The results showed that students at the school, commonly known as Tec Voc, felt short-changed—they were missing access to financial services and financial literacy programming.

Teachers and administrators at Tec Voc, seeing an opportunity, approached Assiniboine Credit Union and came up with the idea for Stingers Credit Union, a branch of ACU run entirely by students with training from ACU’s financial services professionals. In December 2014, Stingers Credit Union started running the school’s canteen and providing financial services and advice to students.

Alluding to the school’s mascot—a hornet—Stingers Credit Union is primarily run by the school’s Grade 11 Applied Commerce students. Students working at Stingers gain valuable skills in handling cash, dealing with confidentiality, behaving professionally, communicating with clients and each other and providing other client services.

Services provided by Stingers include financial advice, opening chequing and savings accounts, and handling withdrawals and deposits. Stingers members also gain an ownership stake in ACU, just like every other member of the credit union.

Stingers: a commitment to community & co-operation

For ACU, opening a student-run branch at Tec Voc made perfect sense. Not only was it a valuable way to build Winnipeg’s financial services talent pool while helping students gain valuable skills, it also fits in perfectly with ACU’s commitment to Manitoba.

“This partnership was built on our shared values of community, education and co-operative principles—values that remain at the heart of everything we do,” said Andrea Dysievick, ACU’s Chief Retail and Wealth Officer, in a speech commemorating the 10-year anniversary of Stingers. “The results have been extraordinary. Over 300 students have been actively involved in Stingers’ operations, providing nearly 900 of their peers with financial services and empowering them to become account holders and member-owners of ACU.”

The program’s 10-year lifespan has led to incredible results: increased financial literacy and services for students and a youth-led cooperative entrepreneurial leadership experience.

“They’re building confidence and gaining valuable employment skills at an early age,” said Mani Sheppard-Luangkhot, Manager of Financial Access Programs at ACU. “With that confidence, they’re engaging in more meaningful financial discussions with their peers and families.

“For example, students might ask their parents, ‘With our family’s finances, what are my options for post-secondary schools?’ These students can help their families plan and have conversations about loans, credit cards and tuition.”

Students gain skills, experience – and a career path

For students in Stingers Credit Union, it’s more than an extracurricular activity. For some, it ends up being a career path.

“I graduated from Tec Voc in 2021, and I’m currently studying accounting, which I plan to pursue as a career,” said Carlu Canlas, a former participant in Stingers CU who now works for ACU. “I really valued my time at Tec Voc and Stingers because I got to explore career paths and get hands-on experience. Shortly after graduating, I applied for a part-time position as a Member Service Representative with ACU and they hired me. I believe the time and experience with Stingers was one of the factors that led to my successful candidacy.”

Rhea Calzo, another student who works for ACU, and is pursuing a Bachelor of Arts degree in Political Science and Criminology, echoes Carlu’s comments.

“Being involved with Stingers allowed me to develop customer service skills and gave me the skills I now use at ACU.”

Rhea noted that her involvement with Stingers also led to an interview with the Winnipeg Free Press, where she and Carlu were recognized as being among the youngest accountants in the field. Rhea also credits her experience with Stingers for aiding her community advocacy work, for which she earned a Winnipeg 150 medal in October.

Ten years since opening, Stingers is here to stay

While there are concrete benefits to Stingers for both students of Tec Voc and ACU, for Mani, some of the benefits are a little closer to home.

“Over the past decade, Stingers Credit Union has not only helped students understand the value of saving and managing money but has also built leaders, inspired careers, and strengthened our school’s sense of community. It provides our students with financial literacy skills and real-world experience with a far reaching impact both in their personal and professional journeys.”

— Kathleen Mira, Applied Technology & Commerce/Light Vocational Department Head, Technical Vocational High School

“The impact of Stingers is truly inspiring,” Mani said. “I often wish similar programs had existed when I was younger, as gaining financial knowledge early could have made a meaningful difference for my family and possibly lessened some of the financial pressures on my parents.

“It’s inspiring to watch students learn from and support each other. I’m incredibly proud of them. Young adults don’t always want to hear phrases like ‘it’s too expensive’ or ‘we don’t have a budget for it,’ but seeing them take control of their financial futures is truly rewarding. The students are more connected than we are, and it’s incredible to see how they collaborate and share knowledge with one another.”

And the program just keeps growing.

“When we first started, we had a handful of interested students. But for the past five years, we’ve had over 20 students each semester who wanted to take part.

“Breaking down barriers to financial services and offering financial education is an invaluable support for students. It benefits them both academically and in life, regardless of the challenges they may encounter.”

In addition to exposure to boots-on-the-ground financial services work at Tec Voc, ACU provides other perks for students, including sponsorships for events and camps, and a budget to order supplies and swag.

“This partnership is a testament to what can be achieved when organizations come together with shared values and a common purpose,” Andrea said. “It has provided students with confidence, hands-on learning and career opportunities, while also strengthening Assiniboine Credit Union and deepening its connection to the community.”

Learn more about the ways ACU invests in community, by providing financial services for the betterment of our members, employees and communities, and how we we invest our skills and resources to create positive social impact.

The post Celebrating the 10th anniversary of student-run credit union appeared first on Asterisk.

With new products and growth opportunities ahead, Kilter’s beers will soon be on the radar of more consumers in the city and across Canada. Expansion is exciting, but the brewery’s main focus is amplifying its positive impact on the community, with the help of ACU’s Business Financial Centre.

Kilter’s family business beginnings

Kilter Brewing has been at its home on Rue Deschambault for five years, but for co-founder Julien Cloutier and his family — brothers Miguel and Jerik, and parents Carmen and Leo, a retired accountant — bringing their passion for craft beer to the community has been a long-held dream.

“We spent over a decade being consumers of craft beer around the world,” says Julien. “Every time we’d travel, we’d make sure to stop by as many breweries as possible, getting a real sense of what made memorable experiences. The more we travelled, the more we talked about opening our own brewery.”

When Julien’s brother Miguel joined the industry by working at a few breweries in Vancouver, the two discussed starting their own small operation. They soon discovered they needed to scale the project in order for it to make financial sense.

The family finally realized their dream, launching Kilter in 2018. After time spent brewing beer in collaboration with other local breweries, Kilter found its current space in 2019 and launched full production in 2020. They opened their taproom late that year and now ship their beer to consumers across Canada.

A hub for the community

While getting to their current building was a long process (an earlier lease had fallen through), the delay ultimately led the family to the brewery to the right location, since St. Boniface is home to the largest francophone community in Western Canada.

Kilter, we are proud to be a Francophone-owned business. We do everything possible to support our community with events and initiatives that highlight the richness of Francophone culture. St. Boniface, known as the largest French community in Western Canada, is filled with passionate and vibrant people. We couldn’t be happier to have established Kilter at the heart of this community.

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Chez Kilter, on est fiers d’être une entreprise francophone. On fait tout possible pour soutenir notre communauté avec des événements et des initiatives qui mettent en lumière la richesse de la culture francophone. Saint-Boniface, connue comme la plus grande communauté francophone de l’ouest canadien, est remplie de gens dynamiques et passionnés, et on est vraiment contents de faire partie de cette belle communauté.

—Julien Cloutier, co-foundateur, Kilter Brewing Co.

“When choosing a location for our brewery, we wanted to be in a neighborhood with a strong sense of community,” says Julien. “St. Boniface felt like the right fit, as it’s a place we had deep personal connections to.”

As Franco-Manitobans, Julien and his family are passionate about supporting the francophone community in Winnipeg. This includes hosting events in the taproom that promote francophone businesses in St. Boniface. In the summer, Kilter hosts events for the Jeudis Franco Thursdays series and collaborates with local francophone businesses and attractions, like La Maison Gabrielle-Roy museum, on promotions and giveaways.

“We’re always trying to prioritize when we look at suppliers. We always try to source locally from a St. Boniface business,” says Julien. For example, when Kilter serves sandwiches in the taproom, they’ve used bread sourced from La Belle Baguette.

Collaboration, scale and impact is the theme of ACU’s latest impact report, which meshes well with Kilter’s values. Lifting up other Winnipeg businesses is a core part of the brewery’s operations. By partnering with other local businesses, Kilter not only has the opportunity to scale and diversify its offerings to customers, but also the chance to learn and grow with other business leaders.

Over the years, for example, the brewery has collaborated with with a local chef on a branded hot sauce and with another artisan on a soap based on its flagship beer, Juicii.

This collaborative spirit, says Julien, makes an even bigger impact that benefits the entire community.

A place for shared experiences

Kilter’s taproom is more than a spot for craft beer—it’s a community hub. Julien and his family designed it as a space for shared experiences, hosting branded events, private gatherings and community activities like drag shows, trivia nights and local markets. They strive to make the space accessible to all, often waiving fees for non-profits.

“We strongly value doing everything that we can to grow the community in a positive way,” explains Julien. “We want our taproom to be a space for shared experiences. We host our own events and also open our space for community use.”

Partnering for success

ACU’s BFC has been working with Kilter since it launched, with the partnership led by account manager Anthony Fisher and BFC associate director Dan Carevic for the last two years, after their original account manager retired.

“We helped support them initially with the startup. We were impressed by their story, their background, their attention to detail and how well they prepared their business plan. We had the confidence to jump into this partnership,” says Dan.

Julien sees ACU as a partner that has been instrumental in helping fund this family business, providing day-to-day banking solutions, including equipment financing and funds to renovate the building, and helping Kilter get set up with the CSBFL and CEBA (federal small business financing and Covid assistance) loans.

ACU has also given Julien and his family the advice they needed as new business owners, explaining terms and conditions, how the financing process works and acting as a general resource. Kilter and ACU share a vision of what it means to be a part of growing the community and improving the lives of their neighbours.

“ACU stepped in and took the time to listen to our story and truly understand our ambitions. ACU saw the opportunity and gave us a chance at making this wild vision a reality. Without ACU, we wouldn’t exist as a company today.”

— Julien Cloutier, co-founder, Kilter Brewing Co.

A bright future

While Kilter has seen a lot of exciting growth over the past few years, this is just the beginning. Over the past year, Kilter was selected as one of three craft breweries permitted to sell their product at Winnipeg Jets, Blue Bombers and, most recently, Goldeyes games.

“We’re heading into 2025 with all three major sports teams, which is very exciting for us. Those are big parts of Winnipeg, and experiences that people enjoy, and we want to be a part of that,” says Julien.

With the chance to introduce their product to more events, he says, comes increased production—and Kilter will be looking to ACU for guidance on the best approach to finance this growth.

As ACU’s Business Financial Centre cheers on Kilter and celebrates its wins, Dan and Anthony also continue to support and collaborate closely with the brewery to help it realize its plans for expansion.

Beyond craft beer, Julien and his family are also focused on growing their footprint in the community—and opportunities to create shared experiences that enhance the lives of everyone that enters the taproom.

“Growth means more than just expanding our offerings; it’s about amplifying our positive impact on the community,” says Julien. “When people think of Kilter, we want them to remember not just our exceptional beer, but also the positive influence we’ve had on their lives.”

— Julien Cloutier, co-founder, Kilter Brewing Co.

To discover more about Kilter Brewing Co., including the taproom’s upcoming events calendar, visit its website.

To find out more about how ACU’s BFC can help your business thrive with expert solutions and a personal approach, call 204.958.8588 or email us to book an appointment with one of our account managers.

The post Kilter Brewing Co. serves up craft beer and community connection in St. Boniface appeared first on Asterisk.

A mortgage lender will review specific financial figures when determining how much mortgage you can afford, as we explained in part one of this series. But if you want to crunch the numbers yourself, it’s much easier with the help of a handy mortgage calculator.

We’ve designed our ACU Manitoba mortgage calculator to be extremely easy to use. It can work out your mortgage amount based on either how much mortgage you can afford to borrow, the monthly payments you would make or the shortest amortization period you could have.

Here’s exactly how it works:

What to enter into a mortgage calculator

To use our mortgage calculator, just enter the following amounts:

• Your gross household income (before tax)
• The amount you have saved for a down payment
• Your preferred amortization period (the number of years it will take to pay off the mortgage)
• Whether you want a fixed rate or variable rate mortgage
• The length of the mortgage term (the years your contract will be in effect, typically five years)
• The mortgage rate (See our latest rates here)
• Living costs:
  • Property taxes
  • Condo fees
  • Heating costs
  • Debt payments

What a mortgage calculator tells you

Once those figures are entered, our affordability mortgage calculator will automatically work out:

• The maximum Manitoba mortgage amount you can borrow
• The purchase price of the home you can buy
• The monthly mortgage payment
• The mortgage default insurance (if your down payment is below 20%)
• The interest you’ll pay over the term of your mortgage contract and the amortization period
• The amount you’ll owe at the end of your mortgage contract term

Our Manitoba mortgage calculator also lets you compare several scenarios, such as different Manitoba mortgage rates, amortization periods or down payments. You can also adjust any of the numbers and see how that can impact your results, which helps you plan different options for your financial future.

