March marks the beginning of spring, and after the winter weather we’ve had this year, I’m sure you’re all looking forward to smelling the roses again. Along with seeing our gardens in full bloom, we also have tax season to look forward to! Last year, we conducted a social media poll among our followers, and the results showed that owing money and collecting paperwork were the two greatest stressors of tax season. That’s why I’d like to share some advice as you prepare to file this year.

While tax requirements can vary from person to person based on their individual employment and family situations, there are a few factors that apply to everyone. First, it’s important to have your tax return filed on time: on or before Tuesday, April 30. Failing to due so could incur you a late-filing fee on top of potentially owing additional taxes. To lower your possibility of owing money, make the most out of any deductions or credits available to you. And if you’re wondering about the difference, deductions reduce your taxable income while credits reduce your income tax itself. Common deductions to consider include things like RRSP contributions, home office or self-employment expenses and child care costs. Credits can be applied for expenses including interest payments on student loans, education costs, medical expenses or charitable donations. It’s also important to note that some ill-intending individuals will try to take advantage your good intentions around tax time, with tax season scams on the rise. To learn more about how you can protect yourself, I encourage you to read our tips on How to Avoid Tax Season Scams.

Some of our members may be anticipating a tax refund this year, and you know that at CUA, we often advise our members on how they can make smart investments with their money. We’re confident in our own smart investments, particularly through our Community Investment Grant Program. I’m pleased to share that the Grant Program once again had an incredible response, with 479 applications received from all areas of Nova Scotia. This is a 26% increase over last year. It is so inspiring to see the wonderful ideas from small businesses, community groups and individuals who all want to make a big impact in our Province! We’ll be announcing the 2024 recipients of the Grant Program at the end of this month, so stay tuned to our website to find out which projects received funding.

In other news, CUA will be hosting its Annual General Meeting on April 30, 2024, at Brightwood Golf Club in Dartmouth. Everyone is welcome to attend, and you’ll hear all about what we accomplished in 2023 and what’s planned for a productive 2024. The AGM is a great opportunity to meet our team and share your perspectives on banking with CUA.  We’ll be celebrating our company’s core values, and you’ll also have the chance to win a gift basket of goodies from some of our small business members, with a value of $250 – our thanks for choosing the better way to bank! This event will start at 7:00 PM. We hope you’ll join us!

As always, I invite you to reach out to us at 902.492.6500 or info@cua.com if you have any questions about CUA’s products or services. On behalf of everyone at CUA, I want to thank you for your continued business and remind you to take time to embrace the beauty of nature and warmth of spring.

 Your CEO,

Marie Mullally

President & CEO

Email Marie