Community First
289 Bay Street P6A1W7 Sault Sainte Marie, ON, Canada

Having a buffer more formally called an emergency fund is crucial for managing times of uncertainty. In the event of job loss, a medical emergency or other unforeseen expenses, being able to avoid using high interest debt can keep you on your feet. It’s recommended that you have at least three months saved to cover household expenses. That being said it’s not easy for everyone to achieve this. If you’re unable to hit that number, try to reach at least $1,000. The other tricky part is making sure not to spend your emergency fund. Keep this money in a separate savings account so you’re less tempted to spend it. Check out our savings account options to get started: www.communityfirst-yncu.com/Accounts.

Being able to manage debt is one of the most important financial skills you can have. If you already have or plan to take on debt, make sure to have a solid repayment plan in place to avoid paying an excess of interest. Interest compounds quickly so adding an additional $50 to your regular payments can shave off years of payments and hundreds of dollars. When managing multiple debts, there’s two effective methods that can help you prioritize payments. First is the Snowball Me...thod. This method focuses on prioritizing debts based on size paying off the smaller loans first. The second method is the Avalanche Method. Here you pay the minimum payment on each debt and then use any remaining money to start paying down the debt with the highest interest.

Investors often hear about diversifying their portfolio between stocks and bonds, but what’s the difference? Stocks represent a share in a company in exchange for money. A company will issue stocks to raise capital in order to grow the business or undertake new projects. Bonds, on the other hand, are used to represent a debt taken on by the company with the agreement to pay interest for the use of these funds. At maturity the bond is paid out in full.... Stocks are the riskier investment because you’re relying on the success of the company. Bonds are considered a low risk investment and lack the powerful long-term return potential of stocks. We have a knowledgeable team that can’t help you determine the right products for your individual financial goals. Book an appointment with a wealth professional today: www.communityfirst-yncu.com/BookAppointmentOnline.

Follow our Instagram to find out what we've been up to: www.instagram.com/shopyourneighbourhood/ #supportlocal #smallbusiness #supportlocalbusiness

Shop Your Neighbourhood is LIVE and we're so excited to support local businesses during these uncertain times. #shoplocal #banklocal

Payfirma provides businesses all the hardware and software needed to accept payments. Until Nov 30th when you sign up with Payfirma you’ll receive exclusive savings on your terminal purchase and no monthly fees for 1 year*! Learn more by visiting www.communityfirst-yncu.com/MerchantServices.

A Capital Gain occurs when you sell an asset for more than you paid for it. These assets include, but are not limited to, stocks, bonds, and real estate. Capital gains are subject to tax once the asset is sold. In Canada, 50% of the value of your capital gains must be added to your income. This means the amount of tax you pay on your capital gains will vary depending on your tax bracket.

What does your retirement plan look like? No one wants to be working well into their golden years so planning ahead can help ensure a more comfy, secure retirement. Start by thinking about your retirement goals and then evaluate how long you have to get there. Your next step is to open up an RSSP to help with the saving process. A lot of companies match RRSP contributions so check with your employer to see what your options are. We can help you organize your finances so you’re set up for retirement. Book an appointment today: www.communityfirst-yncu.com/BookAppointmentOnline.

Now, more than ever, we need to support our local economy, and Community First is proud to display our 100% LOCAL tree in this year's #FestivalofTrees in support of the Lung Health Foundation. All decorations were purchased and supplied by local makers, local businesses, and local families, with additional goodies from local Community First business members! Visit https://michaelpeeverauctions.hibid.com//festival-of-trees/ to place your bid. Bidding starts tonight, November 12th at 7:00pm until November 20th at 7:00pm.

Today we honour all the men and women who sacrificed for our freedom. Please join us in a minute of silence at 11am to pay your respects for those we have lost.

Rest assured that we are constantly monitoring the COVID-19 situation and making decisions in the best interest of our members and staff. Visit www.communityfirst-yncu.com/COVID19 for the latest information and be sure to check back regularly to keep up-to-date on news that may impact you!