Other homebuying costs: Budgeting to buy a home

It’s important to remember that when you’re shopping for a mortgage and buying a new home, you must save more money than just your down payment. There are also closing costs you’ll have to pay before you move in, which can include:

• Legal fees
• Survey costs
• Appraisal fees
• Land transfer taxes

While the first three costs could mount up to as much as $1,500+, land transfer tax could be the highest closing expense. For example, for a property costing $300,000, you would pay $3,720 in land transfer tax in Manitoba.

It’s also wise to factor in your new mortgage payments into your monthly budget and financial plan, and possibly make some necessary changes if this is higher than the rent you may have been paying previously. Also, be sure to add any new expenses to your budget that you wouldn’t have had to worry about as a renter, such as home insurance, property taxes and expenses for the upkeep of your new property.

Learn more about mortgages: Your top Manitoba mortgage FAQs answered

Get pre-approved for a mortgage at ACU

Whenever you’re ready for the next step, ACU can help you get pre-approved for your mortgage. Our financial advisors will guide you through the process to find a mortgage that fits your budget and financial plan.

Call us at 1.877.958.8588 or schedule an appointment online to speak with one of our financial advisors. We’re happy to help.

The post How to use a mortgage calculator to budget better appeared first on Asterisk.

“One of our mandates is to support a resilient local food system,” says Kristie Schertzer, Executive Director of Direct Farm Manitoba. “The program strengthens food security and the resilience of local farmers.”

With about 130 members, Direct Farm Manitoba is a co-operative of farmers’ markets and small-scale farms across Manitoba. With the Manitoba Community Food Currency Program, it aims to provide greater access to fresh, local food for households struggling with food insecurity.

What is the Manitoba Community Food Currency Program?

The food currency program also bolsters communities through community inclusion and fostering mental well being, while also directly supporting local, resilient agriculture.

This has been made possible by flexible financing from ACU and support from the Jubilee Fund, a Manitoba charity devoted to making a positive social impact by providing loan guarantees for community based projects that reduce poverty and financial exclusion.

The program was inspired by a similar (and highly successful) program in British Columbia. In 2020, Direct Farm Manitoba started running the program in Manitoba, working with its member farmers’ markets and local community organizations.

These organizations distribute a weekly alternative currency to local individuals and families who would benefit from greater access to food. Recipients use the currency to purchase food from farmers’ markets. The program makes healthy food accessible to participants while allowing them to shop with dignity.

Tackling hunger with fresh, local food

The program works with 13 farmers’ markets and 29 partner organizations, including family centres, women’s centres, food banks and various community groups across the province. Over 800 households participate; half are in the Winnipeg area, while the other half are in rural areas.

“Participants love the program because they choose the food they want to eat while being part of a community experience,” Kristie says. They also have better access to fresh vegetables and nutrient-dense foods, including protein sources, while stretching their grocery budget further.

But it goes beyond that: “Just seeing the friendly faces of the farmers, getting to chat with them, being part of that seasonality, and learning to appreciate different foods is important.”

Supporting Manitoba’s local farmers and markets

According to Kristie, the program is also bringing more people in the door at farmers’ markets.

“The farmers are really excited to have new customers, to be making new relationships. And when this currency is spent, that money goes directly into the pockets of farmers.”

The currency program has allowed new and established farmers to build up their operations by acquiring new customers. Other small businesses at the farmers’ markets also experience a boost.

“The feedback we get is pretty incredible,” Kristie says.

Building community connections through local food

With more people struggling financially, and food prices skyrocketing, demand for the program’s services have grown significantly. “We were able to grow the program this year to better meet the demand with the support of ACU and Jubilee Fund,” Kristie explains.

While Direct Farm Manitoba started with a small pilot in 2020, they acquired provincial funding in 2023 that expanded the program. However, they needed help structuring that financing. The theme of ACU’s impact report is collaboration, scale and impact to support growth. ACU collaborated with the organization the Jubilee Fund to help.

The Manitoba Community Food Currency Program is an example of all three. The program works directly with farmers’ markets, and Direct Farm Manitoba itself is a collaboration of farmers and vendors. In addition, it brings together community based organizations that identify Manitobans who need support with food security.

“We were so grateful because it was going to be really challenging for us,” says Kristie. “Working with ACU and Jubilee Fund allowed us to access the banking products we need to meet our funder obligations and expand the program. I can’t overstate how helpful that was, because I don’t know what we would have done without that help.”

ACU’s CFC: Your nonprofit partner

ACU’s Community Financial Centre (CFC) provides specialized support with a team that understands the challenges nonprofits, co-ops, social enterprises, and small businesses face in accessing capital. The team offers more than financial expertise and tools; it provides creative problem solving and an unconventional approach.

“You have this intricate and powerful collaboration happening to make sure people get the food they need in a way that has dignity and choice,” says Bill Dinsdale, Senior Commercial Account Manager – Not for Profit Specialist, CFC. “Consumers are also building relationships with local vendors. The program builds the local economy while also providing resources to those who need it most.”

“ACU’s vision is a world where innovative financial services in local communities contribute to a sustainable future for all. We don’t achieve our corporate vision until we have climate resilience, until we have eliminated all forms of discrimination in society, and until we have eliminated poverty and built an equitable economy,” says Bill. “We can’t do that on our own. A program like this accomplishes many of those things, and that’s why we build relationships with our members and these types of organizations.”

Kristie is excited to see how this program could evolve. “We’re really excited as we continue to work with our community partners and farmers’ markets to see what the program can do and how it can grow.”

“It’s a win for households struggling with food insecurity,” she adds. “And it’s a win for local producers and farmers’ markets and communities.”

There are several ways to get involved, from donating to the Manitoba Community Food Currency Program, to becoming a member or supporter. Find out more at www.directfarmmanitoba.ca.

Want to learn how the CFC can help your small business or nonprofit? Book an appointment with our experts today!

The post Building resilience through Manitoba’s local food initiative appeared first on Asterisk.

If you’re looking for a new home, you’re likely looking for a mortgage as well. You can book an appointment with an ACU mortgage expert, who knows the market and can guide you every step of the way.

If you’re not yet familiar with the steps to getting a mortgage in Manitoba, or it’s been a while since the last time you had to sign on the dotted line, you may have recently asked these questions:

• How does a mortgage work?
• How much of a down payment do I need?
• How do I get a mortgage in Manitoba?
• How long does it take to get approved for a mortgage?
• Are mortgage pre-approvals important in Manitoba?
• How do I qualify for a mortgage at the credit union?
• What is a good credit score for me to get a credit union mortgage?

To help you through the steps, we’ve compiled answers to these frequently asked Manitoba mortgage questions. Review them all or scroll to the answers you want first!

How does a mortgage work?

Mortgages are loans used specifically to buy a home. You pay off the mortgage with regular payments (usually of principal and interest) over the amortization period of the mortgage. “Amortization” is the number of years it takes to pay off the mortgage, and payments can normally be made weekly, bi-weekly, semi-monthly or monthly.

A mortgage is secured against the value of your home. This means that, if you’re unable to make your payments, your home could be sold off to pay your debt. Amortization periods typically start at 25 years for first-time homebuyers, however, you’ll normally sign up for a five-year mortgage term. This is the length of time that your current mortgage contract will last, with the agreed conditions, such as the interest rate and flexibility to make prepayments.

After the mortgage term matures, you can either sign up for another term with the same lender or arrange a mortgage with a different financial institution.

How do mortgage renewals work?

A mortgage renewal refers to extending your mortgage at the end of your current term. Mortgage terms can range from six months to 10 years, but many mortgages have a five-year term.

You’ll need to sign a new mortgage contract before your renewal date; sometimes, you can renew online. There’s no fee for renewing your mortgage at the end of your contract, although there may be a penalty if you want to get out of your mortgage contract early. Once your term expires, you can renew your mortgage with your current lender or get a new mortgage from a different lender.

When negotiating a new mortgage agreement, changes can be made to the interest rate, payment frequency and other terms. Renewal is a good time to assess your financial situation and see if you can bump up your payments or increase your payment frequency to pay off your mortgage sooner.

How much of a down payment do I need?

You will need to provide a down payment of at least 5% of the selling price of the home. Down payments can come from sources such as:

• Your own savings, with statements to show this
• Your RRSPs, through the Home Buyers’ Plan (up to $35,000)
• A gift from a close family member, with a signed letter from them stating that the gift doesn’t have to be repaid
• From the sale proceeds of an existing property

If your down payment is less than 20%, you’ll have to pay for mortgage loan insurance. The amount will depend on the size of your down payment—the more you can put down, the less you’ll pay.

Your ACU financial advisor can work with you to figure out the details, including mortgage loan insurance premiums and the down payment required.

Try this mortgage calculator from ACU, which can help you work out the costs.

How do I get a mortgage in Manitoba? 

Mortgages are available from credit unions and other financial institutions. To get started, you usually have to fill out an application and provide supporting documents to help with your qualification. These include:

• Official identification to prove who you are
• Proof of income (usually two payslips plus T4s)
• Tax returns (Notices of Assessment) if you are self-employed
• Savings account/RRSP statements showing your down payment savings or a gift letter

Once your financial institution has all the necessary documents, they’ll start the process to approve your application.

Download ACU’s Required Mortgage Documents Checklist, which will help ensure that you have all the documentation required for the mortgage approval process with Assiniboine Credit Union.

How long does it take to get approved for a mortgage?

Mortgage approvals can be relatively quick, especially when you come prepared with confirmation of your income, down payment and other key details. While the approval time depends on multiple factors, ACU advisors will work with you closely to expedite the process.

Timeframes depend on the specific steps required by your Manitoba mortgage lender and how quickly you can get all of the necessary supporting documentation together. It could be much quicker if you’re only applying for a pre-approval at this stage. But be careful! Depending on the lender, pre-approvals can be little more than a promise to hold an interest rate for a specific period, while a pre-approval that involves a higher level of underwriting (like running a credit check) is more likely to be honoured when closing on your new home.

A mortgage pre-approval isn’t necessary in Manitoba, but it can be beneficial because it helps define the price range of homes you’ll be able to afford. In a competitive market, pre-approval may even be a necessity. Since realtors want to limit viewings to serious buyers, many are now asking for a pre-approval before allowing potential buyers to view a house. Especially if you’re coordinating the sale of your existing home with buying another property — or the sellers are — pre-approval clarifies your current financial situation, which helps you act quickly.

Are mortgage pre-approvals important in Manitoba?

Pre-approval isn’t strictly necessary but can be beneficial, because it helps narrow down the price range of homes you are looking at.

In a competitive market, it may even be a necessity. Since realtors want to limit viewings to serious buyers, many are now asking for a pre-approval before allowing any potential buyers to view a house.

For people coordinating selling their existing home with buying another property, pre-approval is an important step. It illuminates your current financial situation, the timing of the sale and the mortgage amount you can afford, which could impact the terms you sell on as well.

Some lenders will want an appraisal on the home you’re buying, to make sure it’s worth what you’re paying for it. Your credit score will also play a part, with many lenders refusing mortgages to people with poor credit. You’ll also need to prove you have the necessary down payment, as mentioned above.

How do I qualify for a mortgage at a credit union?

Credit unions and other mortgage lenders look at several key factors:

• Your income
• Your outgoing expenses, including debts
• Your credit score
• The home you hope to buy
• Your down payment / closing costs

Mortgage lenders use debt-service ratios to calculate the size of a mortgage you can afford. These calculations start with your income, then look at what your mortgage and other monthly expenses add up to. If the ratios are too high, you’ll have to look at buying a less expensive house. Lenders will generally want an appraisal on the home you’re buying, to make sure it’s worth what you’re paying.

Your credit score will also play a part. Most financial institutions will accept a credit score of 720 or above. Any lower than 680 and you may be looking at a higher interest rate. If your score is lower than 600, you might find it a challenge to qualify for an affordable mortgage loan. Working with your ACU financial advisor, you can learn how to bring your score up to a range where you’ll start to qualify for the best available terms.

What is a good credit score for me to get a mortgage at the credit union?

While this depends on the lender, most financial institutions will accept a credit score of 720 or above. Some lenders want to see a score over 740, while others might accept a score as low as 680. Any lower than 680 and you may start to see interest rates go up.

If your score is lower than 600, you might find it a challenge to qualify for an affordable mortgage loan. Working with your ACU financial advisor, you’ll be able to learn the steps required to bring your score up to a range where you’ll start to qualify.

How can a credit union help me get a mortgage?

Credit unions are based locally, without distant head offices making disconnected top-down decisions. For instance, ACU’s head office is in Winnipeg, so they understand the local and greater Manitoba markets. Approving a Manitoba mortgage within days is common at ACU.

