| REGISTERED EDUCATION SAVINGS PLAN (RESP) | | | The RESP allows you to build capital for your children's, grandchildren's or any close child's future post-secondary education.How much will he or she need? Use our simulator to estimate the cost of a post-secondary education Features- Maximum total annual contributions of $50,000 per beneficiary for the duration of the plan.
- Invest in Desjardins Funds Diapason Portfolios
- You may withdraw your contributions at any time without penalty1.
- You can elect to keep your contributions or disburse them to the beneficiary.
- Qualifies beneficiary under age 18 for the Canada Education Savings Grant.
- May qualify beneficiary for the Canada Learning Bond.
- If beneficiary decides not to pursue his or her studies, you may be able to transfer the RESP funds into your RRSP2.
Advantages- You determine the frequency and amount of contributions and can change these anytime you wish.
- You are free to designate a different beneficiary at any time, including yourself if you decide to go back to school2.
- Your savings grow tax-free.
- The beneficiary and his or her family get 6 months of Superior Accirance accident insurance when the RESP is opened.
To find out more, contact the Caisse and book an appointment with one of our financial advisors! 1. Unless your contributions are invested in a Guaranteed Investment Certificate (GIC). Withdrawal may be made without penalty at maturity.
2. Certain conditions apply.
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| | BUYING A HOUSE | | | You have been thinking about buying a house for a long time. Today, the dream of your life is about to become reality. The Caisse populaire Orléans wants to bring all of your plans to life by giving you the means to prepare yourself to carry them out.
How will purchasing your home affect your budget? Try out the on-line calculation simulator!
FIXED RATE? VARIABLE RATE? OPEN OR CLOSED LOAN?
Which one is more beneficial? How do you make sense of it all?
To see more clearly, your advisor can help you make a choice. If not already done, you and your advisor can set up your borrower’s profile. He/she will then be able to recommend one of the Desjardins mortgage products, based on your borrower’s profile. That way, the terms of the loan will address your needs and your budget. Come and meet with one of our advisors.
One single number: 613 824-6363
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| | THE TFSA: A NEW TYPE OF REGISTERED SAVINGS PLAN | | | A Tax-Free Savings Account (TFSA) is registered investment where income and withdrawals are not taxable. You can access the money in your TFSA anytime and make withdrawals to cover unexpected or major expenses. TFSAs are flexible tools that will help you build your savings and save on taxes.
While RRSPs are designed to help you retire more comfortably, a TFSA, will help you grow your savings tax free to cover occasional expenses like a new car, trips or renovations.
Click here for more information.
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| | PERIODIC INVESTMENT PLAN | | | You have no more mortgages or loans, only projects and dreams -- like travelling, renovating your home, or preparing for retirement. If this is you, Desjardins savings by instalment products are a simple and effective way to make your dreams a reality. Whatever your projects or budget, they let you decide how much to invest and determine the frequency of your payments.
You won’t need to change your habits, since you already made your loan payments by automatic instalment. So why not keep doing it, and save money? It will let you accumulate what you need to reach your goals, with a minimal impact on your budget.
Click here for more information.
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| | VERSATILE LINE OF CREDIT | | | The Versatile Line of Credit offers the security of a mortgage which makes it possible for future and current homeowners to use the value of their property to make their dreams a reality. This line of credit may be used to finance your home, finance your projects, renovate your home or manage your loans.
Click here for more information.
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| | HOW TO SAVE MONEY | | | Save money without changing your spending habits!
Going from loan payments to a pre-authorized withdrawal from your checking account into a savings account is a winning approach. A pre-authorized withdrawal into a savings account is when a certain amount is withdrawn from your account over a period of time and deposited in an account with a higher interest.
This strategy allows you to put an interesting sum aside, while having almost no effect on your personal budget.
How is this possible?
You have no need to change your spending habits since you are already accustomed to seeing money leaving your account automatically and going towards a loan. Why not send that money towards a savings account instead when the loan is reimbursed? This way, you can put money aside quite easily while not having to change your spending habits.Save money by reimbursing your mortgage, is it possible?
A small tip to help you save money when it comes to your mortgage is to pay off your mortgage every two weeks in the accelerated mode instead of doing monthly payments.
