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OMERS’ Happy Returns 2 Build A Better Mortgage 2 Tax Refund Hot Tips 3 Listen Up to Our Podcasts 3 Think Green This Spring 3 Financial Forecasting 4 York Branch Update 4 More HDTV Winners! 4 PASS IT ON A SAFE INVESTMENT. THAT’S EASY TO CRACK OPEN. Offer the Perfect Combination NEW! CASHABLE TERM DEPOSITS Hot Tips and More from Your Credit Union Spring 2008 2008 AGM It’s nearly here! Your vote is even MORE important this year. Our big meeting is right around the corner, so be sure to mark your calendar. We’re hoping to see a great turnout at this year’s annual meeting as recent changes to the Credit Unions and Caisses Populaires Act have necessitated changes to our by-laws affecting Credit Union governance, including how we elect directors. It is very important that our members have a vote in all of these key changes. It’s also a great opportunity to enjoy an evening of good food and mingle with other members and staff while hearing about your Credit Union’s successes, challenges and future plans. Same location as last year! HERE’S A GREAT NEW PLACE TO PLANT YOUR SAVINGS Your Credit Union has done it again! This spring, we’re introducing an outstanding new way to save that’s available all year round. It’s called the Cashable Term Deposit and it’s perfect for members that are looking for a safe investment with a super high rate as well as the flexibility to access your cash at any time. Go to www.tpcu.on.ca and take a look at the great rates we offer or give us a call and we’ll supply the information to you. Then compare the Police Credit Union’s rates to the banks or ING. We believe you’ll find it hard to find a better deal than our REWARDS rate. Cashable Term Deposits offer the perfect combination to grow your savings faster without locking in for the long-term. Benefits include: • Cashable anytime after 6 months at full interest for the term held • Minimum amount $5,000 • Principal is 100% guaranteed • Non-registered contracts only Monday, April 28, 2008 at 7:30 p.m. Grand Baccus Banquet & Conference Centre 2155 McNicoll Avenue, Toronto, Ontario True Confessions! CALLING ALL MEMBERS. WE WANT TO CAST YOU IN OUR NEXT CAMPAIGN! It’s your chance to be a Credit Union idol. You love your Credit Union. Why not tell your colleagues all about it? What sets us apart from other financial institutions? How is our service better than the rest? How did we help you achieve a major goal or dream? Right now, we’re looking for members who want to share their Credit Union stories and lend their faces to our upcoming Credit Union campaign. Call Karen Caume at 416.226.3353/1.800.561.2557 ext. 6707 or e-mail kcaume@tpcu.on.ca no later than April 30th, 2008. Move it over and earn more interest! There are so many great reasons to bring ALL your savings to the Police Credit Union including hard-to-beat rates, a full range of products and services, and our outstanding REWARDS program. Plus, take advantage of all our wealth management services including free financial planning. Do you have investments at other financial institutions that are coming due? Move your money into NEW Cashable Term Deposits from the Police Credit Union! We’ll make it easy and take care of all the paperwork for you! Call us or talk to your MSO today. MEMBERS SPEAK OMERS REFUND BRINGS MEMBERS HOME TO THE CREDIT UNION They met in the elevator at 149 College back in ‘57. He worked in the Summons Bureau and she worked in the Chief’s office. And now they’ve been married nearly 50 years! Sandra and Adam Chalmers started off their life together as Police Credit Union members, but when life threw them a big curve ball with a family medical crisis, circumstances took them to another financial institution. Last fall, the OMERS refund brought their business back and they’re finding their Credit Union is better than ever. Explains Sandra with a laugh, “Long-time colleagues of Adam’s, who are very involved with the Credit Union, kept saying ‘come on, get yourself back into the Credit Union!’. The OMERS refund was the perfect opportunity. Now Adam’s pension cheque is deposited there and our refund is invested there.” Build A Better Mortgage WITH THE FINANCIAL INSTITUTION YOU TRUST Your mortgage is probably the single biggest investment you will make in your life. Not only does it put a roof over your head, it should also be an excellent investment in the longrun giving you a healthy return on your dollar. So it’s vital that it’s built on a solid foundation. That’s why it’s more important than ever to have your mortgage at a financial institution you trust – your Credit Union! You’ve probably heard all the bad news about the sub-prime mortgage market and the credit crisis in the United States. High-risk borrowers bought homes at low teaser rates, and then couldn’t afford the payments when they eventually jumped. It’s resulted in a sharp rise in home foreclosures south of the border and triggered a global financial crisis. When A MERITline Makes Sense The hot housing market in Ontario has forced prices up dramatically in the past five years, which has been good news for homeowners who have seen the equity grow in their homes. As a result, products like the Police Credit Union’s MERITline have become more popular than ever, enabling homeowners to tap into their equity and borrow money at a super low rate, because the line is secured by your property. So when is this the right option for you? While experts are now cautioning that growth in housing prices could level off in the near future, a MERITline