Credit unions also aren’t beholden to shareholders. This means the needs of members can be prioritized over the need for profit. ACU’s goal is always to find the mortgage that best fits the overall needs of the member.

Help getting you started with your mortgage

ACU’s financial advisors can help get you started with a pre-approved mortgage and make the whole experience an easy one. Here’s how we can help:

• Extremely competitive rates with a low five-year fixed mortgage interest rate
• We’ll guarantee your rate for 120 days† so you don’t have to feel rushed as you search for your perfect home
• Our Assiniboine Credit Union mortgage experts know the local real estate market
• We’ll be by your side every step of the way, from pre-approval to closing and beyond.

†ACU will guarantee the qualifying rate for up to 120 days from time of qualification for new mortgages. Conditions apply.

Book an appointment online today, or give us a call at 204.958.8588 (toll-free 1.877.958.8588). We’re looking forward to helping you secure your mortgage.

The post Manitoba mortgage FAQs answered appeared first on Asterisk.

That’s why commercial renovations typically require financing in the form of business loans. And fortunately, there are several options.

Common types of commercial renovation loans

The process of getting a commercial renovation loan depends on several factors, such as the size of the project or the expertise of the company. For example, if you’re looking to make tenant improvements, the loan would be correlated to the length of the term and lease, among other factors. ACU’s Business Financial Centre (BFC) has helped hundreds of Manitoba small and medium-sized organizations—including non-profits and schools—secure loans for projects, including renovations and construction.

Common business loan types include a construction or renovation loan, business line of credit and equipment loan. Let’s explore each financing option.

1. Construction or renovation loan

This is the most common loan type for commercial renovation projects. Whether you’re expanding, renovating or funding a large purchase, this business loan can provide you with the cash you need to bring your project to fruition.

Note that the loan terms for construction or renovation loans will differ, depending on the project and asset class. The timelines for loan repayment will also vary from project to project. ACU can offer flexibility and assistance during the loan period.

For example, with new construction projects, ACU’s BFC may allow up to 24 months where the borrower pays just the interest to allow for construction and stabilization of the project. The BFC team will outline a defined repayment plan that works with your cash flow and budget.

ACU loans are suitable for businesses of all sizes, with competitive fixed and variable interest rates. Variable rate loans are open and repayable at any time without penalty. Depending on the project and asset class, repayment terms can go up to 25 years. However, renovations are different; the repayment terms may be tied to a lease or standalone facility, which would typically be five years. In some cases, ACU can tie it into the mortgage on renewal, which means the renovation repayment could be done over 25 years.

2. Business line of credit

For a smaller renovation, a business line of credit may be a good option. An ACU business line of credit provides a variable interest rate based on prime rate + premium, depending on risk. The borrower pays interest only on the portion of the line of credit they use, and exact-dollar borrowing can help keep interest expenses down.

3. Equipment loan

This is specifically for financing the purchase, modernization or improvement of equipment to expand or modernize business operations. Business owners often use it to replace out-of-date equipment or machinery.

How to get commercial renovation financing

Before submitting your application to finance a commercial renovation, it’s important to do your research and prepare your documentation in advance.

“Start by talking to your account manager about your goals, and then determine the best type of loan for your renovation—because every project is different,” says Martin Petras, ACU’s Associate Director of Commercial Real Estate and Syndications.

As an account manager, Martin understands the borrower’s overall business, capital structure and strategic goals. That includes assessing risk, debt and cash flow—including proven access to capital. The individual or group’s experience is also important. “Those inform how we structure a deal to help you get the right financing for your renovation project,” he explains.

When applying for your loan, your BFC Account Manager will want to know:

• The source of equity for the credit facility applying for a loan
• Your financial information
• Your income sources
• Liquidity
• Cash flow
• Contingent liabilities (possible future liabilities)
• Other relevant factors determined through the interview/analysis process

Financing for business renovations will depend on the size and scope of the project. The most important factor, however, is cashflow. Will the business be able to support the renovation project?

For example, if the renovation is for an income-producing property (most renovations would fall under this category), then the borrower will need:

• Debt service coverage (DSC)
• Loan-to-value (LTV)
• Location
• Adaptability and age
• Rental income quality
• Cash flow projections

If the financing is for an operating company that is expanding a warehouse, office space or other facility, much of the same would apply. However, the lender’s evaluation will also consider how renovations impact the business financials and the financials would have to support the loan.

Depending on the size and scope of the project, the borrower would need:

• Detailed Class A budget: Providing clarity on financials to gauge the exact capital required and anticipate demands during renovations
• Fixed-price contracts: To minimize budget overruns and risk, locking in your expenses from the start
• Bonded sub-trades: For contracts over a certain amount, depending on the size and experience of the borrower
• Quantity surveyor (QS): This team member ensures your project costs and progress align with what is budgeted

Small business renovations may only require that the borrower provide invoices for work completed. Once received, the lender will generally release the loan amounts.

Tips for managing costs during renovation

There are plenty of renovation stories where costs have spiralled out of control. To successfully manage costs during a renovation, it’s important to develop a realistic budget from the get-go, taking into account the scope and size of the project and any associated permits and fees.

Another tip is to use construction or project management software to help track the progress of a renovation project, monitor costs and potentially identify areas to save money.

It’s also essential to have a contingency fund in case of unexpected surprises, such as a project delay or an increase in the price of building supplies.

“For a one-off commercial renovation, we make sure the borrower has a reputable general contractor in place, a fixed-price contract and a QS report, so we can monitor monthly reporting to see if the project is staying on budget,” Martin says.

Why choose a credit union for financing

Credit unions offer personalized service, competitive rates and flexible terms with a community focus. For example, the BFC offers guidance and advice that supports and encourages the growth and good financial health of businesses in Manitoba.

With a strong commitment to community and deep expertise in real estate and construction financing, the BFC isn’t like any other commercial lender. BFC’s portfolio of successful projects ranges from expanding independent family businesses and building extensions for fast-growing schools to major renovation work on multi-residential and commercial properties.

With the BFC, you get a local, dedicated account manager who provides access to business accounts, deposit strategies, commercial mortgages, construction financing, term loans, operating lines of credit, letters of credit and much more.

“We listen to our members and know what’s important to them,” says Martin. “We like to think outside the box and plan a structure that’s unique for the deal and for the member, and that is specific to their situation.”

We’re here to help with all your commercial renovation needs.

Book an appointment today and learn how ACU can bring you closer to your business goals.

The post How to finance your commercial renovation appeared first on Asterisk.

“Walk This Way is a fun, inclusive and meaningful way to show our community how far we can go when we go together,” according to United Way Winnipeg. “This annual challenge reminds us all that by working together, we can create opportunities for Winnipeggers to improve their circumstances and change their lives.”

Walk This Way 2024 raises $80K

This was the fifth year that United Way Winnipeg hosted the ACU-sponsored event, which serves to kick off their annual city wide fundraising campaign.

Over one week, thousands of participants walk, jog, roll and ride—on their own, with friends or with colleagues—to reach a collective distance goal. Participants track kilometres in a shared app called Movespring.com. When they reach the finish line, they unlock a massive contribution to United Way Winnipeg from local sponsors.

This year’s campaign saw 3,725 people take part, travelling an incredible 159,307 kilometres in support of United Way Winnipeg. The event raised $80,000 in funds for the charity. Over the last five years, Walk This Way sponsors have contributed nearly $500,000 to United Way Winnipeg’s work, helping neighbours in need.

“The Walk This Way fundraising event is a great example of what we can achieve by working united.  Together, we can support people to move out of poverty, make sure kids can be all they can be and build stronger and healthier communities,” says Kim Champion Taylor, Chief People & Brand Officer with ACU. 

How donations are helping Winnipeggers

Donations to United Way Winnipeg fuel a network of more than 125 agencies and programs that feed hungry kids, offer safe spaces for teens, protect families, offer job training, job counselling, and much more.

“Winnipeggers visit our donor-funded agencies over 2.4 million times every year,” said Austin Abas, United Way Winnipeg’s 2024 Campaign Chair. “Those are the Winnipeggers we’ve been walking for this week. It’s the reason we give our time and dollars—to make sure there’s somewhere to go and someone to offer help whenever anyone reaches out in need.”

How will these funds be used?

For kids: to provide nutritious breakfasts to students; to help youth make meaningful cultural connections; to provide mentorship opportunities that can help build leadership skills; and to offer safe spaces to go after school.

For families: to support community centres that help with affordable groceries, laundry and Internet, as well as programs for parenting and tax assistance.

For people living in poverty: to meet basic needs including food; to offer job training that helps people find and earn a steady income; and to provide shelter, safety and addiction services for people experiencing homelessness.

How workplaces can make a difference

Mona Gill, Director of Campaign and Partnership Development with United Way Winnipeg, remarks on the importance of workplace participation. “When workplaces participate in events like Walk This Way, they lead the way and show others the impact that working together can have on changing people’s lives.

“Workplace leadership in public challenges like Walk This Way also sets the example that this company is part of a culture of community caring that believes in contributing to a better city for everyone who lives here.”

ACU has partnered with United Way Winnipeg spanning over decades. ACU and SEED Winnipeg, an agency supported by United Way Winnipeg, co-developed an Immigration Loan Repayment program, which has provided debt relief to many families. Together, they’ve also delivered more than $16 million in tax refunds and benefits, thanks to income tax preparation services offered by SEED Winnipeg. According to Kim, these campaigns are invaluable.

“If you look at ACU and our role in financial services, what we’re looking to do is build stronger, healthier, sustainable communities. With many of the programs and services that United Way offers, there’s an important role that a financial services organization needs to play.

“We can’t build a stronger community on our own; partners are required,” she adds. “That’s absolutely why these two organizations work so well together and have such a long history.”

Workplace campaigns provide opportunities for employees to get involved and give back to their community, while developing a company culture of helping others and changing lives through meaningful experiences, contextual learning opportunities and inspirational action.

“Workplace campaigns are the heart and soul of our fundraising efforts through United Way Winnipeg,” says Mona. “These campaigns inspire donors to give, and help Winnipeggers change their lives.”

Interested in learning more about United Way Winnipeg and how you can help?

Visit https://unitedwaywinnipeg.ca/

The post Walk This Way: How United Way Winnipeg is making a difference appeared first on Asterisk.

Are you looking for inspiration on your journey to building wealth, sustainability and community in 2025? Read on for helpful advice, valuable information and insightful stories from ACU’s top 10 articles of the year!

1. Protect yourself against fraud

Each year brings a new set of common scams to look out for—and 2024 was no different. From investment scams to spear phishing and false advertising, fraudsters discovered new ways to try to persuade victims to transfer funds or share personal information. Arm yourself with awareness and fraud prevention tips—and put yourself in a better position to outwit the fraudsters!

2. Forging a path to greener driving

This year, electric vehicle enthusiasts around the globe celebrated the fifth annual World EV Day. The benefits of EVs range from lower emissions to cheaper charging and maintenance costs. ACU has a longstanding commitment to environmental sustainability and we’re doing our part to support EV adoption in Manitoba. Learn more about how we’re committed to greener driving!

3. Guarding against SIM card swap fraud

SIM card swapping is a scam that can lead to identity theft and huge financial losses, but there are a few key things you can do to protect against it. Discover what you need to know about preventing SIM card swap fraud or what you should do if it suddenly happens to you.

4. Wealth-building for Canadian newcomers

Newcomers want to thrive in their new home, and building wealth is part of that journey. Whether you’re looking to learn more about the Canadian financial ecosystem, the investments available to new Canadians or how to establish a credit history, ACU has the information and financial expertise you need to succeed.

5. Your easy guide to home composting

Over the past two years, ACU has grown a successful workplace composting initiative, thanks to our partnership with Compost Winnipeg. Are you interested in composting at home to reduce personal food waste and lead a more resource-efficient lifestyle? It’s easy and low-cost! Get started today.

6. Your first home savings options, explained

There are many ways to save for a down payment for your first home—whether it be a TFSA, RRSP, or FHSA. But how do you know which one is best to use? And how does the FHSA fit into the mix? We break down how an FHSA stacks up against the rest—and how ACU can help you navigate your savings options.

7. Your guide to variable vs. fixed-rate mortgages

With interest rates fluctuating, comparing fixed vs variable rate mortgages can be a tough task! We’ll help you decide whether a fixed or variable-rate mortgage is right for you, and your options for each. Explore some of the benefits, drawbacks and considerations of each type of mortgage to find your best fit.

8. Student budgeting 101

Accounting for rising tuition costs is important when saving for college or university. But did you know there are six expenses every student should be budgeting for today? Plan and save for expected and unexpected costs now and enjoy a smoother,
debt-free post-secondary experience.

9. Buying a home in Winnipeg, step-by-step

Buying a home is exciting! However, navigating the financing, multiple steps and costs of a first-time home purchase can be tricky. With a little planning and practical guidance from ACU, avoid the pitfalls and start your adventure on the right path.

