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JUNE 2012

KREK Perspective MEMBERS CAN NOW VIEW THEIR PROCESSED CHEQUES ONLINE Krek Slovenian Credit Union Ltd. is pleased to announce exciting changes to your monthly statement and cheque processing service.

Arriving shortly, your monthly statement and its corresponding cheque images will boast a new, more attractive and efficient presentation. In addition, these statements will also be available on our online banking system.

If you currently do not have online banking access, please contact us for assistance.

Due to changes within the credit union system, credit unions no longer receive original cheques, but rather, the cheques are scanned at the time they are processed. These images are deemed as legal documents for all purposes.

If you have any questions or concerns, please contact Susana Lourenço at 416-252-6527 ext. 235 or via e-mail: slourenco@krek.ca

Eco-friendly – less waste and fewer chemicals released into the environment; Always free.

Printed statements will continue to be mailed monthly to all members who currently have this option. For those members who can readily access a computer terminal, we would suggest accessing your statements online. Some of the benefits associated with this option are as follows:

• • •

Quicker access to your statements – no need to wait for the mail to arrive; Unlimited cheque storage for 7 years (as required by law) without having to store at home; Printable at any time;

TWO SCHOLARSHIPS AVAILABLE TO BE WON!!

INSIDE…

Our credit union has always placed a strong emphasis on the importance of education.

What Investment Pays You 20%?............. 2

That is why each year we offer the Janez Senica Scholarship to students within the Slovenian community who strive for academic excellence and rewarding careers. Two scholarships are offered annually, each valued at $1,250. To be eligible for consideration, applicants must be entering their first year at a university or college and must be under 25 years of age. There are no restrictions on a student’s choice of study so long as all courses comply with degree requirements. The Janez Senica Scholarships are awarded for academic achievement, not financial need. Evaluation is based on commitment to the Slovenian community and student involvement in extracurricular activities. The selection committee will make the final decision. The deadline for applications is July 31, 2012. If you have any questions or require additional information, please contact Jeanette Zemlja at (416) 252-6527 ext. 241. Applications are available at either office, or interested candidates can download the application form from our website – www.krek.ca

Access All Your Banking Info Free Online!............................................ 3 Planning to Travel?........................................ 3 Planning to Renovate Your Home This Summer?.................................... 3 Healthy Starts Lead to Healthy Minds & Hearts .............................................. 4 Sign Up Your Kids For Sporting Events at the Slovenian Summer Camp!............. 4 A Warm Thanks to Mr. Slobodnik!!........... 4 Community Events....................................... 4 Summer Hours............................................... 4

“MY CREDIT UNION MEETS ALL MY FINANCIAL NEEDS!!”


INVESTOR’S CORNER WHAT INVESTMENT PAYS YOU 20% FOR MAKING A CONTRIBUTION TO YOUR REGISTERED ACCOUNT? An RESP is the correct answer! A Registered Education Savings Plan is an avenue to save for your children or grandchildren’s education. Not only does any money invested earn interest and grow tax-free, the government will contribute 20% on top of your contributions. How often is the government so accommodating and generous? Not often. Usually all we hear is how much we are over-taxed.

SAMPLE CASE: Earnings from contributions and grants invested in an RESP grow tax-free until the beneficiary begins post-secondary studies. The graph clearly illustrates the advantages. In fact, a monthly investment of $110 over 18 years yields $17,347 more when invested in an RESP. AMOUNT SAVED AFTER 18 YEARS