from the Police Credit Union is still a great option for members with significant amounts of equity in their home that want to: • Tackle a big renovation project – doing it right will actually add value to your home • Consolidate and pay off high interest credit cards – if you’ve racked up $10,000 plus on your cards, get rid of it and save thousands in excess interest a year • Help pay for your kids’ post-secondary education • Make a major purchase • Take a trip of a lifetime Better Rates, Better Service When it comes to having your mortgage at the Police Credit Union, the news is only good. First, start with the great low rates we offer on a wide range of terms. No teasers, no gimmicks. Just hard-to-beat rates and flexible repayment options that save our members thousands of dollars over the years. Key to the success of your mortgage investment is the expert advice and superior service you will receive from your Credit Union staff. They will work closely with you to ensure that the payments are tailored to your budget and that you understand all the costs involved in purchasing a home. What’s more, the Police Credit Union staff understands your career path, they know what you can expect in the years ahead and they are committed to delivering the best to Ontario’s Police Services! Rediscovering a REWARDING relationship With direct deposit of Adam’s pension cheque, the Chalmers are automatically enjoying all the benefits of the Police Credit Union’s REWARDS program, including our highest rates on their investments, free everyday transactions, free cheques and free automatic deductions. “The bank we were at had a good program for seniors. So we were very pleased to see all the privileges we automatically get through the REWARDS program at the Police Credit Union.” Since rejoining, the Chalmers have been switching more and more of their banking back to the Credit Union. “They’re very helpful. Every time I talk to them they’re quick to give me an answer. At big banks, it’s always ‘I’ll get back to you on that’. The Credit Union is more personal. When you call, they actually remember who you are and what you talked about and if there's a problem they straighten it out fast.” How do the Chalmers feel about their return to the Police Credit Union? “When we went into the branch in Mississauga with our OMERS cheque and talked to the branch manager, it was such a win-win. We were so glad to say again ‘yes, we are members of the Credit Union’! We’ve been so pleased about all the little subtle things they do for you. It’s like belonging to a family!” With a MERITline, you can do whatever you want with the cash and it's available to you whenever you want. Once you've applied, you can use the funds over and over again, up to your limit. Why not talk to your MSO about whether a MERITline makes sense for what you have in mind? They can walk you through the numbers and show you all the advantages! Budget Before You Buy • Before you buy, it’s best to pre-qualify, so you know exactly how much you should be spending on a new home • Avoid teaser rates or gimmicks • When calculating your monthly payments, include property taxes, heat and hydro • Consider upfront expenses like your down payment, home inspection fees, appraisals, land transfer fees and closing costs • Leave room in your budget for decorating, renovations or unexpected repairs • Talk to your Credit Union first, for the best advice and a great low rate! FINANCIAL PLANNING WITH PETER SMART TIPS FOR SPENDING YOUR TAX REFUND A wide-screen TV might entice you. A tropical beach might beckon. But if you can resist the temptations, there are ways to get a bigger bang for your tax refund buck. 1. Pay down debt. Especially high interest, non-deductible credit card debt. 2. Pay off RRSP loans. Apply your tax refund to the balance of your loan. You’ll save on interest charges and free up money that would otherwise go toward monthly loan payments. 3. Make a lump sum RRSP contribution for the current tax year. The sooner you contribute, the sooner your investments start to compound, and the more you end up with when you cash out. 4. Create a rainy day fund. Set up a separate rainy day fund consisting of three to six months living expenses in secure, liquid assets to cope with emergency purchases or unexpected interruptions to your household income. Our new cashable term deposit is perfect for this type of fund! 5. Save for your child’s education. Drop your refund into a Registered Education Savings Plan on behalf of your child or grandchild and earn a 20% bonus from the federal government to a maximum of $500 every year. 6. Avoid getting a tax refund in the first place. Set up a Pre-authorized Contribution Plan to make regular monthly payments to your RRSP, and request a tax deduction at source. Your regular tax deductions will be lowered based on the PAC amount, which means you’ll have more cash in your pocket each month, instead of receiving a tax refund once a year. Contact Peter Giftakopoulos, your Credential Securities Inc. Investment Advisor, at 416.224.6708 or PeterG@tpcu.on.ca for more information. This article is courtesy of Credential Securities Inc., your credit union’s partner in providing you with wealth management services. Credential Securities Inc. is a Member-CIPF. CHECK OUT OUR LATEST PODCAST! ONLINE BROADCASTS ABOUT EVERYDAY MONEY MATTERS Here’s an interesting new way to educate yourself about important financial matters. Go to our website’s home page and click on the podcast icon. With another simple click you can listen to or download