10. The impact of the Orange Shirt Day movement

Since its inception in 2013, Orange Shirt Day is held September 30 to honour survivors of residential schools. Over the past decade, the event has become widely recognized across Canada with participation by schools, businesses and many organizations. For ACU employees and members, Orange Shirt Day is an integral part of our learning journey and commitments in response to the Truth and Reconciliation Commission’s Calls to Action and to the Winnipeg Indigenous Accord.

If you’re ready to start your journey to building better wealth in 2025, ACU’s team of advisors has the experience and knowledge you need to succeed—book an appointment today!

ACU.ca | 1.877.958.8588 | 204.958.8588

The post Top tips and advice from Asterisk’s best articles of the year appeared first on Asterisk.

Focused on building high-quality, modern condominiums, Qualico’s StreetSide division provides affordable, sustainable and comfortable housing to families, couples and individuals throughout Winnipeg. Offering detached bungalows, townhomes and mid-rise condos in neighbourhoods like Sage Creek, Bridgwater, RidgeWood West and Bison Run, StreetSide focuses on delivering accessible, affordable homes that Manitobans love to live in. New developments from StreetSide often sell out long before construction is completed.

“We support the community through affordable housing, including multi-family housing properties like Lynx Gate,” says Brian Cornelsen, Vice-President at StreetSide. “Lynx Gate is one of our latest projects – a three-bedroom, two-storey townhome project with attached garages in Winnipeg’s Aurora neighbourhood.”

Alongside these two projects, StreetSide has recently developed several other multi-family housing properties, including popular developments like Lynx Gate: a three-bedroom, two-storey townhome project with attached garages in the city’s Aurora neighbourhood.

StreetSide also recently developed Esprit Condominiums, and Esprit Heights: townhome projects with three-storey units nestled in Waverly West’s Bison Run neighbourhood. Additionally, Flora West features two-storey units located in the popular Sage Creek neighbourhood. ACU assisted in financing all of these townhome projects.

Business Financial Centre (BFC) helps Qualico build communities

Providing commercial banking services with a local focus, the BFC is a staple for local developers like Qualico’s StreetSide division.

“We offer flexible financing for our Member’s projects, in this case, a credit line to finance the construction of current and future townhome projects; but in each case,  a customized solution that meets their needs. Whether we are financing the construction of various projects,  as in the case of Streetside, or financing the acquisition of a property, the goal remains the same: get our Member’s to the finish line with financing they can rely on.” says Stefan Paszlack, ACU’s Associate Director of Commercial Real Estate.

ACU and StreetSide both focus on building community, making their financial partnership an ideal fit

“We’re always eager to work with local organizations like StreetSide,” Stefan explains. “It’s exciting to see new projects get developed and watch the city grow, and meet the needs of entrepreneurs and business owners with financing that helps them meet their goals.”

“We work with landlords and developers, whether that’s individual business owners or organizations to assist in financing the purchase, construction, or renovation of their project as well as refinancing existing buildings of all property types including land, multi-family apartments, industrial, retail, hospitality, office, and self-storage.” And while the BFC is located in Winnipeg, Stefan says they also work in cities like Brandon to provide financing and financial products for businesses.

Doing business is easy with ACU

Stefan says the BFC’s personalized approach to financing is key for members.

“We always respond quickly to our members,” he says. “We start with a conversation—understanding your needs, your project, what you’re trying to accomplish—then we work with you to develop a solution that supports your business goals.”

“For some, that might be getting a larger mortgage and using the proceeds for new projects. For others, it might be purchasing raw land and providing financing all the way to a completed building. Regardless of your goals, we’re ready and able to put together solutions to help you meet them.”

Future-focused sustainable development is key to Qualico’s success

ACU and Qualico’s StreetSide division share the goals of prioritizing people and the planet.

Katie Doerksen, Corporate Sustainability Manager at Qualico, says the organization prioritizes sustainable development in every project.

“My focus is to ensure Qualico creates positive social, economic and environmental impacts,” Katie explains. “It’s all part of prioritizing sustainability and corporate responsibility in our overall mission.”

Both ACU and Qualico take sustainability seriously. Qualico’s mission is to minimize the environmental impacts of its projects through sustainable practices in all aspects of its operations.

“This includes specific initiatives like Net Zero Homes,” Katie says.

Net Zero Homes are designed and built to produce as much renewable energy as they consume over the course of a year. The goal of a Net Zero Home is to achieve a balance between energy usage and energy production.

Qualico has a Net Zero certified homebuilder in every province, including Manitoba.

This commitment to sustainable development and environmental responsibility aligns with ACU, whose own mission statement includes being a socially responsible co-operative that provides financial services for the well-being and resilience of members, employees, communities and the environment.

While the partnership between Qualico’s StreetSide division and ACU is relatively new, Qualico’s Brian Cornelson says the relationship has been a boon for the business.

“It’s gone very smoothly,” he says. “We started this credit facility and it’s going to be used for multiple townhome projects as we work to build affordable, sustainable housing in Winnipeg. It’s really good to work with local people.”

Find your home with Qualico

With multiple developments on the horizon, Qualico’s StreetSide division could be the next place you call home. Explore the StreetSide communities to find new developments for condos, townhomes, bungalows, and other projects coming soon.

Want to finance your next commercial development project or business? Reach out to ACU’s Business Financial Centre to start the process.

The post Qualico and ACU partner to build sustainable communities appeared first on Asterisk.

LS Properties is a local real estate company that acquires properties in the multi-tenant residential, retail and industrial sectors. It focuses on properties in attractive locations with well-built infrastructure and diversified tenant groups.

Since 2005, the company has built an expansive portfolio of income-producing properties in Winnipeg, including 43 commercial buildings—comprising about 2,005,000 square feet—with 381 commercial tenants. These properties are managed by Green Valley Management Ltd., which involves the cultivation of relationships with tenants and suppliers to ensure the optimal performance of each property.

As the company continues to expand, ACU’s financing and expertise have guided LS Properties toward its business goals.

“ACU has been a key partner in the exceptional growth of our business,” says Fabricio Mendes, SVP Asset Management and Investor Relations, with LS Properties. “As a private real estate group headquartered in Winnipeg, our partnership with ACU has helped us successfully expand our portfolio.”

Building strong relationships

LS Properties is a member of ACU’s Business Financial Centre (BFC), which provides guidance, advice and financing solutions to support the growth and good financial health of businesses in Manitoba. ACU’s local experts deliver some of the province’s most diverse commercial financial services, all in one place.

“ACU and LS Properties have a strong relationship, and we’ve grown that relationship to roughly $100 million in a couple of years,” says Martin Petras, Associate Director, Commercial Real Estate and Syndications with the BFC. “But it goes beyond collaboration. We’re flexible, community minded and think outside the box to create unique deal structures.”

For example, ACU and LS Properties worked together in 2023 on Pembina Crossing, a retail centre in South Winnipeg. Located on one of Winnipeg’s busiest north-south thoroughfares and close to the Fort Garry Industrial Business Park, the property is anchored by Save On Foods, Staples Business Centre, Best Buy and Dollarama.

“That resulted from a completely customized structure for the borrower,” explains Martin. “Regardless of interest rate, our unique structure won the deal. That was the largest retail transaction in Winnipeg that year.”

Ready, set, rent! A win-win for everyone

The BFC team knows that LS Properties does extensive due diligence before moving on any project: it has to be in the right location, have curb appeal and have the right tenant mix.

“They always keep their buildings renovated and ready, so if a lease does come up for renewal, they’re easily able to replace that tenant,” Martin states.

“LS Properties buildings are always market-ready. They bring under-market rentals up to market levels,” he adds. “Their business methods allow us to offer more flexible loan terms.”

How the BFC works

BFC customers get a local, dedicated account manager who provides access to business accounts, deposit strategies, commercial mortgages, construction financing, term loans, operating lines of credit and other financial services. But perhaps most importantly, the BFC goes beyond lending money by offering the financial advice and guidance that Manitoban businesses need to succeed.

“ACU is community focused. The advantage of working with a credit union is having a local partner that understands what communities need. We know each member’s needs and can structure the deal to reflect the borrower’s needs and wants,” says Martin.

The BFC is composed of individuals with a wide range of expertise. “Everyone has a different knowledge area, from land financing to construction financing to industrial, retail and multi-residential,” Martin explains. “ There’s vast knowledge across the board with our account managers leaning on one another to help structure a deal.”

“Understanding your members and what’s important to them is key, and that isn’t always the interest rate.”

A credit union like ACU is more flexible and community minded than traditional banking institutions, according to Martin.

So what’s next for LS Properties? The company is looking to expand into the Western provinces—and ACU will support them every step of the way.

To discover what the BFC can do for your business, speak to an account manager today.

The post LS Properties takes community-centered approach to Winnipeg real estate appeared first on Asterisk.

To sign in to ACU’s new digital banking for the first time, you will need either an email address or mobile phone number. If you don’t have either, you can set up an email account easily—and it will only take a couple of minutes.

Your new email account will help you access your ACU digital banking, giving you the ability to:

• Securely access your account balances and activity
• Transfer funds between accounts and to other ACU members
• Send and receive Interac e-Transfers®
• Pay bills
• View online statements
• Make contributions to your RRSP and TFSA and FHSA
• Much more!

Ready to create your new email account? Here are some quick and easy steps to follow:

Choose a trusted email provider

Think of an email address as your digital mailbox. Like different post offices, each email provider has a slightly different look and feel, but they all do the same thing—allow you to send and receive emails.
Email providers usually don’t charge you for their service. While there are many of these free and trusted options available online, the key is to select an email provider that’s easy for you to use. Some popular options include:

• Gmail (from Google)
• Yahoo! Mail
• Outlook (from Microsoft)

5 steps to creating your own email account

It only takes a couple of minutes to create your email account. Here’s what you’ll need to do:

1. From your Internet browser, go to the home page of the provider you wish to use, and then find the sign-up page that offers free email accounts. (Googling “free email account” could take you to a fake site.) We recommend you use a trusted provider such as Gmail (from Google), Yahoo! Mail or Outlook (from Microsoft).

2. Enter your details to open an email account. These often include:

• First and last name
  
• Desired email address: This is the email address you’d like to create.
  
• Choose a login name that is easy to remember, spell and type. Many people will use their name separated by a dot, such as firstname.lastname@gmail.com, as this is recognizable and easy for others to email you.
  
• Password: Create a secure password that can’t be easily guessed, spelled or shared. Use at least eight characters with a combination of upper case, lower case, letters, numbers and symbols. For example, a password such as “password999” is easy for a person or automated bot to guess. But a password such as “a3#b975!d” is much harder.
  
• Phone number: This can be used as an extra security measure, and in case you can’t get into your email account in the future.

3. Follow the rest of the steps as required. Some email sign-up forms will also ask for things such as your birthday and location. You may also be asked to create a security question, which can be a helpful way for you to recover a forgotten password.

4. Sign up for multi-factor authentication if it’s offered. Read about this and other security measures below, under “Keeping Your Account Safe”.

5. Accept the “Terms of Service”.
You’ll also be asked to read and accept the terms of their service.

6. Start using your new email account!
You can easily log in from any computer, phone or tablet with Internet access. However, we recommend against conducting your banking business on a publicly accessible WiFi network, such as one you’d find in a shopping mall.

Keeping your account safe

Alongside the growth in technology, incidences of online scams and fraud are increasing. Email is one way scammers might try to take advantage of you—so it’s important you protect yourself and be alert to risks.

Now that you’ve created an email account, here are some quick tips to follow to help you keep your email account safe and secure.

Sign up for multi-factor authentication if it’s offered.

Most email providers offer two-factor or multi-factor authentication. It involves adding a second (or third) layer of protection to your account on top of your password, like receiving a code via email or text or answering security questions.

Watch out for phishing.

Though most email providers have great spam and junk filters, scammers and fraudsters can sometimes get through these defenses. Phishing involves sending fraudulent emails designed to get you to give up your personal information, financial information, or access to private resources. Learn more about phishing.

Use a strong password (and change it often!)

Using a password with a combination of cases, letters, numbers and symbols makes it that much more difficult to guess. And the longer the better–consider a phrase that includes all the above elements (e.g. The quick brown fox jumps over the lazy dog might become 7h3 qu1ck 3r0wn f0x jump5 0v3r 7h3 l4zy d0g!). Further, changing your password frequently helps protect you from exposure to data leaks that can seriously affect organizations. Experts recommend changing your passwords at least once every six months.

Don’t forget to log out, especially on shared/public computers or devices, which we also advise against using for digital banking. Taking the extra step to log out of your email account will help ensure no one but you can access your inbox.

Extra instructions

If you need more help opening an email account, there are many easy-to-follow resources available online, including these helpful links:

• Video: How to create a Gmail email account
• Article: How to create a Yahoo! Mail account
• Video: Beginner’s guide to using Microsoft Outlook: This is helpful if you have Outlook software installed on your computer.