Do you know a student who is making a positive impact in their neighbourhood? Nominate a Community Change Maker and we will recognize the first 50 nominees with a Young Neighbours Achievement Award and donate $150 to a cause of their choice. Learn more: www.communityfirst-yncu.com/ChangeMakers

Celebrate Small Business Month with Payfirma! Sign-up between October 1st November 30th and receive exclusive savings on your terminal purchase and no monthly fees for 1 year*! Payfirma provides all the hardware and software needed to accept payments online, in store, at the office, or in the field. Get started today: www.communityfirst-yncu.com/MerchantServices

The Combination Savings Account is NOW OPEN for a limited time. With the earning power of a GIC and the flexibility of a savings account, enjoy peace of mind knowing your money is there when you need it and growing when you don't! Learn more: www.communityfirst-yncu.com/CombinationSavings

Help us congratulate Lauren who tied for top submission for the Ontario Credit Union Foundation CU Succeed Youth Bursary, receiving a perfect score! Best wishes Lauren with the school year and your education goals! #CUSYB "I would like to take this opportunity to thank all those who have helped me along my journey to becoming a successful recipient of the 2020 CU Succeed Youth Bursary. I have tried to consistently act in positive manners both in my volunteer work and academics and this has brought many kind and positive people into my life for whom I am very thankful for. I am proud to be a leader and receiving the CU Succeed Youth Bursary will be extremely helpful in being able to continue my post-secondary education and ultimately reach my academic goals."

Happy #GoodNeighborDay to all of the YNCU Good Neighbours who donated more than 1700+ volunteer hours since launching our Employee Volunteer Program last year. You’re helping change neighbourhoods for the better!

Help us congratulate Jewel who was one of 67 Ontario Credit Union Foundation CU Succeed Youth Bursary recipients across Ontario. Best wishes Jewel with the school year and your education goals! #CUSYB "I will be attending Brock University working towards a Bachelor of Science under the Biotechnology program. I’m interested in genetics, I don’t have a specific career in mind but, I’m looking forward to learning about the opportunities in this field." - Jewel, CU Succeed Youth Bursary Recipient

Saving for retirement is crucial to securing your financial future. The best way to go about saving for retirement is to open an RRSP. A lot of companies will match their employee’s contributions to their RRSP so check with your employer to discuss your options. RRSPs offer some great tax benefits, as well. Your contributions are tax deductible and can be carried forward to use in the future when your income may be higher. Your contributions will continue to grow tax-free whi...ch allows your savings to grow faster. Develop a budget to determine how much you can afford to contribute monthly. Remember the longer you’re saving for, the more interest you’re compounding so get started as soon as you’re comfortably able to. To open an RRSP, book an appointment today: www.communityfirst-yncu.com/BookAppointmentOnline.

NOW AVAILABLE - responsible investments from Desjardins! Until Nov 23rd, take advantage of our exclusive new Market-Linked GIC! Diversify your portfolio with ethical investments featuring a number of trailblazing companies, including companies with boards of directors that are at least 40% women. To learn more about this unique investment product, visit our website: www.communityfirst-yncu.com/EthicalInvestments

When it comes to your child’s education you want to be as prepared as possible. Both RESPs and TFSAs have their pros and cons. RESPs are for education specific savings. The government offers a Canada Education Savings Grant which is a 20% top up, up to $500 each year for 18 years that’s like a guaranteed 20% gain on your investment! Keep in mind that you can only contribute up to $50,000 per child to an RESP. In addition, if your child chooses not to obtain a post-secondar...y education, the government will take back their contribution, including the interest earned on it, and you will need to transfer these savings to a different savings account. A TFSA is a more flexible option but doesn’t come with the bonus of a 20% government grant. There is a limit to how much you can contribute each year but it does allow for a much larger overall investment. With a TFSA you also aren’t taxed when you withdraw funds. A nice benefit of a TFSA is that if your child decides not to attend college or university, you can use these funds for other purchases like helping with a down payment on their first home. You should ideally take advantage of both a TFSA and an RESP if you’re financially able but either way, whatever you decide, you’re already doing well by your child by deciding to invest in their future! If you’re looking to start an RESP or TFSA, book an appointment and we can help you get started today: www.communityfirst-yncu.com/BookAppointmentOnline.

