D E C E M B E R 2 0 0 3 The ABC’s of RESPs Start planning now. Education is more important and more expensive than ever. For as little as $50 per month you can start an RESP. Wired to Win a) What is an RESP? f) Who controls the assets? All existing and new Fat Cat, Headstart A Registered Education Savings Plan • Subscriber/Contributor and Xtreme $ense members are eligible (RESP) is a government-approved g) What are the contribution limits? to win! plan for the purpose of providing • Up to $4,000 per beneficiary, per post-secondary education. year, to a lifetime maximum of b) What is the CESG? $42,000 (excluding grant amount). It is the Canada Education Savings h) What are the tax implications? Grant (CESG) program. This allows • No tax is paid until withdrawals eligible RESP beneficiaries to receive are made Win a Sony Vaio RS310 PC grant money from the Government • Earnings and CESG proceeds with- Watch your statements for ballots. Fill of Canada. drawn as EAP's (Educational out a ballot for each service you have Assistance payments) are taxed in c) Who is Eligible for the CESG? with the credit union for more chances the beneficiary's hands to win. • Must be a Canadian resident i) What if beneficiary does not pursue • Have a social insurance number education? • 17 years of age or less (some restrictions apply) 1) Individual Plan Contributor can designate a new d) What is the grant amount through beneficiary. CESG? Family Plan • 20% of the contribution amount Earnings and CESG can be used by each year, to a maximum of $400 remaining beneficiaries. per year SONY Vaio RS310 2) Original contribution dollars can • Intel Pentium 4 • DVD Drive • Maximum lifetime CESG payable be withdrawn without penalty • Keyboard • Mouse • Speakers to a beneficiary is $7,200 3) CESG proceeds must be returned • SONY CPDE240 17" Multiscan e) Types of RESP's to the government Monitor • Lexmark X1150 All in One Individual Plan Printer and more! 4) Avoid tax liability by (certain • Only one beneficiary permitted rules apply): • Does not need to be related to • transferring up to a maximum of contributor $50,000 to the contributor's RRSP Family Plan (or spousal RRSP) provided the • More than one beneficiary contribution room exists Win a Toshiba A10 Laptop permitted • donating the plan's growth (not You will receive ballots by mail in • Must be related to the contributor including the CESG that is repaid to December. Fill out a ballot for each serv- by blood or adoption the government) to qualifying edu- ice you have with the credit union. The • Must be under age 21 cational institution. more you have, the greater your chances. Maximize Your CESG Benefit The $400 maximum annual Canadian Education Savings Grant is available retroactively to 1998. Speak to an RESP Representative for details. Auto Loans Your RESP Let us assist you with the purchase of Representatives TOSHIBA A10 Laptop a new vehicle. • Intel Pentium 4 • DVD Drive Ardelt Branch 742-3500 • 40GB Hard Drive and more! • 0% is not 0% Cathy Christoff x 228 Contest open until April 30, 2004. • Are you getting the best price for Speak to your Member Services your new vehicle? Jeanne Vaughan x 223 Representative TODAY! • Are you getting fair value for your Lisa Manuel 742-9370 trade-in? Stewart Duckworth 742-9998 Talk to us and we’ll help you to save! University Branch 888-4567 Call your Lending Services Rep: Pauline Cotrell x 3574 Ardelt Ave Deadline Paul Norry x 249 Amy Usher x 221 Last day for RESP deposits for the taxation year 2003, Wednesday, University Branch December 31, 2003. Vaughn Sauve x 6646 New Internet Banking Credit Union ABM's We Protect Your The Education Credit Union offers Privacy electronic services through Waterloo Region & Guelph MemberDirect Internet and Telephone Credit unions in Canada have a long Back by popular demand is our list of Banking. Through MemberDirect, you history of respecting the rights of their credit union ABMs that do not apply a are able to do a number of account member/owners. As co-operative surcharge. Cut out this list and retain it transactions, including payment of utili- financial institutions, credit unions are for reference. ty bills, transferring funds between your committed to the development of accounts, accessing your account state- Education Credit Union (Deposit Taking) policies, procedures and service offer- ments, and viewing account activity. ings that maintain these rights. Kitchener 51 Ardelt Ave MemberDirect Internet banking has The Education Credit Union board Waterloo Regional Credit Union undergone an up-grade to version 5.0 of directors has adopted the Credit and now offers a new look along with (No Deposits) Union Code for the Protection of added functionality. Waterloo 168 King St South Personal Information, related policies and procedures, and appointed a Some of the new features included with Kitchener 1334 Weber St East. Privacy Officer. The Privacy Officer is MemberDirect Internet 5.0 are: Cambridge 385 Hespler Road your point of contact should you wish • Enhanced statement and account to discuss matters regarding the use information searches Mennonite Savings & Credit Union of your personal information. • Enhanced data download compati- (Deposit Taking) Enclosed with your statement is a bility to Quicken, Quick Books, Waterloo 53 Bridgeport Rd. East Microsoft Money, Simply brochure outlining the ways in New Hamburg 100 Mill St. Accounting and common spread which we protect your privacy, in sheet programs including addition to a consent form. Please Milverton 12 Main St. South Microsoft Excel take a moment to review the infor- Leamington 243 Erie Street South mation provided to you. Should you • Links to view information relating to your credit union MasterCard Guelph & Wellington Credit Union have any questions, please contact the Privacy Officer as referenced on • Access to Credential Direct directly (Deposit Taking) the back of the brochure. Additional through MemberDirect Guelph 370 Stone Rd. West information can be found on our • The ability to transfer funds to 200 Speedvale Ave. West website at www.wcecu.com. another member's account • Increased security and stability 130 MacDonell St. • Improved look and feel 240 Victoria Road South MemberDirect Internet and Telephone Fergus 100 MacQueen Blvd banking are free. If you would like St. Willibrord Community Credit Union access to your accounts and the ability (Deposit Taking) to pay bills FREE of charge, please con- tact a Member Services Representative Waterloo 55 Northfield Dr East. at your branch. Mortgages • Discounted rates • Pre-approval • 5% down payment • Excellent pre-payment privileges • Cash back option • Personal, professional service Call 742-3500 Education Centre Branch University Branch Paul O’Reilly x 245 6-51 Ardelt Avenue (Limited Access for University of Waterloo Kitchener, Ontario, N2C 2S9 Employees and their Families) Sharon Feldmann x 243 Tel: (519) 742-3500 c/o University of Waterloo Fax: (519) 742-6072 200 University Avenue W. Waterloo, Ontario, N2L 3G1 Tel: (519) 888-4567 x 3574 and 6646 Holiday Hours MemberCARE financial Services Tel: (519) 742-9998 Fax: (519) 746-3070 Credential Securities Inc. Closed: Tel: (519) 742-9370 December 25, 2003 December 26, 2003 Monday to Friday 10:00am to 6:00pm January 1, 2004 July and August Monday to Friday 10:00am to 5:00pm Open: 10:00 am to 3:00 pm MemberDirect Telelphone Access (519) 651-0800 & (519) 745-1500 December 24, 2003 Toll-Free 1-877-468-2864 December 31, 2003 Web Site/MemberDirect Online www.wcecu.com Regular hours apply outside of Editor: Shari Freiburger, Copy Editor: Michelle Simmons specified dates.