Once you’re set up with your new email address, feel free to contact ACU’s Member Communication Centre for digital banking support. We’ll be happy to help you get more out of your digital banking experience!

The post 5 simple steps to set up your own email account appeared first on Asterisk.

A line of credit is a flexible loan with a set credit limit, similar to a credit card. You can access as much money as you need, when you need it, up to that limit. For example, if you need money for a short-term expense, you can borrow the amount you need and pay down your balance at any time. Interest starts accumulating on the amount you borrow as soon as you borrow it and it is reduced as you pay it down—to zero when completely paid off.

“A business line of credit can help companies with operational expenses, such as payroll and inventory, or to help grow the business. It can be especially useful for small or cyclical businesses to fill cash voids or cover unexpected expenses,” says Martin Petras, Associate Director, Commercial Real Estate and Syndications, at ACU’s Business Financial Centre.

In addition, a business line of credit can be secured or unsecured. A secured business line of credit requires a form of collateral, which means you’ll typically get better loan terms, such as a lower interest rate. An unsecured business line of credit doesn’t require collateral to secure the loan, but you can expect to pay a higher interest rate on the money you borrow. Unsecured lines of credit are much harder to procure, as they have a higher risk associated with them. They require higher due diligence, and typically result in lower amounts being approved.

The benefits of a business line of credit

While plenty of financing options are available—like term loans, invoice factoring and business credit cards—a business line of credit has several benefits.

Improved cash flow: A revolving line of credit means you have a pool of funds available to you before you actually need the money. If you don’t need it, you don’t touch it—and you don’t pay any interest on it. Unlike a traditional loan, you can access cash on demand whenever you need it.

Flexibility: A business line of credit has many uses, from covering payroll needs to helping with unexpected shortfalls or business expenses. It also offers flexibility when it comes to payment terms. Unlike traditional loans, which have set monthly payments, a revolving credit line is more flexible, which is particularly handy for cyclical businesses or start-ups.

Building a relationship with your lender: Just like individuals need to establish creditworthiness, businesses must also build a positive payment history to help obtain future credit (or even renew your line of credit). When used responsibly, a business line of credit can help establish your company’s credit score and may even help you qualify for better loan terms.

Potential drawbacks and risks

Like any type of loan, a business line of credit has pros and cons including drawbacks and risks to consider. In some cases, a different type of loan may be a better fit for your needs.

For example, it may have a higher interest rate than a traditional business loan. The interest is usually at a variable rate, which can make it harder to budget for. There may be additional fees, depending on the line of credit—but don’t worry, we’ll make sure you’re aware of everything so you’re not caught off guard.

Ultimately, a business line of credit should be used wisely—primarily for shorter-term variable things like operating expenses and inventory.
“It’s important to use your credit line within the time frame to ensure it remains revolving,” says Palwinder Singh, Commercial Account Manager, Small Business Specialist, with ACU’s Community Financial Centre. “Avoid buying fixed assets with longer-term returns on a revolving line of credit.”

There’s no fixed time frame for utilizing a line of credit (LOC), it’s important the credit line operates within its intended revolving structure. This means you should draw from and repay the credit line regularly, ensuring it revolves fully as per the agreed terms.

Benefits of ACU’s business line of credit

ACU’s Business Financial Centre (BFC) offers guidance and advice that supports the growth and financial health of businesses in Manitoba. With the BFC, you get a local, dedicated account manager who can help with customized business chequing accounts, deposit strategies, commercial mortgages, construction financing, bridge financing, term loans and operating lines of credit.

There’s no time frame to use the LOC, however, it should revolve fully. Financial institutions regularly evaluate LOCs to make sure they’re the right fit for the organization. If it’s not revolving, the financial institution may suggest terming out the portion that’s not revolving.

Our Community Financial Centre (CFC) helps small businesses, start-ups, non-profits, co-ops and social enterprises with specialized, personalized support. The CFC team understands the unique challenges those types of organizations face when trying to access capital.

The process to determine potential lending opportunities is multi-layered and unique to every situation. Since each business has its own unique structures and differences, ACU commercial account managers look at all credit proposals on the basis of their merits: it’s not a cookie-cutter approach.

“At ACU, we offer a business line of credit tailored to your business cycle and industry-specific needs. It seamlessly integrates with the requirements of your sector, providing optimal support for your goals,” says Palwinder. “The first and most important aspect is getting to know you as a borrower and understanding your financial statements.”

Explore how a line of credit can benefit your business and help it grow.

Book an appointment with our advisors today.

The post Is it time to get an operating line of credit for your business? appeared first on Asterisk.

At the same time, paying off your mortgage early shouldn’t come at the expense of other financial goals, like building an emergency fund or saving for retirement. Determining whether it’s a smart decision should start with examining your whole financial situation.

Why pay off your mortgage early?

Paying off your mortgage early frees up money. Without a regular mortgage payment, you’ll have funds available for other financial goals, whether that’s early retirement, buying a cabin or travelling. 

At the same time, you’ll build equity in your home (which is the current value of your home minus your remaining mortgage balance). When the value of your home increases, so does your equity—which you can use to borrow for things like renovations, post-secondary education or other major expenses that come your way.

Understanding your amortization period

An amortization period is the length of time it takes to pay off your mortgage. For a mortgage insured by Canada Mortgage and Housing Corporation (CMHC), the maximum amortization period is 25 years (or 30 years for first-time homebuyers purchasing). For a non-insured mortgage, the maximum amortization period is 35 years.

You can choose any amortization period within those limits, so long as it’s offered by your mortgage lender. A longer amortization will result in lower monthly or bi-weekly payments, but the longer it takes to pay off your mortgage, the more you’ll end up paying in interest. You’ll also be paying down the principal—and building your equity—much more slowly.

And that, according to the Financial Consumer Agency of Canada, can add up to thousands or even tens of thousands of dollars in interest over the life of your loan. Therefore, paying off your mortgage early is a smart financial choice.

You don’t have to live on a shoestring budget to increase your mortgage payments. Here are a few simple ways you can pay off your mortgage faster:

1. Make accelerated bi-weekly payments

Instead of paying your mortgage every month, split your monthly mortgage amount in half and start paying that amount every two weeks. This is referred to as “accelerated” bi-weekly payments. You end up making a total of 26 payments per year—or two extra payments—in a 52-week period.

Basically, you’d be making one extra monthly payment toward your mortgage each year, without even noticing it. That 13th-month payment allows you to pay off your mortgage faster and lower the amount of interest you pay over time.

This is different from a “regular” bi-weekly payment, where the monthly mortgage payment is multiplied by 12 months and then divided by 26 to come up with a “regular” bi-weekly payment.

That means you’re putting one extra monthly payment toward your mortgage each year, without even noticing it. That 13^th-month payment is called the ‘accelerant,’ because it allows you to pay off your mortgage faster and lower the amount of interest you pay.

This is different than a “regular” bi-weekly payment, where the monthly mortgage payment is multiplied by 12 months (to get total annual payment) and then divided by 26 to come up with “regular” bi-weekly payment.

Example:

1. $1000 per month ÷ 2
   = $500 x 26 “accelerated” bi-weekly payments
   = $13,000 per year
   
2.   $1,000 per month x 12 ÷ 26
     = $461.54 “regular” bi-weekly payment
     = $12,000 per year

2. Round up your payments

Whether you’re paying bi-weekly or monthly, round up your payments—so instead of paying $461.50 every two weeks (on the balance remaining on your mortgage), round it up to $500. You’ll barely notice the extra $38.50, but that small amount will add up over time, shave years off the amortization schedule and save you thousands in interest.

This extra portion of the mortgage payment can be started, stopped, re-started, increased or decreased. This gives you great flexibility if your financial affairs and your cash flow change over time.

Note that the round-up amount is considered a principal payment (like the $38.50 in our example). It will go towards the maximum amount that you are allowed to prepay on your mortgage every year without incurring any prepayment penalties. 

3. Make an annual lump-sum payment

Most closed mortgages allow you to make at least one extra lump-sum mortgage payment annually, without penalty. And many financial institutions allow you to make multiple lump-sum payments throughout the year—as long as you don’t exceed the maximum amount allowed in your mortgage agreement. This is called a pre-payment privilege.

The bonus? It’s applied directly to your principal, which will help with paying off a mortgage early and saving on interest.

So where will you get that extra money? One option is to use your tax refund as your annual lump-sum payment. You may even want to consider increasing your RRSP contributions and putting your tax refund directly toward the principal of your mortgage. Typically, you’re allowed to make a lump-sum payment—without penalty— of between 10 and 20% of the original or last-renewed balance of your mortgage. 

If you’re unsure how much the maximum amount allowed is, ask your mortgage specialist/trusted financial advisor.

4. Re-examine your budget

If your goal is to pay your mortgage faster, connect with your trusted financial advisor to review your budget, complete a net worth statement and determine what could be shifted towards extra mortgage payments. Do you need five different streaming services? Maybe you could consolidate that to just one or two. Do you need a latte on your way to work every morning? Maybe you could cut that down to once a week and make coffee at home the rest of the time. 

These small savings can add up over time and can be directed towards your mortgage payments instead.

5. Use found money

If you don’t have room in your household budget to increase your payments or make a lump-sum payment, consider using ‘found’ money instead. That could be anything from a bonus at work to birthday money or an inheritance. Since it’s ‘found,’ you weren’t expecting it and it won’t impact your budget.

While you may be tempted to spend found money on something more exciting, such as a vacation, consider that about half the total interest of a typical mortgage accumulates in the first 10 years (because the principal is much higher). The faster you can reduce your loan, the better chance you’ll have of paying off a mortgage early.

6. Never lower your payments

When it comes time to renew, most people want to negotiate the interest rate. If you’re able to get a lower rate than you had before, then you’ll be in a position to decrease your bi-weekly or monthly payments.

However, if your goal is to pay off the mortgage as fast as possible, don’t decrease your mortgage payment. Instead, keep on paying the same amount you were paying before. You’re already used to it, so it won’t affect your budget, yet you’ll be able to pay off your mortgage earlier.

7. Refinance a shorter-term mortgage

A straightforward way to reduce the amount of time it takes to repay your loan is to shorten the term of your mortgage. When it comes time to renew, for example, you could refinance to a 15-year mortgage instead of a 20-year mortgage. This would, of course, increase your payments, but you’ll save a whopping amount on interest — and pay off your mortgage five years sooner.

8. Investigate fixed versus variable

When it comes to choosing a fixed-rate or variable-rate mortgage, it’s not a clear-cut decision. With a variable rate, if interest rates go down, more of your money goes toward your principal — so you’d pay off your mortgage slightly faster. Inversely, if rates go up, it would take slightly longer to pay it off. With a fixed rate, you save if rates continue to rise. Since no one can accurately predict the future, it depends on how much risk you’re willing to take on.

To choose a fixed rate or a variable rate…that is the question!
This is a big decision and should involve meeting with your trusted financial advisor.

When is paying off a mortgage early the wrong choice?

Paying down your mortgage early isn’t the best decision for everyone. If you have high credit card debt, no retirement savings or no emergency funds, you may be better off attending to those financial concerns first.

You might also have other financial goals, such as saving for a wedding or family vacation, helping elderly parents pay for the costs of long-term care or bumping up your retirement savings. (Many financial planners recommend setting aside 15% of your income for retirement). If you have kids, you may want to set aside money for their post-secondary education.

If you run a home-based business, a portion of your mortgage interest is tax deductible, so you may not be inclined to pay it off faster. The same can be said of a property that’s both a home and investment property. If you’re unsure what to do, discuss this with your financial advisor to get advice for your specific situation.

Consider your options

It’s easy to ‘set it and forget it’ when it comes to your mortgage, but paying attention to interest rates will give you a better sense of your options going forward. Take some time to investigate those options, and use tools like our ACU mortgage calculator to get an idea of how much you can afford to borrow, and to calculate the effects of things like changing your payment frequency, topping up, and making lump-sum payments.

Paying off a mortgage early is achievable if you follow even a couple of these strategies—and you can do it without having to dramatically change your lifestyle or household budget.

Make an appointment with an ACU financial advisor today to get help mapping out your retirement plan.

The post Should I pay my mortgage down faster? appeared first on Asterisk.

“The number of guests we’re serving right now averages about 720 to 950 people per morning and it’s been as high as 1,010, which really stretches us to the limit,” says Jim. 

Community nourishment 

Agape Table serves breakfast five mornings per week, distributes food hampers twice a week through Harvest Manitoba, and shares donated food with local shelters, soup kitchens, food banks and seniors’ residences. 

Its guests (they’re never referred to as ‘clients,’ always welcomed as guests) include people living with poverty, homelessness, joblessness, underemployment and disabilities, as well as new immigrants and low-income seniors. 

