July 7, 2025

Now that more of our members are receiving their YNCU Visa Debit cards, we want to share some easy tips
to help you keep your card – and your money – safe. These tips are great for all debit cards and can help you
avoid fraud.

Treat your card like cash or credit
Keep your Visa Debit card safe and secure in your wallet or purse. It’s more than just a tap card – treat
it like a credit card.

Shop smart online
Only buy from websites you trust. Look for a padlock symbol and “https” in the address bar – these
show the site is secure.

If it seems too good to be true…
It probably is. Scammers often use fake deals to trick you into giving away your card info.

Watch out for scams
Keep your Visa Debit card safe and secure in your wallet or purse. It’s more than just a tap card – treat
it like a credit card.

Don’t use public WiFi for banking or shopping
Public WiFi isn’t always safe – hackers could be watching what you type.

Protect your personal info
Never share personal or banking info unless you’re 100% sure who you’re talking to.

Pay attention to alerts
If you get a transaction alert you weren’t expecting, call us right away. We’re here 24/7 at 1-888-413-
YNCU (9628), option #2.

Noticed a strange transaction? Before reporting it, check if it might be a split order, a charge under a
different vendor name (like Apple or Google), or a forgotten subscription — and remember, YNCU and Visa
are always here to help keep your account safe.

YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and TikTok for more Honest Money Talk tips!

June 19, 2025

It used to be simple: your mortgage was with the bank, your chequing account was elsewhere, and you used whatever credit card had the best points. But in 2025, it’s all about smart financial ecosystems — and bundled financial products are leading the way.

Here’s why more Canadians are choosing to bundle, and why it might make sense for you, too.

1. Simplicity Saves Time (and Stress)

Managing your money is easier when your accounts are connected. See everything in one place, transfer funds instantly, and automate payments or savings with fewer logins and fewer headaches.

2. Better Rates and Perks

Bundling often unlocks better rates and more value. For example, YNCU’s Financial Care Package includes mortgage cash back — but also gives you access to benefits like a no-fee deluxe chequing account, overdraft protection, emergency savings accounts, and more.

3. Built-In Financial Protection

Pairing a mortgage with a savings account or line of credit gives you a safety net. Life happens — and a bundled setup gives you tools to handle it without financial panic.

4. Tailored Advice, Not One-Size-Fits-All

Credit unions like YNCU can offer personalized guidance when they see your full financial picture. It’s not about selling you more — it’s about helping you do more with what you have.

5. Aligned Values = Smarter Choices

With growing awareness around ethical banking, many Canadians are looking for financial institutions that reflect their values. Bundling with a local credit union means putting your money somewhere that supports your community — not just shareholder profits.

The Bottom Line

In 2025, bundling isn’t just convenient — it’s strategic. When you combine the right products with the right partner, your money works harder, your stress goes down, and your future looks a lot brighter.

June 9, 2025

A cash back mortgage can be more than just a bonus — it can be a boost toward real financial progress. Whether you’re getting $1,000 or $5,000, that money can go a long way when used intentionally. Here are five smart ways to make the most of your mortgage cash back.

1. Cover Moving Costs

From truck rentals to pizza for helpers, moving adds up quickly. Your cash back can take care of those expenses, so you don’t need to dip into savings or rack up credit card debt.

2. Start an Emergency Fund

If you don’t have one already, this is a great time to set up an Emergency Savings Account. Even $500 set aside for unexpected expenses can give you serious peace of mind.

3. Furnish Your New Space — Thoughtfully

Skip the impulse buys and invest in key pieces you need — like a new mattress, a couch that will last, or a dining set for years of shared meals.

4. Pay Down High-Interest Debt

If you’ve got a credit card balance or student loan with a high rate, consider using some of your cash back to reduce it. The long-term interest savings will be well worth it.

5. Invest in Your Future

Put a portion of your cash into a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). A little now can grow into a lot later.

Bonus Tip: Talk to a YNCU Advisor

Not sure where to start? A quick conversation with a financial advisor can help you create a simple plan based on your goals — so your cash back supports your future, not just your present.

