At a time of year when many people are thinking about their financial goals and starting the year off right, employees at First Credit Union (FCU) use the Financial Blueprint to help members understand where they are and build a plan that will direct them to where they want to be.
“Having a strong financial foundation is the base for ensuring short-term and long-term goals can be met,” says mutual funds representative and life insurance agent Randall Smisko. “It’s about having a conversation to understand your personal goals and working together to help you meet your objectives.”
Existing and new members are taken through the financial foundation checklist to ensure all areas of their personal finances are discussed, from budgeting and cash flow management to tax planning, investment options, risk management, retirement planning and estate planning.
“We take a holistic approach to helping our members,” says Randall. “By understanding their full financial picture, we can provide them with advice and support unique to their situation.”
Expert advice from an experienced team is available for all members, no matter what stage of life they are in.
“Our team has the knowledge and expertise to help ensure your short-term and long-term goals are realized,” says member service representative Maggie Poole. “We have a tremendous amount of experience within our credit union and wealth management department.”
The team at First Credit Union includes three CERTIFIED FINANCIAL PLANNERS®, as well as licensed life insurance agents and professionals who can assist clients with all of their deposit and lending needs.
“At this time of year many people come to us with questions about Registered Retirement Savings Plans (RSPs) and Tax Free Savings Accounts (TFSAs),” says personal account manager Katryna Lawry.
When it comes to investing for retirement, RSPs and TFSAs are a good place to start. Combined benefits of reducing taxable income in the present (RSP), tax-sheltered compound investment returns over the long term (RSP and TFSA) and tax-free retirement income in the future (TFSA) can be a powerful combination.
“When you contribute to an RSP, you can claim an equivalent deduction from your income before calculating your tax payable,” says Randall. “This immediate deduction is very worthwhile, especially if you use the tax saved to make an RSP contribution for next year or pay off after-tax debt such as your mortgage.”
With the 2018 TFSA contribution limit of $5,500 now available for a combined total limit of $57,500, and the RSP contribution deadline of March 1 approaching, now is a perfect time for current and new members to schedule a visit with a member of the First Credit Union team.
“Reviewing your financial foundation can help determine where you are and assist in working toward building a financial blueprint to meet your short-term and long-term goals,” says Maggie. “We want to see our members be successful and we care about their overall financial well-being. The Financial Blueprint is a tool we use to help make that happen.”
For more information or to make an appointment:
• 604.485.6206
• firstcu.ca
Mutual funds and securities related financial planning services are offered through Qtrade Asset Management Inc., Member MFDA.