“Agape is a Greek word meaning unconditional love and that’s kind of what we do at Agape Table,” Jim says. 

A challenging economy

As inflation and interest rates climb, Jim’s team has a lot of new names to learn. 

“We’ve had people phone us saying ‘I feel so bad about this, I’ve never had to do this before, I’ve never had to ask for food before.’ This is a whole other sector of people now that need food,” says Jim. 

Agape Table is also preparing 40 to 50 more food hampers per week than it used to. Although most of its food is donated, the team is still feeling the pinch of inflation.  

“The biggest difference is the cost of supplies. It’s over $50,000 per year for sure. If you think about 700 to 1000 paper bags, bowls, lids and spoons five days a week, it adds up,” Jim says.

Agape Table has served more than 150,000 meals in 2024. 

Partnership with ACU

Agape Table chose Assiniboine Credit Union (ACU) as their financial partner after seeing Community Financial Centre’s (CFC) member-centric approach and focus on relationship building. The team at Agape is confident that ACU’s support aids their mission to deliver hot meals to Manitobans in need.

“Banks that we dealt with before, they honestly weren’t interested in this project,” Jim admits. “But ACU is well known for supporting non-profit initiatives. They’re really about the community and that’s what we love about them. Bill led us through this entire process and we couldn’t ask for anybody better to work with.” 

Bill Dinsdale, Senior Commercial Account Manager – Not for Profit Specialist at ACU, is just as enthusiastic about the CFC-Agape Table partnership as Jim. 

“When Jim was working on the project, I told him right up front how excited I was,” he says. “We were thrilled to be chosen because Agape Table is a truly unique, really amazing organization and this is a great project. So I told him that, because I think it is very important that they know it’s not just about the financial transaction. Being a part of this brings me joy.” 

ACU is proud to serve the Winnipeg community through its partnership with Agape Table.

If you would like to support the essential work Agape Table does in the community,  you can donate here.

The post CFC member Agape Table serves up community nourishment appeared first on Asterisk.

With a new capital campaign underway, the organization is embarking on one of the biggest projects in its 40-year history. And with a long-time supporter by its side—ACU’s Community Financial Centre (CFC)—MTYP is on its way to establishing a bright future.

A bright light in the community

At MTYP, the largest performing arts organization dedicated to children and youth in Western Canada, everyone is welcome, explains Debra Zoerb, MTYP Managing Director.

The organization’s 28,000 square-foot space performance facility—located in Winnipeg on Treaty 1 territory at The Forks—opened in 1999 as the first theatre purpose-built for a company for children and youth in the country.

MTYP offers a broad range of programming, from theatre training and education programs for children from 18 months to 18 years, through after school, weekend classes, courses and summer camps. MTYP is also home to the Indigenous-led theatre program, Indigenous Theatre for Youth, for Indigenous and Métis students ages eight to 18.

Outreach activities are also key to MTYP’s programming, with educators and teaching assistants traveling throughout Winnipeg and the province to deliver workshops, week long residencies and camps.

MTYP mounts six to seven stage productions per year, telling unique stories and hosting globe-spanning guest companies. It also ensures that it shares its facility with other community organizations, such as dance companies and the The Winnipeg International Children’s Festival.

After 25 years of increasingly ambitious programming, Debra says it’s time to invest in the future by updating their facility to better serve students, audiences, and artists.

“ACU’s been a strong supporter of Manitoba Theatre for Young People because we see their role as such a community leader in their field,”— Bill Dinsdale, Senior Commercial Account Manager, Not-for-Profit Specialist, ACU CFC

Play it Forward

Earlier this year, MTYP embarked on Play it Forward, a $9-million capital campaign to modernize its facility towards ensuring financial sustainability, meet and exceed sustainability and accessibility standards and increase capacity of use. Approximately $1.5 million of the funds raised have already been used to retire debt, closing off the building’s mortgage.

$6.5 million of the money raised will be directed towards significant capital improvements at the facility, starting with greening initiatives such as new windows, an updated roof and an HVAC system.

Debra explains that many not-for-profit organizations that own venues find updating infrastructure challenging.

“We’re excited to refresh and renew the facility. We’re showing the building some love after it has served as a home for us, our partners, and community for 25 years,” she explains.

The funds will also provide for several important accessibility improvements, including an expanded quiet room, barrier-free doors and fully renovated washrooms with improved accessibility. MTYP will also install an assisted listening system in performance spaces and baffling panels to improve sound and acoustics in the studios.

Part of the project will involve fully converting Richardson Hall—currently a large, multi-purpose space used for rehearsals and classes—into Richardson Studio Theatre, a true ‘black box theatre’. The new space will be a blank slate for MTYP or rental clients, with fully reconfigurable seating for 100.

Other plans involve establishing a $1 million endowment, housed at the Winnipeg Foundation, providing the organization with funds annually to support the development of new plays and productions. Supporting new works is essential to ensuring the stories MTYP shares on its stage continue to be relevant to children and young people now and in future.

A partnership for success

Over more than 25 years, MTYP has been a valued member of ACU’s CFC, which supports small businesses, start-ups, not-for-profits, social enterprises and co-ops.

The CFC offers a full suite of banking solutions, from savings accounts to mortgages, lines of credit, credit cards, and construction financing—but also recognizes that not-for-profits have unique needs and challenges that often require tailored solutions.

“It’s so important to have an organization like ACU see the value in what we do and say ‘we’re prepared to invest in you and partner with you in all of your goals and ambitions’ because that’s extremely affirming to know that others see the impact of what we’re doing.”—Debra Zoerb, Managing Director, MTYP

Bill Dinsdale, ACU Senior Commercial Account Manager and Not-for-Profit Specialist, has been working with MTYP for 10 years, providing the organization with support, guidance and the customized financial solutions it needs.

The two organizations have aligned values, he explains: a focus on accessibility, diversity and supporting the community are paramount.

Indeed, one of the theatre’s key pillars is ensuring that MTYP is a space for all and that everything it does is welcoming to individuals from as many diverse backgrounds as possible.

“I see that reflected in how ACU approaches its business, who they are in the community and how they interact with their membership,” says Debra.

Looking to the future together

Debra explains that MTYP’s relationship with the CFC has always been rewarding. But the team’s care and attention are especially invaluable now, as MTYP navigates large-scale projects for the first time since 1999.

“It’s been essential to have ACU’s support to get our footing and settle into this home to stabilize ourselves. Now, we’re really excited about the ongoing relationship with ACU as they support us through this next part of our journey,” she states.

Bill and the CFC team have advised Debra on deploying funds, filling in knowledge gaps and helping MTYP explore new terrain, like financing construction projects.

“I can navigate that in a collaborative sense with ACU. And that is extremely valuable,” Debra remarks. “I don’t feel like a number, I don’t feel like an account, I don’t feel like any of those things. Instead, we share an understanding—I’m a partner.”

Ultimately, says Debra, meeting the campaign goal will ensure that MTYP is a space that welcomes and serves children and young people—as well as the educators and adults who care for them—for many decades.

Looking at the opportunities ahead, Debra says that, “at the end of this campaign, when construction is finished and the endowment is established, it’s a chance for us to dream again and to look to the future.”

Payworks is currently matching all donations from the community to MTYP’s Play it Forward campaign up to $500,000. Visit playitforwardmtyp.ca to donate.

Learn more about the Manitoba Theatre for Young People’s Play it Forward campaign and ACU’s Community Financial Centre.

The post Manitoba Theatre for Young People dreams big with new campaign appeared first on Asterisk.

This year, Zoongizi Ode is further tackling the urgent issue of affordable housing for families, with a new housing development set to open its doors this fall—with partners like ACU on board to support the project’s success.

Zoongizi Ode’s journey

Zoongizi Ode began in 2014 as a grassroots group called Fearless R2W in Winnipeg’s R2W postal code, the heart of the North End. Founded by community leaders Michael Champagne and Mary Burton, Fearless R2W held weekly meetings in the community for years to support and discuss the challenges facing kids in care and their families, and youth transitioning out of care at 18 years old.

The postal code in particular, says Mary, has faced incredible challenges for decades, with respect to the number of children taken into care by provincial Child and Family Services (CFS).

“In 2014, the R2W postal code zone saw one in six kids apprehended daily. Furthermore, 365 babies were apprehended that year,” says Mary.

With the support of their community and small grants, Mary and Michael’s organization offered regular opportunities to learn about child welfare in Manitoba. They provided advocacy and tangible solutions for Indigenous parents working to reunify with their children and youth aging out of care.

In December 2020, the group began a more formalized approach, incorporating as a not-for-profit to reach more community members and increase funding.

Reflecting and rebranding

Earlier this year, the organization decided to take on a name that better reflected its approach and community.

“We gave an Elder tobacco and we asked her to go to ceremony and to get us an Indigenous name,” explains Mary, who now serves as the organization’s executive director. “At this point, we realized that Fearless R2W served its purpose. But it was a fear-based name and (since) everything that we do at Fearless is strength-based, we look at everything in a strength-based way.” With that feeling at its core, the organization’s new name, Zoongizi Ode, means “strong heart” in Anishinabemowin.

“We are very much community-driven at Zoongizi Ode. I look to my community and I ask my community what they want—and I do my best to give them what they want and what they need,” Mary says.

Donation to Astum Api Niikinaahk Tiny Homes Village helps a little home go a long way

Affordable housing solutions

For Indigenous youth aging out of Manitoba’s child welfare system, the issue of affordable housing, housing insecurity and the risk of homelessness is significant. Not only do they face the prospect of high monthly rent, they have to come up with a damage deposit—let alone thinking about buying furniture or groceries.

This year, Zoongizi Ode is involved in a new project aimed at addressing this issue head-on. The organization has a memorandum of understanding in place with Raising the Roof and several ACU members to create a collaborative solution. This includes a social enterprise construction company in Purpose Construction as well as another not-for-profit in the North End Community Renewal Corporation to create three affordable units for families reunifying and youth aging out of care.

“We have a one-bedroom for a youth aging out of care. We have a three-bedroom for a family that’s reunifying. We have another four-bedroom for a family that’s reunifying and they are all in the same building,” Mary elaborates.

The project is Raising the Roof’s first renovation outside of Ontario. Zoongizi Ode will provide support to the families and youth—including helping them open savings accounts in partnership with SEED Winnipeg, another financial empowerment community partner of ACU’s, attending weekly meetings and an aftercare program.

Tenants are set to move in this fall—and that’s where ACU comes in.

With $10,000 donated by ACU, Mary says tenants will be able to purchase furniture for their units—which will be theirs to keep when they move out. While there is no time limit on how long they live in the house, whenever they are ready to transition to independent living arrangements, they will be fully furnished, removing a common barrier to establishing their own home.

A shared commitment to community

Brendan Reimer, ACU’s Strategic Partner, Values-Based Banking, says the project supports the creation of affordable and safe housing while furthering ACU’s commitment to reconciliation. It also builds on the credit union’s vision of a sustainable future for all.

“We can’t achieve our vision on our own. Not-for-profits are at the forefront of solving the most complex, difficult challenges and they’re creating solutions that work. When they succeed, and have the resources required to do their work, we get closer to the kind of communities we envision,” says Brendan.
ACU and Zoongizi Ode share the belief that if the community has what it needs, it can thrive.

“ACU’s values are very similar to our community beliefs: being there to offer help and support whenever it’s needed,” she states.

For example, ACU’s Indigenous Leadership Circle answered the call to collect backpacks for Zoongizi Ode’s back-to-school backpack campaign this summer, donating 20 bags full of school supplies for kids. Several other ACU branches and departments also put together backpacks for their campaign.

According to Mary, “ACU always steps up to give the community a supportive hand.”

“We happen to be in financial services and they happen to be working on the front line in communities with families. Yet, there is a great similarity in our understanding of how you assess the world and how you create something better and different.”— Brendan Reimer, Strategic Partner, Values-Based Banking, ACU

Looking ahead, Zoongizi Ode is exploring a partnership with Raise the Roof on another house in the neighbourhood to co-create affordable housing solutions for more Indigenous youth aging out of care and more families who are reunifying.

“They’re not our participants, they’re not our clients, they’re our families and they become part of our family,” says Mary.

“We have a big meeting once a month and everybody comes together to share a meal and talk about our hopes and dreams for the future of our community.”

Supporting Zoongizi Ode

As Brendan explains, supporting Zoongizi Ode’s work starts with a deeper understanding of systemic change. This requires a societal shift in how we support families.

“The immediate piece is providing shelter, but we also need to get to the root cause of the issue,” he explains. This includes building relationships and investing resources in the healing journey.

You can also support the solutions and the work of Zoongizi Ode by donating to the organization here.

Learn more about Zoongizi Ode and how ACU invests in our community.

The post Zoongizi Ode creates housing solutions to help Indigenous youth aging out of care appeared first on Asterisk.

