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The Reason for Planning
Occasionally I come across some folks who have done no planning at all for retirement. None! The argument that is given is that “the government taxes the money you take out, and I don’t want to give them any more of my money”!
While it is true that funds taken from an RRSP or RRIF (Registered Retirement Income Fund) are included as taxable income in the year of withdrawal, let’s look at the logistics and benefits of RRSP’s.
Yes... you DO save tax dollars by contributing to an RRSP.
If we add the income from an investment of $200 per month, $1,784, the total annual income would be $37,008, being 74% of the pre-retirement income.
While living today, making sure that bills are paid and food is on the table is very important, however a little planning will help to ensure that the bills are paid and that food is on the table in retirement, as well.
Kerry Swann, CFP
Wealth Management Specialist
The information contained herein is based on certain assumptions and is for illustration purposes only. While care has been taken in the preparation of this document, no warranty is made as to the accuracy of applicability in any particular case.It is important to review you financial plan regularly with your financial advisor to ensure that it properly reflects your situation.
Arcola Branch Celebrates 10 Years
It is hard to believe that it has been 10 years since we opened the doors of Arcola Branch. To commemorate the anniversary, Arcola Branch held a beef on a bun luncheon for members, board members and staff; all proceeds were donated to the Arcola School. With over 100 people in attendance, we shared some great food and terrific company! Thank you to everyone who was able to attend and to the staff at Arcola Branch for all of their hard work in organizing the event.
Karen Sinclair was recognized at the luncheon for achieving 10 years of service within Plainsview Credit Union; Karen will be a familiar face to many as she has been with the branch since it opened its doors in 2000. We have appreciated the quality service Karen has provided our membership in that time; her level of dedication and commitment is unparalleled. Please join me in thanking Karen for her contributions to our organization and the community and congratulating her on her service milestone.
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Simple Steps to Keep Your Computer Secure
To keep your computer free from damaging malware, we recommend diligent use of the following computer and online security practices:
Ensure your computing system has an up-to-date firewall to prevent others from accessing your computer and your information through the internet.
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Always ensure your firewall is enabled and up-to-date.
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Ensure your anti-virus software is enabled and configured to run daily updates and regular virus scans.
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Anti-spyware software can remove and detect spyware, but is most effective when combined with a firewall and anti-virus software. Ensure your anti-spyware is enabled and configured to run daily updates and regular scans.
- Use a unique password for each login ID.
- Disable the web browser "auto complete" function of your login IDs or passwords to prevent others using your computer from having instant access.
- Change your password regularly, especially if you might suspect it has been guessed or seen by someone else.
- Do not open unsolicited or unfamiliar email – spam often contains damaging software.
- Do not click on links within unsolicited email – the link may take you to a counterfeit website that will solicit your personal and financial information – this scam is known as ‘phishing’.
- Do not click on pop-ups windows that say "you're a winner if you click here" – these can lead to spyware and malware downloads.
- Be wary of ‘freeware’ or free services online – even innocent looking screen savers, fun cursors and Internet pets can be contain hidden malware.
- Verify the legitimacy of free software, tools and online services before you use them – research the product, tool or vendor in your search engine and scan the results.
- Always carefully read licensing agreements and privacy agreements prior to installing software.
- Avoid conducting online banking transactions at ‘hotspot’ (high risk) locations such as internet cafés and libraries.
- Do not forget to log off and close your browser.
For more information on computer and internet safety and on avoid other kinds of fraud, please visit the RCMP's tips page or Phonebusters.
Identity Theft
Identity theft occurs when someone takes information about you and pretends to be you for fraudulent purposes. If you are a victim, the consequences are serious – you can be denied a driver’s licence, a student loan, cell phone service. It can take years to undo the damage.
- Be defensive with personal information. Give out as little information about you as possible and only when you initiated the contact. If you are being asked for your birthdate, real email address, or other details - ask why. Don’t provide it if you don’t have to. If you are on a site that requests personal or financial information, make sure it’s secure by looking for ‘https’ in the address bar (‘s’ stands for secure) and a padlock icon. Don’t ever send your information in an email.
- Create strong passwords and keep them secret. Your first line of defence in the virtual world begins with your password or your personal identification number (PIN). Don’t use your girl/boyfriend’s name, your pet’s name, or your phone number. Passwords should have at least eight characters; include a combination of letters, numbers and symbols like #, $, %, !, and be easy for you to remember but difficult for others to guess.
- Improve your computer's security. Greatly reduce your risk from hackers, viruses and worms by using a firewall, installing antivirus and antispyware software and updating it routinely, and keeping your operating system software up to date.
- Be ultra-careful with your Social Insurance Number (SIN). It’s an important key to your identity, especially in credit reports and computer databases. Know how your personal information will be used. Ask if you don’t.
Social networking sites like MySpace and Facebook are great for keeping in touch with friends, but can also be a goldmine for identity thieves. Using information you provide about yourself, fraudsters can potentially take on your identity.
- Read and understand the privacy policies to understand what happens to your personal information and your privacy options.
- Use the privacy controls available. Sites like Facebook provide you with some level of control over your personal information. For instance, you can restrict who can see your full profile and photos of you, and who can find you in a search. You can also hide your list of friends from people who find you through a search.
- Don’t accept friend requests from people you don’t know in real life. Online, how do you know they are who they say they are?
- Be discreet about what you post online. Think about what information you’re putting out there, and the implications of it. A photo of you and your friends hanging out, for instance, could reveal a lot – like where you live, where you go to school, or the car you drive.
The following information was obtained from Equifax and Trans Union. For more information visit their websites at: www.equifax.com/home/en_ca and www.transunion.ca.