$50,981

$55,000 $50,000 $45,000

The Basics Just about anyone can open and contribute to an RESP. The monies contributed to a plan are not tax- deductible as they are after-tax dollars. Monies withdrawn from the RESP for educational purposes are taxed in the hands of the beneficiary so it is usually at a much lower tax rate. You can contribute up to $50,000 per beneficiary in a lifetime and up to $2,500 per year to receive the 20% Educational Assistance Plan payment from the government up to a maximum of $7,200. You can even make contributions back to the year of the child’s birth. So, if you missed making the maximum contribution yearly, you can go back within certain guidelines to maximize your contributions. Beneficiaries need to have a social insurance number to be registered for the plan and the earlier you start a plan, the longer you have to make your money grow for their education. You can continue to make contributions to a plan and still receive the grant up until the year the child turns 17 years of age. If the child does not go to an educational institution, the actual money that you contributed can be withdrawn without penalty, however any growth in the account will be taxed and any monies contributed by the government will have to be repaid. There are many different scenarios for contributions, withdrawals, grants, etc. but the overall consensus is that RESPs offer a fantastic way to save for your children or grandchildren’s education. What’s better than to get 20% paid to help your beneficiary with their educational endeavours? For a more comprehensive plan or to learn more about RESPs, please contact Jakob Slavec, Financial Services / Mutual Funds Representative at (416) 252-6527.

$22,469 Earnings

$40,000 $35,000

$33,634

$30,000 $25,000

$9,875 Earnings

$4,752 Grant

$20,000 $15,000 $10,000

$23,760 Capital

$23,760 Capital

Non-RESP

RESP

$5,000 $0

Example based on:

• Monthly contributions of $110 at the beginning of each month; Average annual rate of return of 6.00%;

• • These results include the basic subsidy.

“ M Y C R E D I T U N I O N G I V E S M E S O U N D A D V I C E .”


ACCESS ALL YOUR BANKING INFO FREE ONLINE! Join the hundreds of members already part of our exciting FREE online banking service to access these features 24/7:

KREK SLOVENIAN CREDIT UNION LTD. INTEREST RATES as of May 25, 2012 *Rates Subject To Change Without Notice

• Account and loan balances • Account activity • Funds transfers • Bill payments • MemberCard security

SHORT-TERM DEPOSITS (min. deposit $5,000) Non-redeemable : 30 – 89............................................. 0.40 %

Visit one of our locations today to learn more!

90 – 179........................................... 0.40 % 180 – 364........................................ 0.40 %

PLANNING TO TRAVEL? Speak to one of our representatives about our travel insurance and currency exchange rates! • Travel insurance to cover emergency hospital and medical expenses; • Competitive currency exchange rates.

Call us today at (416) 252-6527 for more information!

(HIGHER RATES for deposits over $50,000)

LONGER-TERM DEPOSITS (min. deposit $1,000) Non-redeemable : 1 Year..................................................1.25% 2 Year................................................. 1.60% 3 Year................................................. 2.00%. 4 Year................................................. 2.25% 5 Year................................................. 2.50%

PLANNING TO RENOVATE YOUR HOME THIS SUMMER? How many times have you watched home renovation programs on TV and been inspired to give one of the featured projects a try?

• Kitchens and bathrooms are the most overhauled and renovated rooms in a home. Not only are they the most crucial, they also add the most value to your investment. Are you thinking of renovating your basement to generate rental income?

• By renovating, you will have a newer home, and the renovation will add value as well as provide rental income if needed. Motivations to renovate include adding value for capital growth, modernizing your home as well as refreshing the living space. Are you comfortable in your neighbourhood but would like to live in a different house?

• As property prices continue to increase, more of us are choosing to renovate and/or extend our homes, rather than upgrade to a new location. There are practical advantages to this approach, especially if your children are settled in a local school. It is also a fact that buying and selling property has a host of associated costs beyond the price of a new home - not to mention the hassle of packing and moving from your current home. If any of the above-noted situations sound familiar to you, then call Bernadette Muc at 416-252-4305 to learn more about how a home equity line of credit can make your plans a reality. Upon approval of a Meritline, you have funds available immediately – it’s as easy as writing a cheque or withdrawing cash and you pay interest only on the amount that you use!

With the current interest rate of 3.50%, why not get a home equity line of credit today?

