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Friday, April 28, 2017

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We understand the entertainment industry, and the people in it.

Personal Savings Accounts

Click here for Savings Account for Business...

A savings account is an essential tool for wise money management and a natural companion for your personal chequing plan.  It's a place to accumulate funds for any savings goal.  Creative Arts Savings & Credit Union plans to offer three practical account options for entertainment industry professionals, both paying a competitive daily interest rate, plus a Tax Free savings Account option.


Click here to complete a family budget to ensure you're saving as much as you can.


Tax-Free Savings Account

Authorized in the February 2008 federal budget, and launched in January 2009, the new Tax-Free Savings Account is the most important retirement savings vehicle since the RRSP was introduced in 1957. The TFSA would allow people 18 years of age and older to save up to $5,000 a year, out of after-tax income, and pay no further taxes on those funds or their investment returns.  Unlike a RRSP, there is no upfront tax deduction, but neither are the proceeds taxed when they are withdrawn.  This means interest compounds tax-free, as do capital gains and dividends generated by stocks.  Plus, any withdrawal you make frees up a comparable amount of new contribution room – the TFSA offers full flexibility to withdraw and re-contribute.

The TFSA will be attractive for any person saving for any goal, from automobiles to vacations to home renovations.  And just as RRSP withdrawals have become a key tool for first-time home buyers, the TFSA offers a unique advantage for people entering the housing market – a TFSA withdrawal doesn’t have to be repaid.  It will also be attractive to low-income seniors, since tax-free TFSA withdrawals will not be added to income and will not trigger reductions in Old Age Security benefits or the Guaranteed Income Supplement.  There is no age limit for contributing to a TFSA and unused contribution room can be carried forward indefinitely.

As with RRSPs, TFSA holders can name spouses as beneficiaries and roll the proceeds over to them upon their death.  And as with spousal RRSPs, TFSA spouses can contribute to their partner’s TFSA. This means couples can shelter up to $10,000 worth of new investments every year from tax.  And high-income investors who may have maxed out their RRSP room can use the TFSA for additional shelter, and to receive dividends from foreign investments which do not qualify for the dividend tax credit.  There is no foreign content limit on a TFSA.  Qualified investments in the TFSA will include any arm’s length investment that could be held in a RRSP, such as term deposits, investment savings accounts, stocks and mutual funds.

In contrast to conventional savings vehicles, where unregistered investments attract interest income at the taxpayer’s top marginal rate, every person with a taxable investment account can now tuck $5,000 of income-producing assets into a tax-free account – annually.  With the TFSA, millions of Canadians will be able to manage their savings in a tax-efficient way.


Click here for our user-friendly TFSA calculator.


Regular Savings

Creative Arts offers a basic savings account with attractive features.  A Regular Savings account holder can make an unlimited number of electronic transactions on THE EXCHANGE Network of ATMs* or via Interac Direct Payment at retailers across Canada, free of charge.  Of course, online banking and automated telephone banking transactions, such as account transfers and bill payments, are also included, free of charge.

* Interac cash withdrawals you might make at bank machines outside of THE EXCHANGE Network will be charged to your account at $1.50 per item. 

Investment Savings

This is an online, self-serve, investment savings account.  Earn a premium rate on your liquid savings, calculated daily.  Deposits to the account may be made by:

  • transfer from any existing Creative Arts Savings & Credit Union account through online banking
  • electronic funds transfer from another financial institution
  • payroll deposit
  • ATM deposit

For no fee, you can make an unlimited number of transfers to or from your Investment Savings account at Creative Arts (but not bill payments) via online banking or automated telephone banking.  For all other debit transactions, such as ATM withdrawals or direct payment purchases, a transaction fee will apply.

Check our current rates.

Savings Accounts for Business...


Canadian Investment Savings

This is an online, self-serve, investment savings account.  Earn a premium rate on your business' liquid savings, calculated daily.  Deposits to the account may be made by:

  • transfers from other Creative Arts Savings & Credit Union accounts through online banking
  • electronic funds transfer from another financial institution
  • payroll deposit
  • ATM deposit

Withdrawals are free and unlimited when transferring to your business chequing account at Creative Arts Savings through online banking or telephone banking. For all other debit transactions, such as ATM withdrawals or direct payment purchases, a transaction fee may apply.

NEWS: Frank Manzo appointed CEO

Creative Arts Savings & Credit Union is pleased to announce the appointment of Frank Manzo to the position of CEO. Read the release...

Notice of Meeting

The eighth Annual General Meeting of the Creative Arts Savings & Credit Union Limited will be held on Thursday, April 20, 2017 at 625 Church Street...
Read more...

Deposit Insurance

Did you know that deposits in Creative Arts Savings & Credit Union are insured by the Deposit Insurance Corporation of Ontario? So you can rest comfortably knowing your deposits are safe.    Read more... 

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625 CHURCH STREET. 1ST FLOOR, TORONTO, ON  M4Y 2G1
416.642.6749  |  877.643.3660  |  info@creativeartscu.com

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