by yncuniversity | Jun 19, 2025 | Financial Literacy
Why Bundled Financial Products Make Sense in 2025
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.
by yncuniversity | Jun 9, 2025 | Financial Literacy
5 Ways to Use Your Mortgage Cash Back Wisely
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.
by yncuniversity | Apr 24, 2025 | Financial Literacy
Financial Spring Cleaning: Reviewing Your Budget and Setting New Goals for the Next Quarter
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!
by yncuniversity | Apr 9, 2025 | Financial Literacy
How to Protect Yourself from Phone Scams: Verifying Calls from Your Credit Union
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!
by yncuniversity | Mar 11, 2025 | Financial Literacy
Best Practices for Filing Your Taxes in Canada
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)
- 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!
by yncuniversity | Feb 20, 2025 | Financial Literacy
Mistakes You Can Make with an RRSP & How to Avoid Them
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!
