Prime Rate Change!
The Bank of Canada (BOC) announced a another 0.50% rate cut this morning. This is the second consecutive "jumbo" rate cut and this signals that the BOC needs to address weaker-than-expected growth and a softening labour market. TransCanada Credit Union has reduced our prime rate by 0.50% effective Thursday December 12, 2024. Our new prime rate is 5.45%.
The market expects another 0.25% cut in January but the BOC cautioned us that the pace of cuts will slow. This is captured in the market forecasts for only 2 total cuts by July 2025. The current overnight rate is now within what the BOC considers a range for the "neutral rate" (ie: the goldilocks rate that neither stimulates or drags the economy). We continue to be bearish on economic growth in Canada until we see some signs of per capita growth returning to positive territory, in our minds this means that rates will continue to trend lower than perhaps people expect.
First Home Savings Accounts
NOW AVAILABLE -Fantastic opportunity for First Time Buyers!
An FHSA is a tax-advantaged registered plan that lets you save for your first home. Your contributions reduce your taxable income (up to a lifetime maximum of $40,000), and you can withdraw the money—tax-free—for any qualifying home purchase!
You can open an FHSA if you:
- Are a Canadian resident
- Are aged 18– 71
- Are a first-time homebuyer
Contact us for more details on this excellent tax saving opportunity.
2023 Profit Share Announcement
Common Share Dividend of 5.50%!
We are excited to announce to our members our 2023 Profit Share decision.
We are delighted to confirm that the Board of Directors have agreed a dividend on Common Shares of 5.50% for the 2023 fiscal year.
Don't forget, if you do not have the maximum common share holding (the maximum was increased to $3,500.00 at our 2021 AGM) then you can top this up from your savings account, or external bank account at any time simply by emailing your request to credit_union@tcenergy.com.
The 2023 profit-sharing distributions were paid to member accounts 15th January 2024.
To find out more about the way the profit share distributions are calculated, please click on the 'Find out more' button
TFSA's are here!
Same great rates, just no Tax!
We are pleased to announce that we now offer TFSA's to our members. Our same great products (savings accounts and GIC's) and rates will be available, just under the tax-free shelter of a TFSA. We will be able to accept transfers of existing plans from other financial institutions and you also get the added benefit of your TFSA funds being covered by our 100% deposit guarantee!
Savings Interest Rate now 2.50% on balances over $10,000
Our Bank Busting Rate!!
We are pleased to announce that we have increased our savings rate for balances in excess of $10,000 to 2.50% per annum with effect from the end of January 2023 interest payment!!
This rate represents a market leading return on easily accessible funds, which also benefit from our 100% deposit guarantee, with no limits!
Funds can easily be added to your savings account by bank transfer, cheque deposit or payroll deduction and there are no restrictions on withdrawals, so you can access your funds whenever you need them!
So don't delay, get your funds working as hard for you, as you worked for them!
Contact us today for more details, or to arrange a deposit to your account credit_union@tcenergy.com
Opening Hours
Our office is open to members from 8.30am till 4pm on Mondays, Tuesdays and Thursdays with staff working remotely on Wednesdays and Fridays
Special Offer - Vehicle Loans from 6.49%
Time to update your vehicle, trailer, boat or recreational vehicle? In fact, if it moves, we can likely provide you financing from as low as 6.49% for up to 84 months. This is a limited time offering and is subject to terms and conditions and qualification.
Once a Member, ALWAYS a Member
We just wanted to remind you of one of our CORE values here at the Credit Union, once you become a Member, you are welcome to remain a Member for LIFE. So even if you retire or leave TransCanada, you are still eligible for the same great services and interest rates!
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