While holiday spending may be dominating your financial thinking this time of year, it’s worth remembering that the RRSP contribution deadline is just a few short months away.

Contributions to your RRSP for the 2011 tax year must be made before Thursday, February 29, 2012. The maximum RRSP contribution for 2011 is $22,450, but you can also carry forward unused portions of the limit from previous years, so it’s possible the total you are allowed to contribute for 2011 may be higher.

If the impending contribution deadline has caught you off guard, don’t feel bad — you’re not alone. Many people fully intend to contribute to their RRSP each year, only to be left short of funds when the deadline rolls around. One good way to prevent that annual scramble is to set up pre-authorized RRSP contributions. You can create an automatic contribution for an amount that meets your budget — perhaps $100 per pay period — and then relax and breathe easy, knowing your annual contribution will take care of itself.

If you’d like to make an RRSP contribution before the February 29, 2012 deadline, or if you’d like more information on setting up an automatic pre-authorized contribution, please feel free to stop by one of our branches or call us at 954-7450. We’d be happy to help.

As Manitoba credit unions prepare to celebrate the International Year of Co-operatives — as the United Nations General Assembly has declared 2012 — they do so while enjoying continued growth and success.

The 41 credit unions in the province now have 186 branches serving roughly 600,000 members. A commitment to innovative ideas and leading products and services has helped Manitoba’s credit unions grow their assets by an annual rate of 11.35 per cent over the past decade, and all indications are that double-digit growth will continue. Loans, deposits, memberships and equity — a key measurement of financial stability — are also up significantly.

Nationally, credit unions are also growing at a steady rate. The 100 largest credit unions and caisses populaires in Canada reported a six-month growth rate of 6.1 per cent for the first half of 2011.

Manitobans, like most Canadians, clearly understand the advantages of belonging to a co-operative, just as 184 million people in 97 countries around the world do. In announcing the international year, United Nations Secretary-General Ban Ki-moon emphasized the benefits of co-operatives.

“Cooperatives are a reminder to the international community that it is possible to pursue both economic viability and social responsibility,” Ki-moon said.

With the RRSP deadline approaching, it’s easy to forget that Tax-Free Savings Accounts (TFSAs) are also a viable retirement savings option. In fact, in some cases a TFSA may be preferable to an RRSP for some investors.

TFSAs were introduced as a new retirement savings tool in 2009 and, since that time, only a small portion of eligible Canadians have opted to open an account. That may partially be due to a lack of understanding of what TFSAs offer, as well as the lure created by the tax refund associated with RRSP contributions.

It’s important to remember that contributions to RRSPs are made with pre-tax income. The refund you receive is the taxed portion of your contribution. TFSA contributions are made with after-tax income and therefore there is no refund. However, unlike with RRSPs, you can withdraw funds from your TFSA tax-free, at any time. This flexibility when it comes to withdrawals can be a nice feature to have in a retirement savings vehicle should you encounter an unforeseen expense that you weren’t prepared to pay for.

Each year after the age of 18, you’re allowed to contribute up to $5,000 to a TFSA. Like an RRSP, a number of different investments can qualify for a TFSA, including GICs, high-interest savings accounts, stocks and bonds.

If you’d like more information on TFSAs and the pros and cons as they relate to RRSPs, please contact our credit union at 954-7450 and arrange to speak to an investment advisor.

Like all co-operatives, credit unions are guided by the Seven International Co-operative Principles (www.creditunion.mb.ca/about/index.htm), the seventh of which is Concern for Community.

Last year, credit unions across Canada demonstrated their concern for the communities they serve by contributing nearly $37.5 million to local community projects, as well as supporting their communities with money, services and time.

A survey conducted by Credit Union Central of Canada, the national trade association for credit unions, found that that support included nearly $25 million in donations and sponsorships, $1.3 million in scholarships and bursaries, more than $4.5 million in donations to charitable foundations, $3.4 million in financial services contributions to community organizations and also nearly $3.4 million in donations-in-kind.

Here in Manitoba, credit unions donated $2.6 million to community groups and organizations and also gave out $125,000 in scholarships and bursaries.

At the local level, North Winnipeg Credit Union showed its concern for our community by donating $13,800 in support dollars to a variety of community organizations and scholarship programs in 2010.

It is with great pleasure that we announce the 2011 North Winnipeg Credit Union scholarship winners:

Tyler Spencer
Maples Collegiate

Tyler has an excellent academic record and have proven an outstanding leadership skills during his school years. He participated in many school projects, including Student Council (Co-President), Maples Amnesty International Group (President), Annual Social Justice and Stewardship Fair and peer tutoring. Outside the school Tyler volunteers at Take Pride Winnipeg, Seven Oaks Hospital, M.S. Society of Manitoba and performs Special Needs turoring.

Tyler takes pride in his Ukrainian inheritance. As part of his involvement in Ukrainian community, Tyler has been volunteering at many activities and events at his church – Blessed Virgin Mary Ukrainian Catholic Church and actively participated in Folklorama and various Ukrainian community events.

Tyler Spencer plans to pursue a Science Degree at University of Winnipeg and then a Medical Degree at University of Manitoba.


Michael Szelemej
Miles MacDonnell Collegiate


Michael is a very gifted and enthusiastic student. While in school, he was involved in Youth in Philantropy group, was member of Vietnam Orphanage Committee, participated in school’s Key Club and was a peer tutor. Despite his demanding academic schedule and extra-cirricular involvement, outside of school, Micheal volunteered at the Canadian National Institute for the Blind and at Holy Family Home.