Planning for retirement can also be a bit puzzling, and ensuring your later years are truly golden will require foresight and financial planning. Luckily, you can lean on the advice and expertise of your ACU financial advisor to help plan your future. It’s never too early—or too late—to start planning a future that’s fun, fulfilling and financially secure!

So, how much do you need to save for retirement?

Retirement jitters? Turn them into confidence.

Millions of Canadians aren’t really sure if their finances are ready for retirement, according to a 2024 survey:

• 58% are worried about having enough money for retirement
• 59% haven’t set any money aside for retirement
• 57% feel unprepared for retirement

If this sounds familiar, don’t worry—you can take control of your own financial situation and get on the right track! Keep reading…

Lay out the pieces of your retirement puzzle

There isn’t one singular consideration that determines how much money you need for retirement. Many factors come into play including:

• Retirement age: If you hope to retire early, for example, you’ll have to map out a longer retirement period to fund. But with the right head start and advance planning, you may be able to retire earlier than you thought. Even a year or two earlier could be possible!
  
• Continuing to work part-time: Sure, you might want a full-time break after you retire. However, many people return to the workforce in some capacity, or volunteer. Working part-time during retirement means you might not have to save as much money in advance, and could give you a rewarding sense of purpose or accomplishment as you grow older.
  
• Where you want to retire: Will you stay in your current home, upsize, downsize or rightsize your place? If you have a cabin or vacation property, will that be your golden years retreat full-time? Or will you move to a destination of your dreams? Retiring abroad could be less expensive than living here in Canada, depending on the location. Just be sure to factor in all costs of relocating (including the occasional trip back to visit family and friends).
  
• Travel plans: Of course, retirement means more free time to get out and explore. Whether it’s visiting friends and family further from home, or tackling your adventure bucket list, you probably have a place or two you’ll want to go. Budget for the average cost of a trip and the number of destinations you want to go per year in order to get a realistic ballpark of your future travel costs.
  
• Hobbies: Always dreamed of sailing? Excited to hike all of Manitoba’s amazing trails? Want to create a backyard garden oasis? Getting into photography again? Add up the costs of the equipment, memberships, travel costs, etc. and include these in your ongoing budget so you have the freedom to explore those passions!

Find the edges

Consider your mandatory expenses to be the edge pieces of a jigsaw puzzle. Once those are in place, you have your framework. Now you can have fun completing the puzzle!

Major expenses you might incur after retirement will also affect how much you need to save beforehand. While some living expenses could increase—like travel or medical prescriptions—others will dip, such as eliminating childcare, camp fees and regular commuting costs.

For example, consider key expenses such as:

• Mortgage or rent: If you sell your home before retiring, you will still need somewhere to live. How much will that cost? If you don’t pay off your mortgage before retiring, how much will the monthly payments and interest cost you?
  
• Credit cards, loans and other debt: Some of these will be more predictable, such as loans, but others can fluctuate depending on spending habits or impulse buying. Try to limit as much debt as possible before retirement, and then work with your financial advisor on a plan to manage any debt during your golden years.
  
• Assisted living, home care or long-term care: A long happy life is a great blessing, and many Canadians are now living into their nineties and beyond. That means we also need to plan for the eventual costs of in-home caregivers, nursing homes or similar aid. Nobody likes to think about it, but it’s best to be prepared for comfort and support in the future.
  
• Supporting family members: Whether it’s your aging parents, siblings, children or grandchildren, there could be costs to consider beyond your own. According to a recent 2024 study, 59% of Canadian retirees are still providing some kind of financial support for their adult, non-student children, ranging from daily living costs to larger expenses like weddings and home purchases.

Tip: Don’t forget about inflation. If you calculate one of your retirement expenses to cost $50,000 today, 20 years from now it will cost nearly $82,000 once you account for an average inflation rate of 2.5% per year. 

Complete the inside in sections

Now’s the time to make this puzzle come to life! Estimate the income you’ll earn in the future so you can cover all those expenses (with a little extra to spare) and kick up your feet.

In addition to your savings, you may draw income from sources such as:

• Workplace pension plan: This can be a major source of income that you’ve worked hard over the years to earn. Understand the rules of your pension plan, including all the fine print, so you know exactly what to expect.
  
• RRSPs, TFSAs or other investments: Depending on your investment strategy, age and other variables, you’ll be able to use the wealth you’ve accumulated in these accounts wisely. Consult your financial advisor to determine how much you can expect to draw from each account, including the optimal timing.
  
• Registered Retirement Income Fund (RRIF): Draw down your RRSP in a tax-efficient manner with an RRIF. You can withdraw funds from an RRIF as you need them, spreading the income tax you pay over your retirement instead of paying a big chunk of it up front. (Best of all, you won’t pay any income tax on the money that’s still inside your RRIF.) Get all the details here.
  
• Government programs: You may also be eligible and entitled to receive funds from programs such as the Canada Pension Plan (CPP), Old Age Security (OAS) or Guaranteed Income Supplement (GIS).
  
• Part-time jobs or freelance positions: As mentioned, many retirees get back into the workforce. You may decide to work in a similar industry as before or switch it up and try something completely new. In addition to topping up your income, working is a nice opportunity to meet new people and have great new experiences.

Puzzle master: Retirement calculators

With today’s technology, there are great tools to help with retirement math, including retirement calculators. These are apps or web pages where you input data about your current situation and your projected future situation after retirement.

• Current information: age, income, savings, investments and expenses.
• Future retirement factors: pensions, government benefits, expenses, debt payments, other financial obligations and the age you want to retire.

The calculator automatically computes the impact of inflation on your savings, investments and expenses over time, and then crunches all the numbers. Bear in mind that while calculators are a handy way to get the ball rolling, they only offer an estimate and are not a complete retirement savings plan. They provide an estimate on:

• how much money you’ll need to live comfortably during each year of retirement
• whether you’ll have enough money, a surplus or a shortfall

Take this as an opportunity to adjust your plan. That might mean changing your retirement age, reducing your current living expenses or finding ways to increase your income. You may also want to retool your budget (for example, exploring whether you should put more towards retirement savings or reduce debt), boost your RRSP contributions or rightsize your retirement expectations.

Whatever the result, simply getting an idea of where you stand will help you prepare for your financial future.

ACU’s retirement calculator is a great place to start.

Interlock retirement with other goals

Though saving for retirement is important, it must be balanced with your other financial goals and obligations before you retire, such as helping your children through post-secondary studies or paying off your mortgage. You can’t funnel too much of your financial resources into future retirement at the expense of pressing financial needs now.

Money should also be allocated for an emergency fund for surprises like urgent car and home repairs. Following a budget is one way to balance your current financial needs with saving for retirement. One example is the 70/20/10 budget:

• 70% of after-tax income covers living expenses
• 20% is set aside for investments, emergency funds and savings (including for retirement)
• 10% goes to debt repayment

While this is just one template to explore, your financial advisor can work with you to help budget for your unique retirement needs.

Don’t lose the last piece!

After retirement, how do you make sure you don’t spend your nest egg too quickly? Here are some quick tips:

• The 4% rule: Withdraw only 4% of your retirement savings during each year of retirement, adjusting annually for inflation.
• Delay CPP or OAS: Collecting these at age 70 vs. 65 could help your retirement savings last longer. However, consult an expert about tax implications.
• Invest in GICs: GICs are typically offered at terms of one to five years. You’re guaranteed to get your original investment back (plus interest at a locked-in rate) if you don’t withdraw your money before the term ends. Plus, if you save for retirement by putting a GIC in a registered account like a TFSA, RRSP or RRIF, your returns are tax-free. Here’s how GICs, in particular, can help your savings last longer after retirement:
  • GICs are protected from market volatility and earn guaranteed interest
  • The penalty for withdrawing from a GIC before it matures is a great incentive to resist dipping into your nest egg
  • Laddering GICs (buying multiple GICs that mature at staggered intervals) can provide a predictable, guaranteed income flow during retirement.

While retirement planning may seem like a puzzle, all the pieces are ready for you to spring into action. View this puzzle as an opportunity to identify what matters most to you, set goals for the future and create a roadmap for making your dreams a reality.

Make an appointment with an ACU financial advisor today to get help mapping out your retirement plan.

The post How much money should I save for retirement? appeared first on Asterisk.

On September 9, they’ll celebrate the global drive towards a greener future. Some will mark the day at meetups with other EV owners, while others will raise awareness by posting on social media with the hashtags #WorldEVD2024 and #EVmeetups.

Here’s how World EV Day got started, and how Manitobans can get involved with EVs on September 9 and all year round.

World EV Day

World EV Day was created in 2020 to bolster international awareness and support for
zero-emission vehicles. It was the brainchild of Swiss tech firm ABB and Green.TV, a video channel for environmental content launched in partnership with the UN Environment Programme.

The pandemic forced most of those inaugural EV Day celebrations to happen virtually, including an online pledge (taken by drivers in 60 countries) to make their next vehicle purchase an electric one. The annual celebration has been gathering steam—or, electricity—ever since.

Past World EV Day events have included the first EV drive-in movie screening (held in Bulgaria) and an EV 160 km drive in the UK, from Braintree to Norwich, that celebrated efficiency by recognizing the most environmentally conscious and skillful driver. Offroad and online, the 2023 edition of World EV Day generated more than 200 million impressions on X (formerly Twitter).

World EV Day is a chance for people everywhere to share their passion for electric vehicles and raise awareness about the benefits of EVs, which are more than just environmental.

The benefits of EVs

The most obvious benefit of driving an electric vehicle is that it’s much less harmful to the environment than a car with a traditional gas or hybrid engine.

Research conducted by the U.S. Department of Energy found that, while gasoline-powered vehicles emit more than 11,000 lbs of carbon dioxide (CO2) per year, an EV emits just 3,900 lbs of CO2 annually.

EVs can also save you money. According to data compiled by the Canadian Automobile Association (CAA), an electric vehicle can help drivers cuts costs on:

• Fuel: while the average Canadian driver shells out nearly $3,000 a year on gas, charging costs for an EV are typically just a few hundred dollars annually
• Maintenance: the CAA estimates maintenance costs for EVs are 40 to 50% lower than those for gas-powered models
• Insurance: some insurers in Canada offer lower rates to EV drivers

Government incentives can also reduce the cost of buying an EV. The federal government offers up to $5,000 towards the purchase of a brand-new EV. On July 1, 2024, Manitoba began offering its own program:

• incentives of up to $4,000 for a new EV
• up to $2,500 towards the purchase of a used EV

EVs and driver satisfaction

EV owners are also happy drivers. When CAA surveyed 16,000 Canadian EV owners in 2023, 97% said they’d likely buy an electric vehicle again. In the same poll, EVs also got higher satisfaction ratings than gas vehicles for overall driving enjoyment, operation costs and quietness of the ride.

Though 44% of Canadian EV drivers expressed concern about finding charging stations, 7,500 stations opened in 2023 under a federal initiative aimed at building 25,000 new ones across Canada. This map can help you find an EV charging station in Winnipeg.

How ACU supports greener driving

Assiniboine Credit Union is doing its own part to support EV adoption in Manitoba.

ACU is subsidizing 100% of the cost to install EV chargers at the South Osborne and Old Grace housing co-ops in Winnipeg. Local car sharing service (and ACU member) Peg City Car Co-op will have EV cars available in designated car share co-op parking spaces at both housing co-ops, and the chargers will make green driving even more accessible to Peg City Car Co-op members in the area.

“Having Peg City Car Share cars at these housing co-ops reduces the need for residents to own a vehicle, supporting EV charger installation will speed the transition for these co-ops to electric vehicles,” explains since 2010.

ACU is a Peg City Car Share Co-op corporate member. The membership provides ACU staff access to car share vehicles for business related trips. Joining the co-op was motivated by data collected from ACU’s employee commuting survey, which revealed that approximately 60 ACU employees were willing to leave their own cars at home for a few days per week if they had access to car share vehicles. ACU conducts the survey annually to measure the impacts of employee commuting behavior, and to look for new ways to support green and active commuting.

“We do lots to engage with our employees, to help them understand how important this is and to get them to be part of the solutions we’re constantly trying to champion,” Dennis explains. “As a B Corp and a credit union, environmental sustainability plays a critical role in our commitment to using business as a force for good in the community.”

ACU’s 2023 commuter survey suggests this approach is working. Last year, 58% of ACU employees said they were “green” and “active” commuters, a substantial improvement over 2010, when 63% described themselves as “drive-alone” commuters.

For ACU’s upcoming 2024 employee commuter survey, Dennis plans to ask staff how likely they are to consider buying an EV within the next few years. Jill Hollosi, Manager of Marketing Programs and Brand at ACU, has already taken the plunge by purchasing one herself.

“I chose an electric car because it’s my way of doing my part for the environment,” Jill says. “Plus, I absolutely love the sleek design and impressive performance. It’s very cost-effective, just $2 per charge, and there’s no other maintenance to worry about. Finding charging stations on most road trips is easy. An electric car is a great fit for my family.”

