FAQs and advice
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Frequently Asked Questions

Welcome to our Frequently Asked Questions area. You'll find the answers to any questions you have regarding our financial products, mobile app, online banking and more.

If you can't find the answer here, be sure to contact us and we can help you.

Getting Started with Innovation Expand/Collapse

How do I open an account?

How do I download your app?

  1. Search Innovation Credit Union at your favourite app store and install it.
  2. Open the app
  3. Enter your debit card number (Login ID)
  4. Enter your Personal Access Code (password)
  5. Create a nickname (e.g. your first name) and you're set! 
Contact us for your Innovation debit card if you don’t have one already.

How do I get started on online banking?

You’ll need an Innovation debit card number (Login ID) and Personal Access Code (password). Contact us for your card to get started.

How do I fund my account?

What is a member share?

A membership share is a one-time investment giving you a say in how we do business through your elected Board of Directors. $5 of your first deposit will go towards purchasing the member share which will be placed in your Member Rewards Account.

How do I order cheques?

  1. Login to online banking
  2. Select Account Services
  3. Select Order Cheques

How do I order a debit card?

If you apply for our No-Fee Bank Account online, you can order your debit card through the application process. You can also contact us and we’d be happy to help you.

How do I PIN my debit card?

You’ll be given a temporary Personal Identification Number (PIN) when you receive your card with instructions on how you can change it. You can also give us a call at 1.866.446.7001 and we’d be happy to help you.

How do I apply for a credit card?

You can apply for any one of our Visa* cards online in minutes. Simply choose which card is best for you to get started.

How do I sign up for Direct Deposit?

  • Check with your employer to have your pay cheques deposited directly to your account.

  • Contact us  to have Government of Canada cheques such as your Canada Pension Plan, Old Age Security, and more deposited directly to your account. 

  • Sign up for CRA Direct Deposits through online banking.

How do I move my Direct Deposits to my new Innovation account?

Switch Concierge™ powered by ClickSWITCH™ is convenient and takes less than 10 minutes to set up.
  1. Log into online banking
  2. Click Payments > Switch Concierge™ from the left menu
  3. Enroll with Switch Concierge by selecting the account(s) you want Switch Concierge to switch your payments to
  4. Enter information for your existing automated payments and direct deposits to be switched 
  5. Submit each switch and Switch Concierge will send forms to your old financial institution and direct deposit sources

Accounts & Basic Operating Questions Expand/Collapse

How do I open an account?

How do I open an additional account, like a term or savings account?

If you’re already an Innovation member, you can open additional accounts through online banking:

  1. Log in to online banking
  2. Choose Account Services from the left menu on the Account Summary page.
  3. On the Open an Additional Account page, choose the type of account you wish to open.

How do I change my contact information?

  1. Login to online banking
  2. Select Profile and Preferences
  3. Select Change Contact Information
You can also give us a call at 1.866.446.7001 and we’d be happy to help you.

Where are your branches/advice centres located?

We have branches/advice centres across Saskatchewan and mobile advisors in Saskatoon and Regina. Visit our Branch/ATM locator to find an ATM or branch near you.

What are your hours of service?

Visit our Branches/Advice Centre page for details.

Our call centre is open Monday to Friday 8am to 8pm, and Saturdays and Sundays 9am to 6pm.

What’s your email address?

You can reach us at webmail@innovationcu.ca or email your Financial Advisor directly.

What’s your phone number?

Our toll-free number is 1.866.446.7001.

Our call centre hours of service are Monday to Friday 8am to 8pm, and Saturdays and Sundays 9am to 6pm.

Where are your ATMs?

What’s a credit union?

Credit unions are financial institutions, just like banks - except that our customers (members) own us. Members join by paying a one-time membership fee of $5.

Since credit unions are not-for-profit, any money we earn is invested back into the organization, issued as dividends to our members or donated back into the community.

How do I sign up for Direct Deposit?

  • Check with your employer to have your pay cheques deposited directly to your account.

  • Contact us  to have Government of Canada cheques such as your Canada Pension Plan, Old Age Security, and more deposited directly to your account. 

  • Sign up for CRA Direct Deposits through online banking.

How do I earn Member Rewards?

You earn cash dividends and allocations based on the interest you pay on your loans and earn on your investments like:
  • Interest-bearing operating accounts
  • Savings accounts
  • Term deposits
  • Loan and mortgage accounts
  • Line of credit

How do I access the cash dividend portion of my Member Rewards?