Michael is very proud of his Ukrainian heritage and is actively involved in Ukrainian community. He volunteered at Folklorama Ukraine Pavilion for the past 7 years. He is a President of Sts. Vladimir and Olga Cathedral Altar Servers where he organized bake sale for orphanages in Ukraine. In the past, Michael was a member of Ukrainian National Federation School of Dance.

Michael Szelemej plans to pursue a graduate studies in the area of science at University of Manitoba.

Recent studies have found that Canadians are saving less money than the used to. That’s not entirely surprising, given the tougher economic times. But most people agree that saving money — whether it’s for retirement, a down payment on a house, a child’s university education or just a rainy day — is a priority for them. So how do you develop the discipline to save on a regular basis? Here are some helpful tips:

• Make a budget. The first step towards saving money is recognizing where your money is going. Start by making a list of all your expenses. From there, you can start to decide which expenses are necessary and which ones can be cut out.

• Eliminate waste. Sometimes saving money simply means being smart with your money. Avoiding things like late fees can prevent needless spending.

• Pay down high-interest debt. If you owe money on credit cards, where you’re paying a high rate of interest, focus on paying those down first. The less money you give away in interest, the more you have to save for other things.

• Make healthy choices. Strangely enough, sometimes healthy choices can be as good for your wallet as they are for your body. Things like smoking and eating a lot of fast food are not only unhealthy; they also cost a fair amount of money. If you can reduce or do away with those sorts of expenses, you’ll save money and feel better.

• There are 41 credit unions in Manitoba, with 185 branches — 60 in Winnipeg and 125 outside of Winnipeg.

• Manitoba’s credit unions have $8.3 billion in total assets (as of June 30, 2011).

• There are 606,181 total credit union memberships in Manitoba (as of June 30, 2010).

• Sean Connery once earned a living driving a horse-drawn milk float for a co-op in Edinburgh. There’s no record as to whether the milk arrived shaken or stirred, or if Connery was given a license to spill.

• The Associated Press (AP), London (England) Symphony Orchestra and London Philharmonic are all run as co-operatives.

• Rural electric cooperatives operate more than half of the electric distribution lines in the United States.

• Bee Maid honey, Granny’s poultry and Peak of the Market vegetables are all produced by Manitoba cooperatives.

• You may also have tasted some of these cooperatively produced products: Sunkist oranges, Welch’s grape juice, Ocean Spray cranberries, Sun-Maid raisins and Blue Diamond almonds.

If you’re planning a road trip somewhere south of the border this summer, there are some things to keep in mind before loading up the car and heading out on the road. While it may not always be the first thing that crosses our minds, illnesses and accidents can happen quickly and, when out of the country, the expenses related to such unfortunate occurrences can pile up just as quickly.

Even something as simple as a minor fender-bender could lead to a brief hospital visit, which — without adequate travel insurance — could become quite expensive. Many Canadians travel to the U.S. under the mistaken assumption that their provincial government or employee health plans cover everything. All too often, unfortunately, that turns out not to be the case.

Expenses such as prescription drugs, air ambulance service, X-rays and other costly procedures may not be covered by your plan when you’re outside Manitoba — even if you’re still in Canada. Therefore, if you’re planning a summer vacation this year, it’s probably a good idea to include purchasing travel insurance as part of your trip. It’s also a good idea to carry proof of that travel insurance with you, along with the name and phone number of the insurance provider. You may also want to leave a copy of the details with a neighbour or close relative, just in case you lose your copy.

With travel insurance in place to cover any unforeseen illnesses, you’ll be able to relax, rest easy and enjoy your summer getaway.

Shopping online can be a quick, easy and fun way to avoid the rat race of malls and big box stores. But it also carries with it certain risks if not done safely. The Interac Association recently released several consumer tips to help create a safe, online shopping environment:

1. Connect securely: Before you begin your online shopping, make sure you have a secure, password-encrypted connection and the latest security software installed on your computer. Avoid making online purchases through an unsecured or borrowed Internet connection.

2. Follow your instincts: While there are many legitimate online merchants, trust your instincts and avoid making a purchase over the Internet if you have concerns about a specific website.

3. Check the URL: Always type a merchant's website URL directly into your browser instead of clicking on a third party link (such as a link embedded in an email advertisement), which may be a phishing attempt directing you to a fraudulent website. Reputable merchants offer secure browsing, indicated by an https link or SSL certificate.

4. Read the privacy policy: Once you've selected goods or services to buy online, always check the small print. What is the merchant's privacy policy? Will the merchant withhold any of your personal information? This should be addressed clearly on the website.

5. Save a record of the purchase: Print and file a copy of your receipt, as well as the merchant's terms and conditions, should you need to return the product or consult the warranty.

6. Examine your purchase: Once you receive your purchase, inspect it to ensure it is exactly what you purchased and did not incur damage during shipping.

Your credit union Member Card is a terrific traveling companion. Because you can use your Member Card for Interac purchases throughout Canada and the United States — and for cash withdrawals on the CIRRUS worldwide network — you don’t need to carry as much cash with you when you travel.

However, keep in mind that whenever you travel it’s a good idea not to keep your identification, Member Card, credit cards, travelers’ cheques, cash, and other important personal documentation in the same place. That way, if your luggage goes missing, or you lose your wallet or purse, you aren’t left with nothing.