A monthly payment of $ 1000 amounts to an annual payment of $ 12 000.
- 12 monthly payments of $ 1000 = $ 12 000
If you were to take this $ 1000 and proceed to split in half (thus, an accelerated payment of $ 500 every two weeks), this equals to an annual payment of $ 13 000 .
- 26 payments of $ 500 = $ 13 000
There are many benefits to this change: The change does not affect your budget.You would be able to put $ 1 000 more on your mortgage annually.You can then pay off your mortgage faster.You pay less interest.
Tips for reducing your service charges - Choose one of our fixed monthly fee plansUse the How to reduce your service charges simulator to find out which account or plan is best suited to your needs.- Sign up for AccèsDAccèsD Internet makes it easier to manage your personal finances. This free online transactional service is accessible from anywhere in the world at any time1.
Find out more about AccèsD Internet- Use Desjardins ATMsMake your regular transactions at Desjardins ATMs and save up to 40% on the fees that apply when you make them at the teller counter.
Try to use Desjardins ATMs as often as possible since additional fees apply when you make withdrawals at other ATMs (Interac network).
Locate a Desjardins ATM- Automate your bill paymentsOpt for direct withdrawal to pay your regular bills.
Find out more about direct withdrawalOpen a bill payment file at your caisse or by calling AccèsD services. You can then pay your bills at the ATM quickly and easily. This will save you up to 73% on the service charges that apply to ATM payments of bills that are not registered in your file. Pay your bills safely through AccèsD (Internet or Telephone) from the comfort of your home. You can even program your payments in advance.
Find out more about paying your bills online- Get a VISATM Desjardins credit cardWhen you pay with your VISA Desjardins card, you avoid paying with cheques and you save related fees.
If you have a VISA Prestige card (Desjardins Platinum, Desjardins Odyssey GOLD, Desjardins Modulo GOLD, Desjardins Elegance GOLD) or a VISA Desjardins Classic card with the BONUSDOLLARS option, you are entitled to the Desjardins BONUSDOLLARS rewards program.
Find out the advantages of each of the VISA Desjardins credit cards
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| | YOUR HOUSE, A SIZEABLE ASSET FOR FINANCING A CHERISHED DREAM | | | The value of your home has surely increased since you bought it. Did you know that this could help finance your childrens' tuition, or your investments for a more comfortable retirement?
It could also help you renovate your house, buy an income property or a second home, a car or a boat.
How? The Versatile Line of Credit was designed for just this purpose.- Your home as leverage
The Versatile Line of Credit can get you financing for up to 80% of the value of your home so you can:
remodel your kitchen buy a car take a trip make a big contribution to your RRSP to cover your unused contribution room or pay your child's tuition diversify your mortgage consolidate your debts
The Versatile Line of Credit is available at a very competitive rate, lower than the rate for a traditional line of credit. Once your line of credit is approved, you can use the funds as you need them, without any additional authorization.
- Save in interest costs with the Versatile Line of Credit
Your property can save you substantial money on interest costs. All you need to do is to roll your car loan, personal loan, mortgage and others into your Versatile Line of Credit.
- Set up your own repayment schedule
You can convert the balance of your Versatile Line of Credit, in full or in part, into a mortgage or personal loan to take advantage of stable rates and payments. This would enable you to set up your own payment schedule to suit your financial situation: you choose the payment terms and amortization.
- Think "Versatile Line of Credit" when you renew your mortgage!
Be proactive and get a Versatile Line of Credit when you renew your mortgage and get the best leveraging tool to carry out your projects now, or later.
Find out more about the Versatile Line of Credit here.
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| | BETTER UNDERSTAND RRSP'S | | | The Registered Retirement Savings Plan, commonly called RRSP, is a way to save now to supplement your retirement income later.It offers you two tax advantages:- Your contributions are deducted from your taxable income;
- The return on your investment is entirely reinvested into your tax-sheltered plan.