Help us congratulate Glory who was one of 67 Ontario Credit Union Foundation CU Succeed Youth Bursary recipients across Ontario. Best wishes Glory with the school year and your education goals! #CUSYB "I’m attending Nipissing University in their Concurrent Education program. Currently I’m studying for a Bachelor of Arts majoring in History and Religion. My career goal is to be a teacher at the junior and intermediate level." - Glory, CU Succeed Youth Bursary Recipient

This is an excellent question, and one that all self-employed individuals in Canada should be considering. Some of the following savings vehicles are ones that should be considered. It is also always a great idea to meet with an accredited investment advisor that will be able to recommend particular investment options specific to your goals and risk tolerance. The first piece of your retirement plan to consider will be CPP. Self-employed individuals need to calculate the amou...nt of their contribution to the Canada Pension Plan based on their T4 income, or if you do not receive a T4 Income, like most self-employed individuals, tax software can help to calculate annual contributions. The Canada Pension Plan provides a basic retirement income based on the amount of money you have contributed over your lifetime. Taxpayers are eligible to begin collecting a pension the month after they turn 65 (or a reduced pension as early as 60 years of age). But this is often not sufficient to support desired retirement lifestyles. The maximum monthly payment (as of 2018) is $1,100, assuming you start drawing the pension when you reach the full retirement age of 65. It will be less if you decide to retire earlier. This is a great piece of retirement planning but should be complimented by other options to ensure retirement goals are attained. The next option to consider is an RRSP. All funds in an RRSP grow on a tax-deferred basis. This means, no taxes are paid until you choose to withdraw the funds. The main benefit to this approach is that the money saved on taxes allows your retirement assets to grow faster. Income tends to be lower after retirement, meaning the marginal tax rate will be lower as well. This could allow you to potentially save a substantial amount of money. In addition, the RRSP also provides tax credits that can reduce your tax burden each year. A variety of assets can be held within an RRSP such as Mutual Funds, Bonds, Stocks and others. Tax Free Savings Account contributions are made with post-tax dollars. This means that any growth or gains earned within the TFSA are tax-free. The government also allows contribution room to roll over each year, meaning if you have not yet made a TFSA deposit, you may invest the allowable amount since the inception of the program in 2009 ($63,500 if you have not yet made a contribution). This can be a fantastic option to make up for any lost investment time, and you may also hold numerous types of investments within a TFSA, such as cash, bonds, mutual funds and GICs, dependent on your risk tolerance. A TFSA is far more flexible than in an RRSP, as it allows you to withdraw funds as you need, and not just for retirement. For example, you may withdraw the funds to aid in the purchase of a property or to invest tax-free for a rainy day or cash flow needs. If you're thinking about exploring your retirement options, speak with one of our experts today: https://www.communityfirst-yncu.com/BookAppointmentOnline.

Investing in the market can be intimidating, but we have several tips and options for you! First, there is a helpful tip called The Age Rule when it comes to investing. Take your age and subtract it from 100, from there, you get the ratio of your savings that should be in safe vs. riskier investments. For example, if you’re 30, 30% of your investments should be in secure, guaranteed options (GICs, savings accounts, cash, etc.), and 70% of your investments should be in high...er-risk/higher-reward options like mutual funds and the stock market. As you age, you shift your portfolio, so when you’re 70, only 30% would be on the market while 70% would be secure and protected. We also offer products that are linked to the market but offer 100% principal protection including our market-linked GICs. Market-linked GICs offer the thrill of the market, while not risking your initial deposit. From September 22nd until November 23rd we will be offering a special Ethical Market-Linked GIC from our partners at Desjardins. Visit our website to learn more about the positive impacts paired with powerful potential returns: www.communityfirst-yncu.com/EthicalInvestments. Lastly if you ever need assistance navigating the market or with saving your money, our Wealth Management Team is here to help. They are skilled in the market and always ready to assist with all of your financial needs. Click here to book an appointment with one of our experts today: www.communityfirst-yncu.com/BookAppointmentOnline.