(HIGHER RATES for deposits over $50,000)

SAVINGS ACCOUNTS Savings............................................ 0.75 % Maximizer Daily Interest : Balance $0 – $2,999.................... 0.25 % Balance $3,000 – $4,999 ........... 0.25 % Balance $5,000 – $9,999............ 0.50 % Balance $10,000 – $24,999....... 0.75 % Balance over $25,000................. 0.75 %

1st MORTGAGE LOANS Residential owner-occupied homes: 6 month open............................... 5.25 % 1 year open.................................... 5.25 % 1 year closed................................. 3.25 % 2 year closed................................. 3.50 % 3 year closed................................. 3.60 % 4 year closed................................. 3.65 % 5 year closed................................. 3.75 %

LOANS Krek Prime rate............................. 3.50 % Home equity line of credit....... 3.50 % Car loans......................................... 4.25 %.

“ M Y C R E D I T U N I O N L I S T E N S TO M Y N E E D S .”


HEALTHY STARTS LEAD TO HEALTHY MINDS & HEARTS With a generous donation from Yoplait, Krek Slovenian Credit Union sponsored a youth breakfast for children of the Slovenian community on April 28, 2012. The kids enjoyed a healthy breakfast and tested their Slovenian language skills with some exciting games and quizzes. We would like to thank all those who participated in this fun event! We would like to remind parents and students of our youth programs, such as our HeadStart Program, which provides children 12 and under $20 for any new account they open with us. A HeadStart account is a fantastic way to introduce your children to the concept of money management. In addition to this, Slovenian school graduates also receive $50 each which is deposited to an existing or new account at our credit union.

SIGN UP YOUR KIDS FOR SPORTING EVENTS AT THE SLOVENIAN SUMMER CAMP! Last year, 374 participants enjoyed the exciting tournaments that took place last summer. This year’s weekend tournaments include lunch on Saturday and a t-shirt for all participants. Trophies are awarded to the champions and the finalists in each division, however, all participants under 9 years of age receive a trophy and prizes. Interested participants (ages 5+) can register on-line at www.sloveniansummercamp.com

COMMUNITY EVENTS June 2

Golf Tournament – Slovenski Park (Cambridge)

June 3

Procesija, Picnic – Slovenski Park

June 10

Picnic – Holiday Gardens (Pickering) Telova Procesija – Slovensko Letovišče (Bolton)

June 17

Father’s Day Picnic – Simon Gregorčič (Newmarket)

June 30

Soccer Tournament – Slovenski Park Canada Day – Slovensko Letovišče

July 1

Slovenski Dan – Slovensko Letovišče Soccer Tournament & Picnic – Slovenski Park

July 8

Picnic & Tombola – Večerni Zvon

July 14

Picnic – Holiday Gardens

July 15

Picnic – Slovenian Hunters and Anglers Club (Everett)

July 22

Picnic – Sava (Breslau)

OUR SUMMER HOURS

A WARM THANKS TO

MR. SLOBODNIK!

Krek Slovenian Credit Union would like to send a warm thank you to Mr. Joe Slobodnik, former Honoree Council General and founder of the Canadian Chamber of commerce, for his years serving Slovenians in the GTA.

Our main office will be closed Saturdays this summer effective June 30, 2012 until Labour Day. We would like to encourage members who come in regularly on Saturdays to obtain a MemberCard and online access to their accounts. Please call our main office for more details at (416) 252-6527.

Head Office

Branch Office

747 Browns Line, Etobicoke, Ontario M8W 3V7 Tel.: (416) 252-6527 Fax: (416) 252-2092

611 Manning Avenue, Suite 100, Toronto, Ontario M6G 2W1 Tel.: (416) 532-4746 Fax: (416) 532-5134

“ M Y C R E D I T U N I O N I S I N V E S T I N G I N M Y CO M M U N I T Y.”

Website: www.krek.ca Email: main@krek.ca lending@krek.ca

Spring 2012 Newsletter  
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