May 26, 2025

At YNCU, we care about more than just your money—we care about you. Sadly, fraud targeting older adults is becoming more common, and we want to make sure you and your loved ones stay safe.

What Is Elder Fraud?

Elder fraud happens when someone tries to trick an older adult into giving away money or personal information. Sometimes it’s a scammer you don’t know. Other times, it might be someone who seems trustworthy. Either way, it’s not your fault—and you’re not alone.

A Few Red Flags to Watch For:

Unexpected phone calls, texts, or emails that feel urgent or push you to act fast

· Strange or unfamiliar activity on your accounts

· A new “friend,” caregiver, or even a relative getting involved in your finances

· Someone telling you to keep your financial decisions a secret

Simple Ways to Protect Yourself:

· Be careful when sharing personal or financial info, especially over the phone or online

· If something doesn’t feel quite right, talk to a family member—or give us a call

· Turn on account alerts so you can keep an eye on your money

· Make sure your Power of Attorney is someone you trust, and review it every few years

If something doesn’t sit well with you, trust your gut. Please reach out—we’re always here to listen, no judgment, no pressure. It’s always better to ask than to worry.

You’ve worked hard for what you have. Let’s work together to keep it safe.

April 24, 2025

As the days get longer and the flowers start to bloom, spring is the perfect time to refresh more than just your home—it’s also an ideal moment to tidy up your finances. A financial spring cleaning can help you reassess your budget, track your progress, and set new financial goals for the next quarter. Here’s how to get started: 

Step 1: Review Your Budget 

Your financial situation may have changed over the last few months, making it important to revisit your budget and ensure it still aligns with your income, expenses, and financial goals. 

• Assess Your Spending: Look at your bank statements and categorize your spending. Are there areas where you can cut back? 
• Identify Unused Subscriptions: Cancel any services or memberships that no longer add value to your life. 
• Adjust for Seasonal Changes: With warmer weather ahead, consider upcoming expenses like travel, outdoor activities, or home maintenance. 

Step 2: Check Your Financial Progress 

Reflecting on your financial habits can provide insights into areas where you’re succeeding and where there’s room for improvement. 

• Compare Against Your Goals: Did you save as much as you planned? Have you paid down debt? 
• Check Your Credit Score: A strong credit score is essential for financial health. If your score isn’t where you’d like it to be, focus on strategies to improve it. 
• Update Your Emergency Fund: Ensure you have enough savings to cover unexpected expenses. 

Step 3: Set New Goals for the Next Quarter 

With a clear understanding of your current financial situation, set realistic goals for the months ahead. 

• Prioritize Savings: Whether it’s for a summer trip, a home renovation, or retirement, commit to increasing your savings. 
• Pay Down Debt: If you carry a balance on credit cards or loans, create a plan to make extra payments and reduce interest costs. 
• Increase Investments: If possible, allocate more towards your investments or retirement accounts. 
• Build Better Financial Habits: Consider automating savings, setting spending limits, or learning more about financial planning. 

Final Thoughts 

Spring is a season of renewal, and your finances should be no exception. By taking time to review your budget, assess your progress, and set new goals, you’ll be better prepared to make the most of the coming months. Financial wellness is an ongoing journey, and small changes today can lead to a more secure future. 

Are you ready to refresh your finances? Start your financial spring cleaning today and set yourself up for success in the next quarter! 

April 9, 2025

Have you ever received a call from someone claiming to be from your credit union? In today’s world, it’s important to know how to verify these calls to keep your personal and financial information safe. Fraudsters often pretend to be financial institutions to steal sensitive details, so staying informed is your best defense.

What is KYC and Why Does It Matter?

KYC (Know Your Customer) is a process that Ontario credit unions use to confirm the identity of their members. It helps prevent fraud and financial crimes, keeping your accounts secure. While it’s normal for a credit union employee to ask for some information when they call you, it’s equally important to make sure they are who they say they are.

