800-561-2557 (at Bristol Rd.) (at Hwy. 10 & derry Rd.)
ExpressLine 416-223-8728 Toronto Police Headquarters
toll-free 1-800-360-8728 Room 101
Toronto, on m5G 2J3 www.tpcu.on.ca