Congratulations to Ryan Li!

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Congratulations to Ryan Li for winning the second of three draws for 3 tickets to an NHL game, with this one between the Toronto Maple Leafs and the Florida Panthers on February 1st, 2011. This was one of our three draws held for members who deposited in our Term Deposits, TFSA, RRSPs, and RRIFs between January 1st and January 17th, 2011. The tickets are courtesy of The Energy Credit Union.

Congratulations to John Morrow!

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Congratulations to John Morrow and his grand daughter Caitlyn Yu for winning the first of three draws for 3 tickets to an NHL game, with this one between the Toronto Maple Leafs and the Anaheim Ducks on January 20th, 2011. This was one of our three draws held for members who deposited in our Term Deposits, TFSA, RRSPs, and RRIFs between January 1st and January 17th, 2011.The tickets are courtesy of The Energy Credit Union.

Attention Members: Changes to Goverment Backed Insured Mortgages

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On January 17, 2011, it was announced by Jim Flaherty, Minister of Finance and Christian Paradis, Minister of Natural Resources, that there would be additional amendments to the rules for Government-Backed insured Mortgages in an additional attempt to improve and secure the Canadian Housing Market.

These changes include the following:
-Reduce the maximum amortization from 35 years to 30 years. The intent would be that Canadian Families would pay less interest on the life of the Mortgage, and allow Canadians to build additional equity in their home.

-The amount that Canadians can refinance their mortgages would be reduced from 90% to 85%. This will allow for Canadians to build equity and limit the amount of refinancing of other debt into the Mortgage.

-Government-insured Home Equity Line of Credits (HELOC) will no longer be backed. Risks associated with a HELOC be managed by the Financial Institution and not by taxpayers.

The above changes come just 1 year after changes were announced reducing the maximum refinance from 95% to 90%. In October 2008, changes were made reducing the maximum amortization from 40 years to 35 years.

The changes for the above will come into effect March 18, 2011; with the changes to the Home Equity Line of Credit taking place April 18, 2011.

Worried about how this may affect you? Call our loan specialist today-we are here to help!

Celebrate Family Literacy Day, January 27th, 2011!

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Family Literacy Day takes place every year on January 27. It celebrates adults and children reading and learning together, and aims to encourage Canadians to spend at least 15 minutes enjoying a learning acitvity as a family everyday.

Your credit union is proud to support Family Literacy Day. For more information regarding this day please visit the following link.

http://www.abclifeliteracy.ca/