How to Verify a Caller’s Identity

If you get a call from someone claiming to be from your credit union, follow these steps to stay safe:

• Pause Before You Share – Never give out your account number, PIN, or passwords right away. A real credit union employee won’t ask for sensitive details out of the blue.
• Ask Questions – A legitimate employee should be able to provide their name, department, and the reason for their call.
• Hang Up and Call Back – If you’re unsure, politely end the call and dial your credit union’s official number from their website or the back of your debit card. This ensures you’re speaking with a real representative.

What to Do If You Suspect a Scam

If something doesn’t feel right, take action immediately:

1. Do not share any personal or financial details.

2. Hang up the phone.

3. Call your credit union directly using an official phone number.

4. Report the suspicious call to your credit union so they can warn other members.

Staying Safe in the Digital Age

Your credit union will never ask for passwords, PINs, or one-time verification codes over the phone. Being cautious and verifying calls helps protect you from fraud. If you ever have concerns, don’t hesitate to visit your local branch or check your credit union’s website for more fraud prevention tips.

By staying alert and informed, you can keep your personal and financial information secure. If you have any questions, reach out to your credit union—we’re here to help!

March 11, 2025

Filing taxes can be a daunting task, but with the right approach, it can be a smooth process. Here are some best practices to consider when filing your taxes in Canada:

Gather Your Documents Early

Start by collecting all necessary documents:

• T4 slips (employment income)

• T5 slips (investment income)

• T3 slips (trust income)

• RRSP contribution receipts

• Receipts for tax credits (e.g., charitable donations, childcare, medical expenses)

• Details of any government benefits (e.g., Canada Child Benefit, GST/HST credits)

• Records of any business income and expenses (if self-employed)

• Other relevant tax documents (e.g., student loan interest, union dues)

Having everything in one place will save you time and stress.

Know Your Deadlines

The deadline for filing individual tax returns in Canada is usually April 30th. If you’re self-employed, you have until June 15th, but any taxes owed are still due by April 30th.

Use Tax Software

Tax software: Many Canadians use tax software (like TurboTax, SimpleTax, or UFile) to file their taxes. These tools are user-friendly, often guide you through the process, and can help you maximize deductions and credits.

Tax professional: If your tax situation is complex (e.g., you’re self-employed, have rental income, or claim multiple deductions), it may be worth hiring a tax professional or accountant to ensure you’re getting all the deductions and credits you’re entitled to.

Maximize Deductions and Credits

Take advantage of available deductions and credits, such as RRSP contributions, medical expenses, and education credits. These can significantly reduce your taxable income.

Double-Check Your Return

Before submitting, review your return for accuracy. Ensure all information is correct to avoid delays or penalties.

File Electronically

Filing electronically is faster and more efficient. The Canada Revenue Agency (CRA) processes electronic returns quicker than paper ones, and you can receive your refund faster.

Keep Records

Maintain records of your filed return and supporting documents for at least six years. This is important if the CRA requests further information or audits your return.

Be Aware of Tax Scams

Be cautious of tax scams, especially during tax season. The CRA will never ask for personal information via phone or email. Always verify requests for information directly through the CRA’s official website or phone number.

By following these best practices, you can make tax season less stressful and potentially save money. Happy filing! YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!

March 11, 2025

Managing money isn’t just about budgeting and paying bills—it’s also about making sure the right people have access when you need them to. Whether you’re planning for the future or assisting a loved one, you may be considering a Power of Attorney (POA) or a Joint Account. While both provide financial access, they serve very different purposes. Let’s break it down so you can make the best choice for your situation.

What is a Power of Attorney (POA) in Ontario?

A Power of Attorney is a legal document that allows someone you trust (the attorney) to act on your behalf (the grantor) when it comes to financial matters. Depending on the type of POA, your attorney can help with tasks like paying bills, managing investments, and making banking transactions. However, they do not become an owner of your assets.

Types of POAs in Ontario:

• General POA – Gives broad financial authority but ends if the grantor becomes mentally incapacitated.

• Continuing (Enduring) POA – Remains valid even if the grantor becomes mentally incapacitated.

• Limited POA – Covers specific tasks or time periods.

