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First Choice Savings’ financial experts have answers to your questions



If you have more questions about the different types of investment boxes, April can offer greater detail. them as the different kinds of boxes they can invest in.

“So, you have the RRSP box, your tax-free savings box and then your non-registered boxes that are not in one of those plans.

The money that goes into an RRSP box or a tax-free box, can be invested in multiple ways. The advantage to an RRSP is that every dollar you put into it is like a dollar you haven’t technically ‘made’ and you get a tax rebate at the end of the tax year on the amount that you’ve contributed. So, you get the tax break upfront with the RRSP and that money is meant for long term – meant for retirement, meant for when you don’t have your regular income coming in and you can start to withdraw from that. So, think of that as the long-term saving.”

“The Tax-Free Saving is more for large amounts that you want to invest, that you could access sooner that retirement or, could also be saved for extra income at retirement or extra savings for retirement. Every dollar that you put into that, which you earn interest on, you don’t pay tax on – even when you take it out.”

A growth tax shelter, is the same as the RRSP, but when you need access to your money in your tax-free savings account (TFSA), you don’t have any tax penalties.”

With interest rates so low, is it worth investing?

April says the short answer is yes, “In the boxes, you can invest in multiple ways – for example, there’s GIC is a guaranteed investment (Guaranteed Investment Certificate) – it has a lower interest but you know what you’re going to get at the end of the term. Those can be invested in both the RRSP and the Tax-free savings, you can invest in mutual funds that give you potential higher returns, if you’re in it for the long-haul, and that can also be in an RRSP or Tax-free savings. So, the myth of an RRSP or a tax-free savings account is low interest is not really accurate. It’s what you’re investing inside those boxes.”

What about young people who are just leaving college or university, who may think they don’t have to worry about investing yet?

April dispels that myth, “Starting early means you have more time for your money to compound and grow. So, the ‘rule of 72’ is the amount of interest divided by 72 is how many years it takes your money to double, so the longer time frame you have to invest, the higher your money will grow. The longer time you have in any investment, whether it be GIC’s or the market such as mutual funds, the longer your money ha to grow.”

“Start early – that’s the big one. I love helping young get started, they’re my favourite cause they’re moldable, they want to learn, they listen to you. I often say, just get into the habit of putting something away – $20 a month, $20 a pay-cheque – just get that habit and as you get raises over the years, you can increase that amount, but you can start seeing your money start to grow and you’re paying yourself first. Money is going into investment, to pay you – it’s your money.”

When people are looking for information about investing – how does that work?

“Anyone who comes in, they are more than welcome to sit down and have a conversation and we show them different calculators, show them physically how their money can grow, we can tech people and educate and we don’t charge anything for that service. We are a Credit Union, we’re locally owned and operated, we help our communities that we live in, we pay back to our communities, so we are here to help the people who live in those communities.”

There is a specific product they are featuring over the first few months before tax time.

“We are featuring this new investment product from January to March 6. It’s really exciting because it give people options and some flexibility and we’re calling it “Flex Invest” and it is a five year term product that you invest your money in and it’s still completely guaranteed, so all the money you put in is 100 per cent safe and guaranteed and he interest floats with prime. So prime, minus one-and-a-half per cent is what the interest rate will be. So, if interest rates go up, your investment rate will go up and if the rate goes down, it will follow that as well. But, keep in mind that the investment that you put in is always going to be guaranteed, so you won’t lose any of the principle or interest that you earned.”

It’s a five-year term, but can the money be accessed before the term ends, in the event of an emergency?

“Yes, this one is really unique. We’ve never had an option like this before so on the anniversary date of when you put the money in, you’re allowed to redeem 20 per cent of the balance that you put into it. You’re also allowed to contribute more to it on the anniversary date and that gives it a nice flexibility to if you can’t always put in the amount that you want to start with, every year, you can add to it and help it to grow.”

“Another cool thing about the Flex Invest is that it is eligible for all the boxes, so it’s eligible for the Tax-Free savings, the RRSP and for non-registered money, and the non-registered just means that it’s not in a sheltered growing investment, so you do pay the tax on the interest that you earn.”

One other thing to note, is that with the RRSP’s and the Tax-Free savings, you do have maximum contribution limits, so we always advise people to check their notice of assessment or call CRA (Canada Revenue Agency) to make sure they know how much they are allowed to put into the investment.”

“First Choice Savings is locally owned and operated in Southern Alberta – with locations in Taber, Lethbridge, Cardston and Magrath – and we really help our communities by giving back to school functions, to rodeos, sports teams, or individuals. When you become a member of First Choice Savings, you actually become a member-owner and that gives you a voice in the say of what we do in our communities. We really appreciate our members, value our members and help them reach their financial goals.”

