Banking on a Brighter Future

As we move into February, the heart of our Nova Scotia winter, I wanted to take a moment to reflect on the importance of community, connection, and the value of financial well-being that we strive to provide every day here at CUA. With Valentine’s Day mid-month, February is often a time for us to express our love and appreciation for the people who matter most, and I want to personally thank you for your continued support and for being a valued part of our CUA family.

In recent news, the Bank of Canada lowered its key interest rate by 25 basis points, bringing the prime rate to 5.20%. This change is reflected across several of our products, including CUA’s unsecured line of credit, student line of credit, and home equity line of credit (HELOC). With inflation remaining steady and on-target close to 2%, now may be an appropriate time to access funds for those large-scale projects or life changing milestones.

For those looking to grow their savings this year, the CRA has released some positive updates. For the 2025 tax year, there have been increases to the contribution limits for both Registered Retirement Savings Plans (RRSPs) and Canada Pension Plans (CPP), which can help you save more for the future while offsetting your taxable income today. If you’re not currently contributing to a retirement fund, it is never too late to start. CUA has an RRSP Loan with rates as low as prime + 0% to help you get started. Book an appointment with one of our knowledgeable financial advisors today to prepare for a prosperous tomorrow. And if you would like assistance with this year’s tax return, we also offer personal and small business tax return services, with expert advice through our tax partners Harding & Associates Accounting. The process is efficient, insightful and will leave you with confidence knowing your return is both accurate and submitted on time. Learn more on our website.

In recent CUA news, I would like to extend a huge ‘thank you’ to everyone who played a role in making this year’s Community Investment Grant Program such a success. I am excited to tell you that we had a wonderful response to our Program once again this year, with a total of 384 applications received from all parts of Nova Scotia. There is an overwhelming number of worthwhile and creative projects, and it’s a privilege for us to learn about the economic, social, and environmental impacts that these businesses, non-profits and community groups are having across our Province. The grant recipients for the five categories will be announced at the end of March. For any organizations that would like to discuss financing options, please reach out to a member of our team at any time, or consider exploring the Canadian Small Business Financing Program, Nova Scotia Small Business Loan Guarantee Program or Social Enterprise Loan Guarantee Program.

February marks Black History Month in Canada, a time to recognize and celebrate the significant contributions and achievements of Black Canadians that have impacted the nation's history, culture, and economy. In Nova Scotia, February is also designated as African Heritage Month, an important time to acknowledge and support the African-Nova Scotian community, during this month and throughout the year.

I wish you the best through the remainder of February. And as always, if you have any questions about one of CUA’s products or services, please reach out to a member of our team at 902.492.6500, book an appointment online or email us at info@cua.com.

Your CEO,