ACU’s EV initiatives are part of its longstanding commitment to environmental sustainability.

How to get involved in EV Day

If you’re interested in holding your own virtual or in-person event for World EV Day on September 9, you can sign up here. Closer to home, check out the annual Manitoba EV Fest scheduled for September 14 at the IKEA parking lot in Winnipeg.

For more information about that event or the province’s growing green vehicle movement, contact the Manitoba EV Association, a non-profit organization that holds EV car shows, meetings, and other events throughout the year.

To learn more about how ACU remains accountable to our sustainability initiatives, visit our environmental sustainability page.

The post ACU supports EVs in the drive toward a greener future appeared first on Asterisk.

In a 2023 Ipsos survey of 1,000 Canadian post-secondary students:

• 88% admitted they still have a lot to learn about managing finances
• 54% said they’re much better at spending than saving

Financial management can be challenging for post-secondary students because the inability to work full-time hampers their earning power. In addition, 45% of students in the Ipsos poll expected to graduate with up to $20,000 in debt, which could include student loans, lines of credit or credit card debt. While the trade-off to earn a degree that increases earning power is worth it for many students, that amount might be reduced with better money management.

Here’s how to budget as a student and get a head start on planning for your financial future once classes are finally dismissed.

Budgeting for students

Creating a college or university student budget provides a clearer picture of your financial situation. You can use that overview to set financial goals and track and allocate money strategically to work toward those goals.

Most budgets feature a set of rules or steps that simplify or automate money management and make it a routine habit. Here are a few budgeting methods students can choose from:

50/30/20 budget

Start by calculating your net income (after taxes and deductions like EI and CPP) and allocating it as follows:

• 50% to needs
• 30% to wants
• 20% to savings and extra debt payment

Needs include tuition, rent, campus residence fees, groceries or campus meal plans, academic books, medication, transportation, utilities and cell phone service. Don’t forget to include monthly minimum debt payments on credit cards, loans and lines of credit.

Wants are discretionary expenses outside basic survival: entertainment, shopping, trips, takeout and restaurant meals, TV and music streaming subscriptions, hobbies and gifts.

Savings are funds added to a savings account for an emergency fund, future home down payment or investments (RESP, RRSP, TFSA). This category also includes top-up debt repayments beyond the required monthly minimum.

Pros – boils money management down to simple, consistent habits; forces the student to curb unnecessary spending and put savings aside; addresses both current financial obligations and future financial planning

Cons – tougher to stick to if you have high debt or you aren’t paid regularly

Zero-based budget

Calculate all your monthly income and allocate every single dollar to specific categories so no money is left over. Your income minus all your projected expenses should equal zero.

Start with necessities like shelter, food, tuition, transportation and minimum required debt payments.

Then allocate funds to savings, investments, extra debt repayment and emergency funds.
Finally, allocate the remaining funds to discretionary stuff like entertainment and eating out. Tweak everything until all combined allocations equal your net income exactly.

Pros – a budget with zero wiggle room discourages overspending; it’s easy to immediately spot when you’ve overspent in a category

Cons – some people may find tracking multiple expense categories time-consuming

Pay yourself first

Instead of budgeting to pay your necessities first, this method flips things around to prioritize saving money first. You still have to determine your total monthly net income and most pressing monthly financial expenses like food, shelter and minimum debt repayments. After that, calculate how much you can divert into savings every month (experts typically suggest 10 to 20 percent).

On or around the day you get paid or receive other income like a student loan, set up automated withdrawals or transfers to move that money into a savings account or investment vehicle so it can’t be spent. Those savings can be used for an emergency fund, investments, retirement savings or a future home down payment. Any money left over is for discretionary spending. Nice!

Pros – automated withdrawals or transfers ensure money goes toward savings or investments no matter what; ensuring you have an emergency fund for unexpected expenses and future tuition

Cons – not ideal for students with high-interest debt repayments (they may want to prioritize paying down debt vs saving); tough to access money in investments if it’s needed quickly for something important

No-budget budget

This one is the no-fuss option for managing your money during university and college.

Start by calculating your monthly net income and your monthly ‘necessity’ expenses.
After you subtract those expenses from net income, use the remaining money as you wish: discretionary spending, savings, investments or extra debt repayment.

This budget is even more low maintenance if you set up automated deposits on the income side and automatic bill payments and withdrawals on the expenses side.

Pros – no need to track spending in multiple separate categories; no need to closely monitor spending once money is allocated to cover all necessities like bills

Cons – not breaking expenses into separate categories could lead to overspending; this budget doesn’t prioritize savings, investment, future financial planning or quick debt repayment

Managing your money during university and college

Sticking to a budget is challenging when you’re busy with classes, assignments and studying for exams. These tips might make it easier:

• Simplify by automating things like deposits, bill payments, withdrawals and transfers
• Create a budget based on past bank statements to see what you actually spend
• Put student loans in a separate account to ensure your money lasts the entire academic term
• Switch to a student, no-fee or low-interest credit card and pay off the balance in full each month
• Watch little expenditures that add up quickly (fast food, daily coffees, ride-sharing and food delivery services)
• Be brutally honest with yourself about pricey ‘wants’ that really aren’t ‘needs’
• Look for student discounts off campus as well as at school
• Ask your school’s financial aid office about awards, bursaries, grants and scholarships
• Consider living with your parents or seeking part-time, seasonal or gig work

Budgeting apps and calculators

Apps and budget calculators can help you stay within a budget by automating financial calculations, tracking spending, and monitoring progress towards your financial goals. The Credit Counseling Society of Canada offers a free budgeting calculator designed specifically for Canadian post-secondary students.

Many smartphone apps import transactions directly from your bank accounts or credit cards and alert you if you’re in danger of overspending. Some popular phone apps include YNAB (You Need A Budget), Goodbudget, PocketGuard and Monarch.

Getting a student loan? Use ACU’s loans calculator to estimate your monthly payments.

How ACU can help

ACU offers several services and products that simplify budgeting for students, including:

• A Student Digital Chequing Account with no monthly fees, free electronic transactions, and 25 free Interac e-Transfers per month
• A High-Rate Savings Account that gives you the flexibility of a basic savings account, but earns you daily interest on your closing balance, plus no monthly fee and free deposits
• Our Student Line of Credit requires interest-only payments while you’re in school and interest is charged only on funds you actually use
• Our ACU Collabria Centra Visa* Gold Card builds your credit score while earning you reward points

The Collabria Visa Card is issued by Collabria Financial Services Inc. pursuant to a license from Visa. *Trademark of Visa Int., used under license.

School, like life, is ultimately about more than just financial obligations. An overly restrictive budget that saps all joy from the post-secondary experience may increase your net worth, but just isn’t worth it. ACU can help you make a realistic budget that fits your financial situation, goals and lifestyle. Book an appointment with an ACU advisor today.

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Interest rates rise and fall, sometimes to extreme levels like the low ones we saw from mid-2020 until 2022—for a decade and a half, in fact, interest rates had been low. Many Canadians who bought their first home or renewed a mortgage chose a variable rate, with this option making up more than half of mortgages in Canada at one point last year.

Inevitably, though, rates climb back up, as described in this data from the Canada Mortgage and Housing Corporation (CMHC). When that happens, borrowers tend to seek fixed rate options.

So, in an uncertain economic environment, is there a clear-cut mortgage choice between fixed and variable rates for homebuyers?

Weighing options: fixed vs. variable mortgage rate

Glenda Bahalla, Financial Advisor at ACU’s Regent branch, explains it’s important to put today’s rates into perspective. The rate is only one part of your overall plan when deciding on a type of mortgage.

The coming 25 years are not going to be like this,” she explains. “There are times the rate may go up, but it’s only two years of your mortgage life.

Ultimately, deciding whether a fixed or variable rate mortgage is right for you – and even the type of fixed or variable mortgage – depends on your individual circumstances. This can include factors such as your risk tolerance, future moving plans and overall budget.

How much mortgage can I afford?
6 mortgage tips for first-time homebuyers

Before you make a choice, it’s a good idea to take a closer look at some of the benefits, drawbacks and considerations of fixed and variable-rate mortgages.

The basics of a fixed mortgage rate

With a fixed mortgage rate, the rate you agree on is locked in for the term of your mortgage. Your payments will stay the same, regardless of whether interest rates rise or fall.

This is a positive for members looking for certainty when it comes to their mortgage payment each month. The downside? You won’t be able to take advantage of rate decreases if they occur during your mortgage term.

“A fixed mortgage rate is stable for the entire term. It’s predictable,” says Marsharee Lindsay, Financial Advisor with ACU’s Pembina branch. “There are a lot of members who appreciate budgeting for the same amount every month. That peace of mind can be valuable.”

When rates are moving lower, a shorter-term fixed mortgage such as two or three years may make sense, as you’ll get the certainty of a fixed rate and payment during your mortgage term. At the same time, you also get the benefit of renewing at a lower rate sooner rather than later, without breaking your mortgage.

The basics of a variable mortgage rate

When you choose a variable mortgage rate, your interest rate is less predictable, as it goes up or down depending on your lender’s prime rate (which is ultimately influenced by the Bank of Canada’s policy interest rate). A variable rate is determined by the prime rate, plus or minus a certain percentage, and this relationship will stay consistent throughout your term.

The rate of interest you pay has the potential to change several times during the mortgage term. For homeowners who select this option, they may face a tighter budget when rates increase. Conversely, it can be helpful when rates decline and their mortgage amount in those months is not as costly.

“Ask yourself how you react to rising inflation and fluctuating rates. How do you cope emotionally? Would it drastically affect your day-to-day life? If you’re worried about the impacts of a variable rate, it may not be the best option,” says Glenda.

Variable-rate mortgages come in two types: fixed payment and variable payment.

Fixed payment mortgages have monthly payments set at a fixed amount for the entire term of the loan. You will pay the same each month, regardless of the changes in interest rate. If interest rates rise, more of that fixed payment will go to the interest portion. If rates fall, more of your payment will go toward your principal.

Variable payments change based on the interest rate. If interest rates rise, your payment will increase; if rates fall, your payment will decrease. The percentage going toward the principal will likely remain constant. In this case, you will need some leeway in your budget for those periods when payments might be higher.

Many variable-rate mortgages come with the option to lock into a fixed rate at any time.

For example, if rates are moving higher, switching your mortgage from variable to fixed may make your payments more affordable. At the same time, it’s important to be aware that by locking into a fixed rate, you’ll lose the ability to benefit from any potential lower rates until you renew.

The flexibility factor: Open vs. closed terms

Beyond the question of a fixed vs. variable mortgage rate, consider whether you’d like the ability to pay off part or all of your mortgage before the end of your term. That’s where open and closed term mortgages come into play.

This could be an important point if you anticipate receiving lump sums such as tax refunds, commission payments, bonuses, additional property sales or an inheritance.

Open-term mortgages are flexible and are generally offered at higher interest rates than their closed counterparts. They allow members to make additional payments or repay the mortgage in full at any point during the term, without facing any penalties.

With a closed-term mortgage, you will likely benefit from a lower rate, but the repayment terms are more restrictive. With this option, you’ll likely face penalties if you want to repay your mortgage in full before the end of your term, refinance to take advantage of a lower rate or break your mortgage contract.

Fixed vs. variable mortgage rate—how do I decide which is best?

Every borrower is different. When applying for a mortgage, your ACU mortgage specialist will look at all current options for fixed and variable mortgage rates. This includes ACU’s fixed closed mortgage terms of six months up to five years.

To further help, ACU mortgage specialists can run custom calculations to find out what your mortgage payments will look like—as well as how much you’ll pay towards your principal and interest. Calculations will depend on factors such as:

● the rate and term
● the amortization period
● the frequency of your payments
● the amount of your down payment

First home?

Maximizing your First Home Savings Account is another way to help achieve your home ownership goals. Benefit from tax-deductible contributions of up to $8,000 a year, as well as tax-free investment growth and withdrawals when you purchase your first home. You also won’t have to ‘pay back’ any funds you withdraw.

Combined with your current financial situation and future plans, your mortgage specialist can then recommend the most cost-effective options.

We are going to look at the situation holistically. We’re not going to try to fit you into a box based on one or two questions,” says Marsharee. “Members have different comfort levels and needs, and we want to make sure whatever you choose is going to be best suited to you and your situation.

Still wondering whether a fixed or variable mortgage is best for you? Ask yourself these questions:

• Are you planning on selling your home in the next year or two?
• Do you have room in your budget to handle interest rate increases in the short-term?
• Are you okay with your mortgage payment changing over the course of your mortgage term?
• Do you plan to pay off part or all of your mortgage in the near future?

If you’re ready to explore mortgage options tailored to your budget, goals and plans, talk to an ACU mortgage specialist today to get started.

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