This section offers you a few insights into the world of the RRSP. Feel free to contact the Caisse at your convenience to speak to one of our financial advisors if you have any other questions.1. Is there an age limit for contributing to an RRSP?Yes, there is an age limit. You can contribute to your RRSP until the end of the year in which you turn 71 and to your spouse's RRSP until the end of the year in which he or she turns 71.2. What is the final date I can contribute to an RRSP if I want to take advantage of a tax deduction for my 2008 tax return?You have until March 2, 2009, to contribute to an RRSP for 2008. As a general rule, contributions made during the year are deductible from taxable income during the same or subsequent years, while contributions made within the first 60 days of the year may be deducted from taxable income of the preceding year, the current year or subsequent years.3. How can I find out the maximum amount I can contribute to a 2008 RRSP?To find out the maximum amount that you can contribute this year, check the Canada Revenue Agency (CRA) tax assessment notice, which you received after filing your tax return, last year to find the amount indicated on the "2008 RRSP Deduction Limit Statement." If you cannot find your notice, contact a CRA tax office or visit the electronic services section of their site www.ccra-adrc.gc.ca.4. If I am waiting to come into some money so I can increase my contribution, will it amount to the same?No, it will not. A minimum annual contribution paid into an RRSP over a longer period of time is generally more advantageous. Contributing at the beginning of the year will amount to more in the long run.5. When should I start contributing to an RRSP?You can start an RRSP as soon as you start earning income, or as of the age of 18. Time is money: the earlier you start contributing, the bigger your RRSP will be. 6. What is earned income?Earned income is composed mostly of employment earnings, business earnings, rental income and taxable support payments, from which are deducted union or professional dues and business or rental losses and deductible support payments.7. How do I estimate how much I will need at retirement?It is generally recognized that you will need 70% of your income during your retirement years to maintain your standard of living. Although at age 60 you are entitled to various sources of income, in most cases this is not enough to maintain your lifestyle.8. Can I take advantage of tax savings while contributing to my savings plan?Yes, if you contribute to a Desjardins Group RRSP at your place of employment. This method allows you to build up capital for retirement, and earn tax savings with every paycheque while contributing to your RRSP. If your employer does not offer this type of plan, suggest that he or she get in touch with the Desjardins caisse.If you are contributing to an Installment RRSP, you can also request that both Revenue Ministries reduce the tax deducted at source on your salary. This will, in effect, reduce the cost of your contribution.9. Should I increase the amount of my contributions?The compounding effect on your interest means the more you save, the more you earn. When it comes to RRSP contributions, the motto of "the more the merrier" is truer than ever. In short, every dollar that you have the capacity to add to your RRSP increases the capital on which the interest is calculated. So if you have extra funds or if your financial situation improves, it is to your advantage to contribute these amounts to your RRSP. Even an additional $5 per week in an Installment RRSP or a Group RRSP will make a difference at the end of the line.10. Although my income is sufficient, I do not have ready cash available to invest in an RRSP. What should I do?There are many reasons why you may not have enough ready cash to contribute to your RRSP. One option is to take out a short-term loan. This way, you can increase your RRSP contribution and profit from the tax break. With the savings, you can pay back part of the loan and reduce the number of payments, as well as the interest charged. Another option is to avoid loans altogether by contributing regularly to an Installment RRSP and integrate saving into your budget. You can also preauthorize your payments to your RRSP using AccèsD Internet. Don't worry about remembering - your contributions are automatic!
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| | | MASTER YOUR CREDIT RATING | | | Credit is a very practical tool that saves you from worrying about unforeseen circumstances and makes everyday spending easier. But it's important to maintain a good credit rating and limit your debt since credit often comes at a heavy price if it isn't properly managed.You begin to build your credit rating from the time you first obtain credit. A word to the wise: your credit rating will follow you for the rest of your life!Useful tips: - Only buy on credit after assessing your situation, your needs and your ability to pay off your debt.
- Pay your credit card balance in full each month and pay your other bills on time.
- Make sure you don't go into debt with your credit card. If you do, you might be better advised to take out a loan with the Caisse to clear the unpaid balance; you'll pay less interest with a personal loan.
- Don't write cheques if you do not have enough money in your account or your credit history could be damaged.
- Your credit report has a life-span of 7 years, be careful!
- Limit the number of credit cards you have, especially retail store cards which have a much higher interest rate than financial institutions. It will be easier to keep track of your finances.
- Make the highest payments you can manage and always on a regular basis. Missed payments also damage your credit rating.
