Daylight savings time ended in the last week, and I’m sure that like me, many of you were happy to get an extra hour of sleep over the weekend. As you start thinking about budgeting for the upcoming holiday season, I’m happy to share that daylight isn’t the only type of savings you can look forward to this month. In addition to updates on recent news and events, I have some new details on the latest products CUA is offering, which are designed to help you get ahead, even as the clocks fall back.

For many Canadians, home ownership continues to feel out of reach. In fact, a 2022 poll suggested that half of Canadians who do not currently own their home consider themselves unlikely to buy one in the future. We can attribute much of this belief to rising interest rates and the affordability of home prices. For individuals who do own their homes, most are reporting that mortgage payments are nearing the maximum level they can manage without making significant household spending cuts. I am excited to share the details of two new products we have introduced at CUA. Members can now take advantage of our First Home Savings Account, which combines the tax-deductible benefits of an RRSP with the tax-free withdrawals of a TFSA, all while helping you save for your first home. Additionally, for individuals who may be struggling with increasing interest rates and constantly changing payments on a variable-rate mortgage, CUA’s new Switch Mortgage could be the right choice for you. This is a unique promotional program designed to help you painlessly switch and find stability with a fixed-rate mortgage. Both products can help you save and feel confident in your home ownership for years to come.

As many of you will know, CUA celebrated Member Appreciation Day on November 2nd. 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, in recognition of our 75th Anniversary, we had three lucky members who won $750 cash, $750 towards their mortgage payment or $750 in their savings account. We also had some fabulous secondary prizes which included gift cards, spa days and theatre tickets! Members of our Commercial Team also took the time to stop by and say hello to some of our business members, delivering care packages of flowers and treats. Members are at the centre of everything we do at CUA, and we’re always thrilled to be able to celebrate you!

On an administrative note, for any members who may be interested in a role on our Board of Directors, I’m pleased to advise that the 2024 Director Nomination and Election Process has begun, with the nomination period closing on November 30th. Any interested and qualified members can put their name forward for consideration by completing the Nomination Form, which is included in the Director Nomination Package.

As you may know, November is Financial Literacy Month, and I’d like to share a few resources available to our members that may help you improve your financial wellness. We have many 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. CUA is proud to be a leader in financial literacy year-round, and we are committed to working with our members and the broader community to improve financial well-being.

If you have questions about our financial literacy resources, or your own finances, I encourage you to connect with a member of our team at 902.492.6500 or info@cua.com.