26 - Sunday, October 9, 1988 - North Shore News mr er eR SCHEDULE OF EVENTS Member Information Meetings: Tuesday, October 11th at 5:00 p.m. North Shore Credit Union 101-1166 Alberni Street, Vancouver Wednesday, October 12th at 7:30 p- m. North Shore Credit Union 6626 East. Hastings Street, Burnaby Tuesday, October 18th at 7:30.p.m. . Whistl ler Conference Center (Hilicrest Room), Whistler Village . Wednesday, October 19th at 7:30 p.m. Avalon Hotel 102 5 Marine Drive, North Vancouver * Thursday, October 20th at 7:30 p.m, Silver Harbour Center 144 East 22nd Street, North Vancouver © Special General Meeting : Wednesday, October 26th at 7:30 p.m: Centennial Theatre Center 2300 Lonsdale Avenue North Vancouver ~ NORCU Insurance Services “Limited Depreciation Policy” Recently the Insurance Corpora- tion of BC. introduced a new policy protecting insured motorists from the high rate of vehicle depreciation. Any motorist with valid Own Damage coverage is now ensured that, during the first two years of ownership (from date of purchase), depreciation will not be taken into consideration when settling most damage claims. -For example if your vehicle is in- volved in a partial damage or a total loss claim within the first two years of ownership, and you paid $12,000 for the NEW vehicle, the Limited Depreciation Policy would mean that instead of receiving Ac- tual Cash Value, you would receive an amount equalling either purchase price, of $12,000 or the manufacturers new car list price at time of purchase — the lesser amount of the two.. To qualify for this policy, you must be the first owner of a NEW vehicle, with less than 5,000 kilometers on the odometer. The vehicle must be rated in one of four specific classes: 01 - Pleasure Use Only; 02 - Pleasure and To or : From Work; 05 - Pleasure Only, :. Seniors Rate, Age 65 arid Over; or - 07 - Pleasure and Business Use, and cannot exceed 3,700 kilograms in gross vehicle weight. Own Damage coverage must be in effect when the Limited Depreciation Policyis issued, and must remain in effect for the en- tire duration of the two year term of the policy. For most vehicles the two year premium is between $25.00 and $40.00. For certain, more expen- sive vehicles, it may be higher, and the premiurn is non-refundable in the event of cancellation. If you are buying a NEW vehi- cle, we strongly recommend you consider the Limited Depreciation Policy — it could save you thousands of dollars should your car become a “write-off? For more information on this policy, and for all your insurance needs, please contact Norcu In- surance at Lonsdale 986-4321 or Lynn Valley 986-0351. Compound 36 Series... Do You Have A Strategy? On November 1, 1988, many people will be shocked to learn that Compound Series of Canada Savings Bonds, purchased seven years ago (Series 36), are now worth $2,219.91 for each $1000 held. These bonds have earned an average annual return of 17.43% over the seven years, but if the in- terest has not been declared over this period, you'll have an even greater shock ~- INCOME TAX. If we use the example of a per- son who purchased the maximum of the Series 36 Bonds, (which was $15,000). the maturity value will have climbed to $33,298.65. That represents a potential $18,298.65 of additional income for 1988. Any undeclared interest on this series of bonds must be declared as income for tax purposes in 1988, regardless of whether you redeem the bonds this year or not. Also, since they earn no interest after October 31, 1988, there is no point in waiting beyond November 1st to redeem them. With the number of tax brackets being reduced in 1988 to three, (Level I - 26.3; Level II - 40.2; Level Hil - 44.8) the amount of tax owed to Revenue Canada could amount to $8,197.80, on top of what normally would be paid. Many people will now ask what should or can | do to reduce my tax burden? One way might be to purchase an RSP based on earn- ed income. The bond proceeds could provide the funds for the RSP contributions. Also, it is still possible to transfer all or part of any pension received to an RSP. For more information on how you may possibly be able to defer tax on bond interest, contact our Trust Services Department at 986-4321. B.C. Government Comes on Board. Deposit Insurance Changes: It's official! As a result of the Credit Union Amendment Act (Bill 47} passing into law on duly 4, 1988, credit union members can now count on the government to stand behind their deposits. In a clear statement of confidence and support, the new legislation changes deposit insurance coverage to a limit of $100,000 per separate deposit account, per member, per credit union, with the BC. Government standing solid- ly behind the Credit Union Deposit Insurance Corporation (CUDIC). The fact is, no credit union member has lost a dollar deposited in a BC. credit union since the Credit Union Deposit In- surance Corporation was created in 1958, but in the unlikely event that the deposit insurance fund is unable to meet its obligations, the provincial government will guarantee any borrowing necessary to meet the fund’s com- mitments. In this way, the deposit insurance fund functions as the primary protection for members’ deposits. Government support is there only if needed. It is important for members to understand the nature of CUDIC’s $100,000 “guarantee” For in- stance, if a member has money in a credit union savings account, chequing account, RRSP and joint account, coverage would amount to a total of $300,000. Of this, $100,000 would apply to- the RRSP deposits, $100,000 to the joint account deposits and a fur- ther $100,000 to the combined total of the funds in the savings and chequing accounts. As it has been in the past, the only exceptions to CUDIC’s deposit insurance are credit unions equity shares and non- deposit investments such as mutual funds or RRSP equity plans. Almost a million British Colum- bians enjoy the solid security and peace of mind that comes from saving at their credit union. The financial backing by the provincial government acknowledges and reinforces the trust that credit unions in this province have work- ed so hard too achieve over the years. “Credit unions are an important, locally-based component of our provincial financial sector, says Finance Minister Mel Couvelier. “(The Credit Union Amendment Act)... will help our credit unions continue to grow and prosper in the coming years’ Brochures with more details about deposit insurance changes are available at your credit union branch office. "AT VILLAGE Searels On duly 9, 1988, Village Branch celebrated the completion of extensive renovations and the © installation of a new Automatic Teller Machine by inviting members of the community to an Open" House. Directors, staff and triembers joined the festivities which included helium balloons.and a fantastic cake (see photo — not.a slice was left behind.) Featured, was a special, one-day only, a term deposit which many took advantage of. Village Staff thank all who supported the event, and look forward to serving members in their new surroundings. . ;