• Springing POA – Takes effect only when certain conditions are met (e.g., a medical diagnosis of incapacity).

What is a Joint Account?

A Joint Account is a bank account owned by two or more people. In Ontario, most joint accounts come with rights of survivorship, meaning that if one account holder passes away, the surviving holder(s) automatically take full ownership of the funds. Unlike a POA, all joint account holders have equal access and control over the money in the account at all times.

POA vs. Joint Account: Key Differences

Which One Should You Choose?

Go with a POA if:

• You need someone to manage your finances but don’t want them to own your assets.

• You want control over what they can and can’t do with your money.

• You’re planning for a time when you might be unable to manage your finances yourself.

Consider a Joint Account if:

• You want shared financial access with a spouse, partner, or family member.

• You’re comfortable with the co-owner using the funds freely.

• You want to ensure seamless access to funds after one holder passes away.

When to Become a POA or Joint Account Holder

You might need a POA when:

• A loved one requires financial assistance due to illness, aging, or incapacity.

• You want a backup plan for managing your finances if you become unable to do so.

• You want financial control without giving away ownership.

A Joint Account makes sense when:

• You share household expenses with a partner.

• You want easy access to joint savings or emergency funds.

• You need a practical way to share financial responsibilities with a family member.

When Does Access End?

For a POA:

• When the grantor revokes the POA in writing.

• Upon the grantor’s death (POAs do not survive death in Ontario).

• If it was a limited POA, access ends once the task is completed.

• If it was not a Continuing POA, it ceases when the grantor becomes mentally incapacitated.

For a Joint Account Holder:

• Access remains unless the account is closed or ownership is changed.

• If an account holder passes away, the surviving holder(s) take full control unless otherwise specified in estate planning.

Choosing between a Power of Attorney and a Joint Account depends on your financial goals and comfort level with access and control. If you need assistance managing money but want to retain ownership, a POA is the way to go. If you want shared access and control, a Joint Account may be more suitable.

Before making a decision, consider speaking with a legal or financial advisor in Ontario to ensure you choose the best option for your specific situation.

YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!

February 20, 2025

When it comes to RRSPs (Registered Retirement Savings Plans), there are a few common mistakes that can negatively impact your savings or tax strategy. Here are some of the most common mistakes and tips on how to steer clear of them.

Exceeding Your Contribution Limit (Over-Contribution)

Mistake: Going over the RRSP contribution limit, even by a little, can trigger a penalty. In Canada, the over-contribution penalty is 1% per month on the excess amount, which can add up quickly.

How to Avoid: Always check your RRSP contribution room before contributing. You can find it on your Notice of Assessment from the CRA or through the CRA My Account portal. If you go over by up to $2,000, you won’t face penalties, but anything above that will incur a 1% monthly penalty.

Failing to Carry Forward Unused Contribution Room

Mistake: Not utilizing unused contribution room from previous years can be a missed opportunity. RRSP contribution room is carried forward indefinitely, so if you didn’t use the full limit in one year, you can make it up in future years.

How to Avoid: Make sure you track your contribution room each year, which the CRA reports on your Notice of Assessment. If you missed contributing in prior years, try to catch up in later years, particularly in high-income years to maximize tax savings.

Withdrawing RRSP Funds Early Without Considering the Tax Implications

Mistake: Withdrawing funds from your RRSP before retirement means the withdrawal is taxed as income, which can be a significant hit, especially if you’re in a high tax bracket.

How to Avoid: Avoid early withdrawals unless absolutely necessary. If you’re buying your first home, use the Home Buyers’ Plan (HBP), where you can withdraw up to $35,000 tax-free to buy a home, provided you repay it over 15 years.

Not Taking Advantage of the RRSP Deadline (Contribution Deadline)

Mistake: Missing the contribution deadline for the year. In Canada, contributions made before the March 1st deadline count for the previous year’s tax deduction.

How to Avoid: Set a reminder well in advance, as missing the deadline means you’ll miss the chance to claim a tax deduction for that year.

Not Considering a Spousal RRSP for Income Splitting

Mistake: If you and your spouse have significantly different incomes, not using a Spousal RRSP can be a missed opportunity for tax planning.

