Credit unions are a crucial part of Canada’s economy. Every year, they put billions into local communities through loans, investments, and community projects. This kind of activity is the foundation of strong local economies.
But Ottawa doesn’t always understand credit unions and recently they’ve decided to tax credit unions the same as banks. Canada’s credit unions are asking the federal government to announce in budget 2015 a new tax measure that recognizes that credit unions are different.
The Government of Canada is increasing its use of direct deposit for payments made to Canadians and to Canadian businesses. If, for example, you're an individual receiving a child tax benefit, Old Age Security, Employment Insurance, a GST tax credit or a tax refund.
3.00% *Rates are subject to change without notice.
Grants and Bursaries
BC Training and Education Savings Grant
All B.C. children with an RESP and born on or after January 1, 2007 will be entitled to receive the BC Training and Education Savings Grant. When a B.C. resident child turns six years old, the Province of British Columbia will put $1,200 into the child’s Registered Education Savings Plan (RESP).
Here’s what B.C. families need to do:
Open an RESP account at your financial institution before the child turns seven years old (or by February 28, 2014 for children born in January or February 2007). No matching or additional contributions are required!