For more information or to set up an investment discussion, contact First Choice Savings

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Funding unveiled for mining investment event – Whitehorse Star



The federal government is investing $500,000 in an Invest Canada North initiative at a large prospecting convention this spring.

By Whitehorse Star on January 20, 2020

The federal government is investing $500,000 in an Invest Canada North initiative at a large prospecting convention this spring.

Yukon MP Larry Bagnell made the announcement on behalf of the Canadian Northern Economic Development Agency (CanNor) in Vancouver over the weekend.

The two-day northern-focused event will take place within the Prospectors and Developers Association of Canada Convention in Toronto.

“This project demonstrates the clear strategic advantages of partnership and collaborations in the North among industry, governments, service sectors and Indigenous development corporations to promote investment in the territories,” Bagnell said.

“Increased investment in the North benefits all northerners.”

Invest Canada North will be hosted in partnership with the Yukon Mining Alliance, N.W.T. and Nunavut Chamber of Mines and the three territorial governments.

It will consist of “an exclusive networking reception” of food and entertainment inspired by northern culture and a forum that will inform attendees of the investment opportunities in the North.

There will also be the opportunity to interview exploration stakeholders: mineral and mining companies, government officials, Indigenous development corporations, and others.

The conference will kick off on March 1 with a premier networking reception. Attendees will be invited to try the Yukon’s Sourtoe Cocktail, and there will be an Inuit throat singing performance.

The single-day forum will take place on March 2. It will include a keynote presentation by Anmar Al-Joundi, the president of Agnico Eagle Mines.

The three territories will each host individual forums throughout the day.

Byron King, the editor of Agora Financial, and Andrijana Djokic, the CEO of the Na-Cho Nyak Dün Development Corp., will moderate the Yukon’s forum mid-morning.

There will be a fourth forum entitled “Environmental Social Governance” which will explore the future of mining in the changing environmental landscape.

In a press release issued this morning, Premier Sandy Silver expressed optimism for the conference’s potential for attracting mining investment Northward.

“Yukon is a great place to invest,” Silver said.

“This strategic initiative will raise the investment profile of Canada’s North on the global stage and advance our mineral industry.”

Anne Turner, the Yukon Mining Alliance’s executive director, said the conference will bring attention to the territory’s undiscovered resources.

“Invest Canada North will connect global investors with the significant untapped mineral potential, strong geopolitical stability and progressive Indigenous and community partnerships found in Canada’s North,” Turner said.

The Prospectors and Developers Association of Canada Convention will take place March 1-4.

Last year, the Toronto conference attracted 25,000 attendees from 132 countries.

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London Community Foundation tackling lack of housing with $20-million investment – Global News



The London Community Foundation (LCF) is committing up to $20 million to addressing London’s affordable housing crisis.

The funds will be used to create a dedicated affordable housing fund of $17 million to $20 million to support the creation of more affordable housing options in the city.

“Adequate, safe and affordable housing should not be out of reach,” said LCF president and CEO Martha Powell.

“The shortage of affordable housing in our community is at a crisis point.”

London currently has a housing shortage of 3,000 units and more than 2,400 individuals and families accessing emergency shelters each year.

The fund is designed to offer flexible financing for community organizations interested in creating affordable housing.

London is rethinking how it addresses homelessness and housing instability

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According to the LCF, a major barrier to entering the affordable housing market is the high startup costs.

LCF is proposing low-interest, early-stage, flexible financing to help groups with initial startup costs like fund assessments, land acquisition, and planning and zoning expenses needed before the first phase of a project can be completed.

This idea builds upon the concept of LCF’s $10-million Social Impact Fund, which has helped to create 341 units of affordable housing.

In addition to the $20-million fund, the foundation announced the establishment of a Housing Action Committee, which will identify organizations that have an interest and capacity to help create affordable housing but who need more information and financial assistance to develop their plans.

“We hope to help those already providing housing solutions and those who may be able to help,” said committee chair John Nicholas.

© 2020 Global News, a division of Corus Entertainment Inc.

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Kate Middleton and Prince William host glamorous reception for UK-Africa Investment Summit



William a speech at the event in which he spoke about the important relationship between the UK and Africa.

“The African continent holds a very special place in my heart,” the Duke of Cambridge said in a speech after arriving in the Music Room for the event. “It is the place my father took my brother and me shortly after our mother died.

“And when deciding where best to propose to Catherine I could think of no more fitting place than Kenya to get down on one knee.

“Throughout my life, I have been lucky enough to spend time in many other parts of Africa. I’m also honoured to be the Patron of the Royal African Society.

“And as Catherine and I have said to several of you here tonight, we hope to have the chance to visit many more countries in the future and share our mutual love of your continent with our children.”

Photo: © Yui Mok/AFP via Getty Images

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