- Do not carry your extra credit cards, birth certificate, SIN card or passport in your wallet or purse except when necessary. This practice minimizes the amount of information a thief can steal in the case of a lost wallet/purse.
- Do not discard pre-approved credit offers in your trash or recycling bin without first tearing them into small pieces or cross-cut shredding them. Dumpster divers can use these offers to order credit cards in your name and mail them to their address. Always do the same with other sensitive information like credit card receipts and phone bills.
- Install a lockable mailbox or, even better, a door mail slot at your residence to reduce mail theft.
- Know your statement cycle dates and follow up for late or missing mail.
- Monitor your credit report on a regular basis to identify unauthorized changes or inquiries that you are unaware of.
- Never leave your purse or wallet unattended at work or in church, restaurants, health fitness clubs, parties or shopping carts. Never leave your purse or wallet in open view in your car, even when your car is locked.
- Limit the number of credit cards you have and cancel any inactive accounts.
- Memorize your passwords so you do not have to write them down.
- Always save your credit card receipts, never leave them behind.
- Only provide your ID and credit card information over the phone to reputable companies when you have initiated the call and are certain you are speaking to the legitimate company.
- If you receive a call from someone claiming to represent your credit card issuer and the caller asks for your account number, do not provide it - if the caller is employed by the issuer, they will already know your account information.
- If your Social Insurance Card is lost or stolen, contact your local Human Resources Development (HRDC) office immediately.
- If your Driver's License is lost or stolen, contact your local driver and vehicle license issuing office and report it to your local police station.
- Keep statements in a safe place - they contain sensitive and personal information.
- Keep a list of all your accounts in a secure place. This makes it easy to quickly call the issuers to inform them about compromised personal information. Include telephone numbers of customer service and fraud departments.
- Avoid credit repair scams. If you are tempted to contact a credit repair company for help, use considerable caution. Only inaccurate information may be removed from your credit report; negative information that is accurate (such as a bankruptcy filing or a defaulted loan) will stay on your credit report as long as governing laws allow.
‘Phishing’ for Your Dollars
Phishing is a reality on the Internet that simply will not go away. New types of threats are emerging on a regular basis. Being ‘net smart’ has never been more important. Smart consumers need to be able to identify and avoid Internet fraud and identity theft.
Phishing, also call brand spoofing, is a form of Internet fraud in which e-mail messages are used to lure the unsuspecting to web sites that are replicas of sites used by legitimate businesses. These web sites are used to trick users into divulging credit card numbers, bank account information, and passwords that will be used to commit fraud.
Phishing attacks normally are initiated through an e-mail. It will come disguised as a message from your financial institution or a familiar Internet merchant. Even though the message looks legitimate, it may not be.
How can one tell the real thing from the fake? Here are some things to look for:
- WARNING SIGN #1: Soliciting Personal Information by E-Mail
Financial institutions and reputable on-line retailers do not send e-mails asking for personal information. Any e-mail that claims to be from a reputable source but asks for such data is most likely a phishing expedition.
- WARNING SIGN #2: Badly Written E-Mail
Read the message closely. A professional company such as e-Bay or Amazon will not issue any communication containing basic grammatical and spelling errors. A high proportion of phishing e-mails contain such fundamental errors. For example, or Amazon will not issue any communication containing basic grammatical and spelling errors. A high proportion of phishing e-mails contain such fundamental errors. For example,
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WARNING SIGN #3: Hidden Addresses & Sources
Phishing attacks redirect you somewhere other than where they claim to be going. Check to see if the web site you reach by clicking on the address in the e-mail is the same as the one shown in the e-mail. If it isn’t, leave the site immediately. Look at the name of the web site shown in the e-mail. Reputable on-line businesses ensure that all their customer accessible web sites contain the company’s name in the address. If you don’t see that, you probably haven’t reached the real web site.
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WARNING SIGN #4: Asking for Personal DataReceiving an e-mail from your financial institution asking you to go to their web site should set the alarm bells ringing. That is not normal business practice for any credit union or bank. Don’t click on the web address in the e-mail. Call your financial institution to confirm if they have sent you a message.
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WARNING SIGN #5: Threatening Legal Sounding MessagesConsider the source. Would you expect your favorite on-line retailer to send a threatening notice? Not likely. If you receive a threatening e-mail, it probably isn’t legitimate. If you think it may be, call the company instead of responding to the e-mail.
Take Action
The simplest way to protect yourself from phishers is to avoid clicking on any unexpected link in an e-mail message. Do not reply to e-mails soliciting personal information. Having safely ignored the suspicious e-mail, report it.
A significant proportion of on-line fraud goes unreported. Some people are too embarrassed to admit they’ve been taken in. Others simply don’t know what to do.
If you do spot something suspicious, go to the company’s real web site – the one that looks like www.companyname.com. Most sites have an option on their home page labeled “Contact Us” or something similar. Use that to report the phishing attempt. If you have gone so far as to provide sensitive personal information before realizing you may be a phishing victim, report the matter to your local police and keep a copy of the police report. You may need that documentation to resolve any fraudulent transactions.
Go on-line to www.recol.ca[1], the web site for Reporting Economic Crime On-Line. This site is administered by the National White Collar Crime Centre of Canada and is supported by the RCMP and other law enforcement agencies. You can also call, toll-free to PhoneBusters[2], the Canadian Anti-Fraud Call Center at 1-800-495-8501 or the Canadian Anti-Fraud Call Center at 1-800-495-8501.
Put Your Knowledge to the Test
Think you’re ready to avoid the phishers trying toseparate your from your money? Take the anti-phishing challenge by going to http://survey.mailfrontier.com/survey/Phishing_uk.html
Protect your identity!