our latest installment in this ongoing series hosted by Donna Papacosta. NOW PLAYING... Money & Life 02: Advanced Education Chris and Amy discuss their decision to go back to school – find out how they accomplished it. Stay tuned! THIS SPRING, THINK GREEN! Quick Tips to Save Water - and Your Money! On a per capita basis, Canadians are the second highest water consumers in the world. To reduce water use and utility bills: • install a properly functioning 6-litre low-flush toilet • install a low-flow shower head in the bathroom • capture excess water when running the tap for watering plants • wash only full loads of laundry or choose a machine that automatically adjusts water volume to load size • consider growing water-efficient plants and grasses and using drip irrigation systems, sprinkler timers and rain gauges to promote deep root growth and healthier vegetation Good advice gathered by the Canadian Mortgage and Housing Corporation! WHAT’S MEMBERS DISCOVER A WORLD OF GREAT SERVICE AT THE YORK BRANCH BRANCH UPDATE They come from Police Services all over the province. And there are even members who are serving overseas. The York branch is home to a broad range of members, whether they’re from York, Durham, Barrie, Orangeville, South Simcoe, the RCMP or the OPP. Explains Branch Manager Len Wright, “On any particular day, you can come into the branch and see members from many of the different Police Services. It’s really neat. We’re strategically located on Yonge Street in Newmarket so members have access to Highway 400 to the west and Highway 404 to the east. We’re in a plaza with plenty of convenient parking and a Drive-Thru ATM.” The York branch celebrates its 10th anniversary this year. “It’s hard to believe what’s happened in this area since then. If you look at pictures of the opening in 1998, you can see vacant farmer’s fields in the background. Now you look out and see houses, buildings and major stores.” The branch itself has seen phenomenal growth in recent years, especially in the past year. Len credits the REWARDS program for fuelling the branch’s success. “Today’s members are rate sensitive – that’s what drives them in. Once members realize how good the REWARDS program is, they bring all their business here. And of course, our staff is really top-notch – Susan, Adele, Theresa – they really know their stuff. You can see it everyday in the way they deal with our members. When a member comes in, they’re not just doing a transaction. The staff have built up relationships over the years. That’s what sets the Credit Union apart.” Len enjoys serving members throughout their financial lives. “I get to speak to the new recruits on their first day. And members come to us for financial advice when they retire. We really build up a trust over the years. Whether you move out west or east or serve overseas, we can still serve you best. Once a member, always a member.” Len himself has been a big supporter of the Credit Union system since 1972. “What gives me the greatest pleasure is really being able to help our members out whether it’s buying their first home, investing for their future or working through financial difficulties.” You can visit our York Branch at 18025 Yonge Street (at Bristol Road), Unit 7, Newmarket or call 905.836.4998 or toll free 1.877.242.8728. IN THE FINANCIAL FORECAST? These days it can seem like the financial markets are as wild and unpredictable as the weather we experienced this past winter. While Canada has seen a stronger economy than the U.S., we are always affected by any turmoil our neighbours to the south are experiencing. The stock market has been seeing big swings both up and down. Ontario has been coping with major layoffs in the manufacturing sector. The Canadian dollar has reached record heights, which has benefited some people, but has a negative impact on many industries. This spring, the Bank of Canada cut interest rates by a half point, the most dramatic move since post 9-11. Some experts are predicting more cuts in the near future to help stabilize and stimulate the Canadian economy. How we help you weather the storms So what does this all mean for you? With all the economic uncertainty, your relationship with your financial institution is more important than ever. Your Credit Union staff always goes that extra mile to know our members full financial picture and to respond quickly to your changing needs. We’re here to answer any questions you may have and should you find yourself facing financial difficulties, we are prepared to sit down with you and help you work out a solution. If you ever see storm clouds brewing in your financial world, don’t hesitate to talk to your Credit Union. We always have bright ideas to help you see sunnier days ahead! MORE LUCKY HDTV WINNERS! NOT PICTURED... YORK BRANCH winner Bernadette Cwenar TORONTO Branch – Sheila Carvalho (MSO) and James Morris (winner) PEEL Branch – Katrina Rakic (MSO) and Ron Goodfellow (winner) DURHAM Branch – Susan Dudley (winner) and Kathy Holland (MSO) Corporate Office 3650 Victoria Park Ave. Suite 303 Toronto, ON M2H 3P7 General Inquiries 416-226-3353 toll-free 1-800-561-2557 ExpressLine 416-223-8728 toll-free 1-800-360-8728 Toronto 3650 Victoria Park Ave. Suite 103 Toronto, ON M2H 3P7 (between Finch & Steeles) Toronto Police Headquarters Room 101 Toronto, ON M5G 2J3 Durham 962 Kingston Rd. Pickering, ON L1V 1B3 (401 & Whites Rd.) York 18025 Yonge St. Unit 7 Newmarket, ON L3Y 8C9 (at Bristol Rd.) Peel 85 Aventura Crt. Unit C Mississauga, ON L5T 2Y6 (at Hwy. 10 & Derry Rd.) www.tpcu.on.ca