This time of year, many Canadians begin looking forward to their tax refund as a way to 'catch up' on their personal finances.  Whether they'll be paying off debts or bills, or putting money away for the future, such as for an upcoming vacation or retirement, a tax refund can come as welcome relief.  Late last year, with the end of the Canada Savings Bond (CSB), Canadians who once purchased CSBs began receiving cheques or direct deposits for their matured bonds, leaving many wondering, what should I do with this money?

Like many Canadians, you may have once used the CSB Program as a method of savings, allowing you to put away money for today or for the future.  Many became accustomed to the easy, biweekly deduction that was taken directly from their payroll through the CSB’s Payroll Savings Program, further highlighting the program as attractive and affordable.
 
With the recent changes to the program, we understand that it’s normal to feel varying levels of uncertainty in terms of what’s next.  CUA offers safe and stress-free options to all members, some of which are comparable to the CSB program.  Similar to the Payroll Savings Program, for example, we can continue your periodic deductions in a simplified manner to help you reach both your short and long-term financial goals.  For those receiving unexpected cheques or direct deposits for the CSB series that have matured, (funds that were perhaps once intended for holiday spending or a child's education), we are also here to discuss savings and investment options, including Tax-Free Savings Accounts (TFSAs) and Guaranteed Investment Certificates (GICs).

Our team encourages you to contact one of our expert advisors at CUA, who will happily help guide you through this transitional period.  If you would like to explore alternative savings methods, contact a member of our team today at 902.492.6500 or at info@cua.com, or, for more information on the changes to the Canada Savings Bond Program, please click here.

Revised Jul. 8 2022