Although there is no limit to how much you can contribute to an RESP each year, there is a lifetime limit of $50,000 (including grants). In addition to this, you will only receive the $500 Canada Education Savings Grant on the first $2,500 in contributions per year. If you’re looking to maximize on the CESG, you should contribute $2,500 each year for 18 years, beginning when your child is born. This will equate to about $200 a month for 18 years. However, if $200 a month is b...eyond your means right now, don’t worry. You can still benefit from the CESG. Instead of a guaranteed $500 a year, you will earn 20% of your total contribution per year. In the end, just remember that whatever you’re contributing is helping your child in the future! If you’re thinking to get started on an RESP or want more information, book an appointment with one of our experts today: www.communityfirst-yncu.com/BookAppointmentOnline

Help us congratulate Tia who was one of 67 Ontario Credit Union Foundation CU Succeed Youth Bursary recipients across Ontario. Best wishes Tia with the school year and your education goals! #CUSYB "In the fall I will be attending University of Waterloo studying in their Environmental Engineering program. My career goal is to work in the Environmental Engineering field helping combat climate change. - Tia, CU Succeed Youth Bursary Recipient

Thinking its time to move out of your parent's basement? Or maybe you're just ready for an upgrade. Whatever your situation is, our experts are ready to help get you where you want to be! For a limited time we're offering mortgage rates as low as 2.24%* on 4 and 5 year terms! Visit our website today to learn more about our exclusive mortgage rates: www.communityfirst-yncu.com/MortgageSpecial

Having an emergency fund is what’s going to keep your head above water in the event of sudden job loss, a medical emergency, or urgent repairs. Having this money set aside is your best resource to avoid a nasty cycle of debt. But what’s a reasonable amount to save? The total amount to stash away for an emergency will vary based on your individual situation. A good rule-of-thumb is to put away at least three to six months’ worth of expenses. Consider your lifestyle, monthly ex...penses, dependents and your income. Based on what you can comfortably afford, it may take you longer to build your nest egg, but that’s ok! Regardless of how long it’s going to take you, some money is better than no money at all! If you’re ready to start your emergency fund, make sure to open up a Tax-Free Savings Account or High Interest Savings Account to accumulate interest on your savings. Lucky for you, we offer both of these options! Book an appointment with us and let’s get started: www.communityfirst-yncu.com/BookAppointmentOnline

COMING SOON - responsible investments from Desjardins! Beginning Sept 22nd until Nov 23rd, take advantage of our exclusive new Market-Linked GIC! Diversify your portfolio with ethical investments featuring a number of trailblazing companies, including environmentally conscious companies and companies with diverse economic sectors around the world. To learn more about this unique investment product, visit our website: www.communityfirst-yncu.com/EthicalInvestments.

It’s never too late or too early to begin saving. So what should you do - open a TFSA or RRSP? This depends on your individual needs. If your employer matches your RRSP contributions, go with an RRSP its additional savings you won’t get with a TFSA. Otherwise, to decide if you should open a TFSA or RRSP first you should look at your savings goals. A TFSA is the best option for short to medium term goals like an emergency fund or buying a car. An RRSP is best for your long ...term plans. If you have no idea what your goals are and just want to start setting aside some money, you can always start with a TFSA. A TFSA doesn’t tax you when you withdraw funds so it makes the most sense to move those funds to an RRSP later on down the road when you’re in your peak earning years. That being said, TFSAs and RRSPs can work hand-in-hand because most people have multiple savings goals. It’s likely that you’re going to need to withdraw from your savings before you retire so if you’re able to manage it, having both a TFSA for those easily accessible funds and an RRSP is a great way to cover your bases. To get started on a savings plan, book an appointment with one of our experts today: https://www.communityfirst-yncu.com/BookAppointmentOnline

Wishing you a relaxing and fun Labour Day! We hope you and your family enjoy your last summer vacation before the school year begins! Our branches are closed today in celebration of the holiday. Temporary hours will resume tomorrow!

Help us congratulate Jordan who was one of 67 Ontario Credit Union Foundation CU Succeed Youth Bursary recipients across Ontario. Best wishes Jordan with the school year and your education goals! #CUSYB "I will be attending McMaster University in the fall for their Humanities 1 program with the intention to enroll in the Justice, Political Philosophy, and Law program in year 2. In the future, I would like to attend McGill law school for their BCL/JD program after law school, work either as a prosecutor or a corporate lawyer. Thank you to the donors and the credit unions for this bursary!"

Our branches will be closed Monday, September 7th in recognition of Labour Day. We will resume our temporary business hours next business day. For up-to-date information on our branch network, visit www.communityfirst-yncu.com/COVID19. Enjoy your holiday weekend!