  • Call us at 1.866.446.7001.
  • Transfer funds from your Member Rewards account to the account of your choosing through online banking.
  • Transfer funds through our mobile app 

How do I go paperless with my Innovation account statements?

  1. Log in to online banking
  2. Choose My Accounts > Statement Preferences
  3. Enter your email address
  4. Confirm your address and you’re set!

Cards & Cheques Expand/Collapse

How do I order my first debit card?

If you apply for our No-Fee Bank Account online, you can order your debit card through the application process. You can also contact us and we’d be happy to help you.

How do I replace a debit card?

To replace your debit card, simply contact us and we’d love to help you.

How do I report a missing debit card?

  • 1.866.446.7001 during business hours
  • 1.888.277.1043 after business hours
  • AND use our self-serve Lock'N'Block® through online banking or our mobile app to instantly stop further card activity .

How do I PIN my debit card?

You’ll be given a temporary Personal Identification Number (PIN) when you receive your card with instructions on how you can change it.

You can also give us a call at 1.866.446.7001 and we’d be happy to help you.

What are the spending limits for using “tap” on my debit card?

  • A single tap transaction can't exceed $100 or you'll be prompted to enter your PIN.

  • There is also a cumulative spend limit of $200. Once this limit is reached you'll be asked to enter your PIN.

What liability protection is there for my debit card?

You will not be liable for losses resulting from circumstances beyond your control with Interac Zero Liability Protection.
  • If your card is lost or stolen, report it immediately to 1-800-699-9946
  • Inform us of any fraudulent purchases so we can investigate and assist
  • Sign a reimbursement document outlining your card theft and fraudulent purchases
If the claim is valid, we will reimburse you.

Is an Interac Flash® debit card safe?

Because Interac Flash is a contactless technology, it prevents skimming and counterfeiting.

It also prevents electronic pickpocketing where criminals "wirelessly" steal credit card information simply by passing by an unsuspecting person using a card reader. You don't have to worry about aluminum cases or card protectors.

How do I apply for a credit card?

You can apply for any one of our Visa* cards online in minutes. Simply choose which card is best for you to get started.

Do I have to be an Innovation member to apply for a Visa* card?

You do have to be an Innovation member. We recommend applying for our No-Fee Bank Account. Because there’s no monthly fees associated with it, you’ve got nothing to lose…except bank fees!

How do I report a missing/stolen Visa* card?

24/7 cardholder service:
  • Canada & US 1.855.341.4643
  • International 1.647.252.9564

How do I pay my Visa* balance online?

You can enroll your card on the My Card Info website to:
  • view recent transactions
  • make a payment
  • sign up for Autopay, a feature that will automatically pay the balance of your card each month...and more!

How do I redeem Visa* rewards points?

How do I transfer a balance from another credit card to my Visa* card?

1. Login to the My Card Info website.
2. Under the Account Services tab, select Balance Transfer.
3. Validate the CVV/CVC Code on the back of your Visa card.
4. Enter in some basic information as prompted and you're set!

NOTE: if the credit card you're transferring from is your former Innovation Mastercard, the name to enter in the "card you're transferring from" field is Mastercard Credit Union. The minimum amount you can transfer is $100 and the maximum amount you can transfer is $7,500.

How do I change my contact information for Visa*?

  • Call Collabria at 1.855.341.4643 or
  • Log into the My Card Info website and choose "My Account" to complete your update

Do you have Apple Pay or Google Pay?

You bet! See our set up instructions below.

How do I set up Apple Pay?

  • On iPhone, open the Wallet app and tap the “+” sign.
  • For Apple Watch, open the Apple Watch app on your iPhone and select “Wallet & Apple Pay,” then tap “Add Credit or Debit Card.”
  • On iPad, go to Settings, open “Wallet & Apple Pay,” and select “Add Credit or Debit Card.”
  • On MacBook Pro with Touch ID, go to System Preferences, select “Wallet & Apple Pay,” then select “Add Card.”*

How do I set up Google Pay?

On your smartphone:
  1. Download Google Pay from the Google Play Store.
  2. Open the Google Pay app.
  3. Tap the (+) sign.
  4. Follow the on-screen instructions to add your Innovation Debit Card
On your wearable:
  1. Open Google Pay on the watch.
  2. Tap (+) to Add Card to choose from cards on your phone.
  3. Follow the on-screen prompts to complete setup.

Do you have Apple Pay for Visa*?

