INV01: THE PURPOSE OF INVESTING
In order to serve members well, it's important to understand some of the reasons that motivate the desire to invest. When it comes to investing, individual goals have a significant impact on the choices people make. This program explores several different individual investment goals along with the credit union role in assisting members with their investment decisions.
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Interest is a major factor in any wealth accumulation plan. The rate of interest, how interest is applied, and the amount of time interest is given to work, will significantly affect the investor's bottom line. This program explores the relationship between interest and time, simple and compound interest, and annuities. It demonstrates how credit union members can effectively accumulate interest as part of their overall investment plan.
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This program is an introduction to the broad range of investment vehicles available through credit unions. We offer several varieties of savings accounts and term deposits. We also offer access to mutual funds and government savings bonds. Credit union equity shares are another 'interesting' investment product.
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This program focuses on a popular investment option - credit union term deposits. It discusses term deposit terms and conditions, eligible purchasers, registration of term deposits, reporting earned interest, payment at maturity, redeeming term deposits prior to maturity and assignment of term deposits to a lender as collateral for a loan.
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INV05: UNDERSTANDING MUTUAL FUNDS
Mutual funds have become increasingly popular in the last several years, and you may have questions from our members about them. Since mutual funds are a topic of interest to our members, it's important to know the basics. This program provides employees with general information on the topic.
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This program presents typical member scenarios with tips on how to turn ordinary conversations into opportunities to sell credit union term products.
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This program explains the history and basic purpose of RRSPs, who can have an RRSP, and how RRSPs affect personal income taxes.
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This program discusses specific RRSP regulations including contribution deadlines and limits, withdrawing funds from RRSPs, and how mature RRSPs are handled.
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This program reviews the types of investments that are eligible for inclusion in RRSPs along with the three major categories of RRSPs: self-directed plans, spousal plans, and group plans. It also discusses how RRSPs can be used to purchase a home and how to use the Life Long Learning Plan to invest in education.
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RSP04: RRSP INVESTMENT OPTIONS
This program covers the common RRSP investment options: savings accounts, term deposits, bonds and mutual funds. Self-Directed RRSP options and Locked-In Retirement Accounts are also discussed.
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This program gives the employee the knowledge required to feel comfortable discussing numerous RRSP investment products, including savings accounts, fixed rate deposits and mutual funds.
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Many people will not make an RRSP investment without prompting. This program presents some very typical comments and queries from someone who is new to selling financial products, and is intended to help an employee feel comfortable suggesting RRSP purchases to members.
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RSP07: REGISTERED EDUCATION SAVINGS PLANS
This program explores RESPs in detail, including information on Canadian 'Education Savings Grant’ that matches a portion of all funds, deposited to RESPs.
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RSP08: RETIREMENT INCOME OPTIONS
This program focuses on Retirement Income Options that can help taxpayers maximize their retirement income while saving on personal income tax. By completing this program, an employee will be able to explain what an RIO is, who can have an RIO, and the different types of retirement income options that are available.
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RSP09: REGISTERED RETIREMENT INCOME FUNDS
Registered Retirement Income Funds are an important product for credit union members and this program them in some detail. The employee will learn about the basics of RRIFs, LIFs and LRIFs.
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This program explores some of the fundamental choices people must make - consciously or unconsciously - on their financial journey toward retirement. It will help the employee discuss these choices comfortably with members.
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RSP11: BENEFICIARY DESIGNATIONS
This program explains the implications of various beneficiary designations on registered products and includes discussions on how the funds are disbursed after death, whether tax is payable immediately or deferred, and whether the surviving spouse can have access to the funds immediately, or only after the will is probated.
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As financial professionals, employees can be instrumental in educating members in the fundamentals of asset selection within their growing portfolio. This program is designed to be a first step in that direction.
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