Falling Back and Getting Ahead

As we adjust our clocks and our sleep schedules to welcome brighter mornings, it’s a great time to reflect on our financial habits ahead of the holiday season. While there is much to be grateful for, I know this time of year can create extra financial burden that you may feel unprepared for. Whatever your situation, our team is dedicated to helping you make the most of your resources.

There has been a number of positive economic events as of late. On October 23^rd, the Bank of Canada delivered the largest interest rate decrease since March 2020, bringing the prime rate to 5.95%, a low not seen since this time two years ago. This substantial drop can be attributed to Canada’s inflation rate, which fell to 1.6% in September. Now that inflation has steadied and is coming in below its target, the central bank forecasts economic growth to increase in 2025 and 2026.

The Nova Scotia Government recently announced a possible reduction in the Province’s HST by 1%, to 14%, in April 2025. This would be the first adjustment in 14 years, and the only decrease ever made by the Province. The Government estimates this change will save Nova Scotians $260.8 million in the first year. If this does occur, it will put more money in the pockets of Nova Scotians who are working hard to get ahead financially.

In light of these recent events, if you are looking to make a move or are interested in purchasing your first home, now may be a great time to get preapproved for a mortgage. One of our unique products could help you get into the home of your dreams; whether that’s choosing to build with our Construction Mortgage, or if saving for a down payment seems out of reach, finding a perfect fit with our No Down Payment Mortgage. Regardless of your situation, one of our knowledgeable financial advisors would be happy to help; book an appointment online or visit your nearest CUA branch location to get started.

I am excited to advise CUA is celebrating its annual Member Appreciation Day today. Each year, we look forward to giving away great prizes and setting up in-branch celebrations to show our love for, and appreciation of, our members. This year, we have some fabulous prizes which included $1,000 cash, an Apple Watch, a couple’s spa day, gift cards and theatre tickets. Our Commercial Team also delivered care packages of flowers and treats to a number of our members. As always, members are at the centre of everything we do at CUA, and we’re always thrilled to be able to celebrate you.

As you may know, November is Financial Literacy Month, and as always, we are committed to working with our members and the broader community to improve financial well-being. In keeping with the Government of Canada’s 2024 campaign “Money on your Mind. Talk about it!”, which is designed to destigmatize conversations around money and help build financial confidence, we are here to help. One activity we have planned this month to help you brush up on your financial literacy is a CUA Game Show full of engaging questions and prizes. Each weekday in November, a new question will be posted to our website and social media channels, in the style of a popular game show. Join in follow along and you may be one of the lucky contestants to walk away with a $50 gift card to a member business. Today’s game can be found here.

As a proud leader in financial literacy, I’d also like to share some of the resources we have available to help you improve your financial wellness. There are online articles and tools such as CUAdvice, the Financial Health Index and the Goal Planning System (GPS) which can help you become familiar with terminology and set your own goals related to financial health. We also offer free in-person or virtual sessions on important financial topics, such as buying a home, managing credit cards, planning for retirement or saving for education, which can be tailored to the needs of different groups.

Lastly, I’d like to remind you that CUA’s Annual Member Survey is available until November 12. As a customer-owner, your input into CUA has a meaningful impact on our priorities and operations. The responses we receive help shape the products and services we offer and guide our efforts to provide relevant and meaningful experiences to our customers. Additionally, members who complete the Survey will be entered into a draw for a $1,000 cash prize.

I hope you are able to explore some of our financial literacy resources this month. As always, if you have any questions about our products, services, or your own finances, I encourage you to connect with a member of our team at 902.492.6500 or info@cua.com.

Your CEO,