The following are elements that will lower your credit rating:Late reimbursements; 30/60/90 daysWhen your bills go unpaidWhen you go over your credit limitSeveral different credit requests can lower your credit scoreAccounts that have been assigned to the collection agenciesAll these small acts that may seem unimportant today could come back to haunt you when you apply for a car loan, mortgage or a business start-up loan in the future. Be aware that a few missed payments now could have serious consequences on your future loan application: your financial institution may charge a higher interest rate, require a guarantor or even a refuse to grant the loan.It is easier to start building a good credit rating now than to rebuild it in the future.The Caisse uses two different agencies to evaluate your credit score; Equifax and Transunion. To see your credit report, visit their websites today; www.equifax.ca and www.transunion.ca.
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| | THE SCHOOL CAISSE | | | What's a school caisse? A school caisse works like a cooperative and operates under the authority and supervision of a local Desjardins caisse. Why choose the school caisse? Technical aspects - No service charges
- No minimum deposit required
- Interest calculated daily and paid monthly
- Higher interest rates than a regular account
- Deposits made at school
- Withdrawals made only at a Desjardins caisse
- With passbook or statement of account
(depending on caisse offer) - Child is the account holder, in charge of the account
(unless otherwise specified or instructed by the parents) - No inter-Caisse access
- No chequing privileges
Objectives and advantages - Introduces young people to saving in association with the school and the parents.
- Instils basic notions about saving, thriftiness and cooperation.
- Kindles individual and collective entrepreneurial spirit.
- Enhances the child's autonomy and sense of responsibility.
- Is adaptable to the school's needs.
- Is in line with school programs that teach youngsters to be informed consumers.
Educational objectives Teaching young people to understand about... - Money and its different values
- The nature, advantages and constraints of saving on a systematic basis
- The notion of cooperation
- The notion of budgeting
Socializing as a means of developing... - One's ability to work as part of a team
- Cooperative values and approaches
Teaching how to learn - Various methods for saving effectively
- Various techniques for working as part of a team
When The school caisse is every two weeks and will start on September 11 2008. When you sign-up your child for the school caisse, youre teaching him a precious concept he will use all his life, financial independance! Click here to learn more.
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| | KNOCK AT THE RIGHT DOOR | | | Your home won't be just any house. It will be your haven, a place to enjoy life's daily pleasures and, who knows, perhaps even a nest for your future family. To help bring your plans to fruition, it is important that you maximise your Desjardins mortgage potential by receiving the better interest rate that comes with your member dividends!
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| | WHAT IS YOUR BORROWING PROFILE? | | | Not all borrowers have identical financial situations. That means they're not looking for the same kind of mortgage loan. Some borrowers primarily want to save on interest and are ready to opt for variable rates. Others first and foremost want stability, so they choose a fixed rate. The following graph looks at the various types of borrowing profile and the types of mortgage loans most suited to them. Remember, it is important to take the time you need to determine your borrowing profile with an advisor, so that you choose the mortgage loan that is right for you. Please do not hesitate to contact us regarding any questions you might have or to book an appointment with an advisor!
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| | THE BUDGET: AN IMPORTANT STEP IN BUYING YOUR HOME | | | To help bring your plans to fruition, it is important to establish a budget to determine your financial capacity and the amount you can borrow.Rule # 1
The first rule to follow concerns the percentage of net income spent on housing. It is usually around 32%.Downpayment
Desjardins 100% financing mortgage solution now allows you to borrow up to 100% of the total value of the home you want to buy! Click here for more information. Put your RRSP to work
Your RRSPs can also be used as a downpayment under the government's Home Buyer's Plan (HBP). The HBP allows you to withdraw up to $20,000 from your RRSP, or $40,000 per couple. You pay no tax on the amount borrowed and you have 15 years to pay back the amount without interest! Put your RRSPs to work today!Plan for start-up costs
Aside from the initial downpayment, you must set aside approximately $5,000 to cover certain start-up costs. Here are some examples:
• Inspection fees
• Appraisal fees
• Lawyer fees
• Transfer tax
• Moving costs
•Don't forget about the cost of redecorating and the new furniture you will want. Don't hesitate to ask the Caisse’s Populaire Orléans advisors for help; they have the knowledge required to help you every step of the way! | | |
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