How to Avoid: If one spouse has a higher income, contribute to a spousal RRSP to help balance retirement income between both spouses. This can help reduce overall taxes in retirement since withdrawals from the spousal RRSP are taxed in the hands of the lower-income spouse.

Investing Too Conservatively (or Too Aggressively)

Mistake: If you’re too conservative with your RRSP investments (e.g., holding too much cash or low-interest bonds), your returns may not outpace inflation over time.

How to Avoid: Make sure your RRSP portfolio is diversified. Review your asset allocation periodically and adjust based on your retirement timeline and risk tolerance. If you’re young, you might want to take more risk in your RRSP by investing in equities. As you near retirement, gradually reduce the risk by shifting towards more stable investments.

Using RRSPs for Short-Term Goals

Mistake: RRSPs are meant for retirement savings, so using them for short-term needs, such as a car or vacation, is a mistake.

How to Avoid: Stick to using your RRSP for retirement purposes. If you need short-term savings, consider a Tax-Free Savings Account (TFSA), which offers more flexibility without the tax penalties of early RRSP withdrawals.

Neglecting the Impact of RRSP Withdrawals on Government Benefits

Mistake: In retirement, RRSP withdrawals can push you into a higher income bracket, potentially reducing your eligibility for government benefits like the Guaranteed Income Supplement (GIS) or Old Age Security (OAS).

How to Avoid: Plan your withdrawals strategically to avoid large lump sums that may push you into a higher income bracket. You may also want to consider converting your RRSP to a RRIF (Registered Retirement Income Fund), which provides more predictable income in retirement and potentially lower taxes.

Not Taking Full Advantage of RRSP Tax Deductions

Mistake: Many people contribute to an RRSP but fail to take advantage of the tax deduction in the year they contribute. The RRSP deduction reduces your taxable income, which can lower the amount of tax you owe.

How to Avoid: Always claim your RRSP contribution on your tax return in the year you make the contribution. This will result in a lower tax bill for that year.

Forgetting to Convert Your RRSP into a RRIF (Retirement Income Fund)

Mistake: By the time you turn 71, you must convert your RRSP into a RRIF (or another retirement income product). Failing to do so can result in a large lump-sum taxable withdrawal.

How to Avoid: Ensure you convert your RRSP before the deadline at age 71. The conversion can be gradual (via a RRIF), allowing you to receive regular payments from the account while continuing to benefit from tax deferral.

By avoiding these mistakes and taking a proactive approach to managing your RRSP, you can maximize your retirement savings and minimize your tax burden. Haven’t opened your RRSP yet? YNCU has more than one RRSP investment option for you. Check out which option would work best for you.

YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!

February 5th, 2025

A troubling new theft scheme is making the rounds. Criminals are watching unsuspecting victims as they enter their PINs at ATMs or while making in-store purchases. Once the thief has seen the PIN, they execute a plan to deceive you to allow them access to the card in some way.

Here’s how the scheme works:

1. Surveillance: The thieves position themselves in a way that allows them to view your PIN entry, either at an ATM or while making a purchase.
2. Steal the Card: They then either take the card from your purse/wallet or pickpocket it when you’re distracted.
3. Use the Card & PIN: With both the card and the PIN in hand, they can withdraw money or make purchases without any suspicion.

How to protect yourself:

• Shield your PIN – Always cover the keypad when entering your PIN at an ATM or point of sale.
• Stay aware of your surroundings – Look around to ensure no one is too close when you’re using your card.
• Use FLASH/mobile payments: Whenever possible, use FLASH (Tap) or mobile wallets like Apple Pay or Google Pay, which don’t require entering a PIN.
• Monitor your accounts: Keep an eye on your bank statements and transaction history for any unauthorized activity.
• Alert your bank immediately – If you believe your card or PIN has been compromised, you can report your card as lost/stolen by calling your financial institution immediately.

Stay safe out there and be vigilant when using your debit or credit cards!

YNCU members, if you know, or think your card or pin has been compromised, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!