We do! Here’s how to add your card:
  • On iPhone, open the Wallet app and tap the “+” sign.
  • For Apple Watch, open the Apple Watch app on your iPhone and select “Wallet & Apple Pay,” then tap “Add Credit Card.”
  • On iPad, go to Settings, open “Wallet & Apple Pay,” and select “Add Credit Card.”
  • On MacBook Pro with Touch ID, go to System Preferences, select “Wallet & Apple Pay,” then select “Add Card.”*

How do I order cheques?

  1. Login to online banking
  2. Select Account Services
  3. Select Order Cheques

How do I stop a cheque?

  1. Login to online banking
  2. Select Account Services
  3. Select Stop Cheques

Online Banking Expand/Collapse

How do I get started on online banking?

You’ll need an Innovation debit card number (Login ID) and Personal Access Code (password). Contact us for your card to get started.

How do I add a memorized account?

Here are some easy instructions on how to add a memorized account. Simply ensure the computer or tablet you are using is a personal one (not public) for added security.

How do I add a bill payee?

  1. Log into online banking
  2. Select Payments> Add/Delete Payee
  3. Search by payee name or browse to find them
  4. Once you find the payee you wish to add, you will need to add your account number with that payee and then hit Add Payee. Now you’re ready to pay your bill.
  5. Select the payee you wish to make a payment to
  6. Select the date you want your bill to be paid
  7. Enter the amount 8. Choose Pay Bills and confirm your transaction details

How do I pay a bill?

  1. Log into online banking
  2. Select Payments
  3. Select the payee you wish to make a payment to
  4. Select the date you want your bill to be paid
  5. Enter the amount
  6. Choose Pay Bills and confirm your transaction details

How do I transfer funds from one of my accounts to another?

  1. Log in to online banking
  2. Select Transfers
  3. Enter the amount you’d like to transfer
  4. Choose the account you’d like to transfer from
  5. If you’re making a principal only payment to a loan, you can select the principal only checkbox
  6. Select the account you’d like to transfer the funds to
  7. Choose when you’d like the transfer to take place
  8. Confirm and you’re set!

How do I do a Me-to-Me transfer?

  1. Log in to online banking
  2. Select Transfers from the left menu
  3. Select Link External Accounts from the left menu
  4. Select Add an Account from the Linked Accounts page
  5. On the Add an Account page, click on the Me-to-Me Transfer Authorization Form.
After completing the form, you can mail, fax, or email it to us. Attach a void cheque from the external financial institution or signed Account Guarantee Form from your other financial institution. It may take up to 3 business days for the service to be available.

How do I get started with Interac e-Transfer?

Here is a how-to video that will show you everything you need to know to get started with Interac e-Transfer.

How do I send an Interac e-Transfer?

Here’s a how-to video on how to send an Interac e-Transfer using online banking.

How do I receive an Interac e-Transfer?

Here’s a how-to video on how to receive an Interac e-Transfer using online banking.

How do I request money through Interac e-Transfer?

Here's a video explaining how to request money using Interac e-Transfer on your desktop computer. When your contact completes the transfer, the funds will be automatically deposited into your account. You won't have to log in again to accept their transfer.

How do I auto deposit my Interac e-Transfers?

Register your email address with Interac e-Transfer to automatically deposit funds for you. Here’s a how-to video explaining how to register for Autodeposit.

What are the transfer limits with Interac e-Transfer?

There are daily and weekly Interac e-Transfer limits. If you plan on sending larger multiple e-Transfers, please contact us to ensure they are sent successfully.

How do I sign up for Interac Online Payment?

When you choose to pay for an online purchase using Interac Online Payment, you'll be brought to the Interac website.
  1. Select Innovation Credit Union from the list of financial institutions. You'll then be re-directed to our online banking site.
  2. Log in
  3. Approve the payment and you'll be re-directed back to the merchant's website. Once the merchant gets the payment confirmation, the transaction is complete.

How do I sign up for Lock’N’Block® for my debit card?

  1. Log in to online banking
  2. Click Account Services > Lock'N'Block®
Follow the prompts or watch this how-to video to see the step-by-step instructions.

How do I sign up for banking alerts?

1. Log in to online banking
2. Click Messages and Alerts

Follow the prompts or watch this how-to video for step-by-step instructions.

Mobile App Expand/Collapse

How do I download your app?

  1. Search Innovation Credit Union at your favourite app store and install it.
  2. Open the app
  3. Enter your debit card number (Login ID)
  4. Enter your Personal Access Code (password)
  5. Create a nickname (e.g. your first name) and you're set! 
Contact us for your Innovation debit card if you don’t have one already.

How do I add a bill payee?

  1. Log into our mobile app
  2. Select Pay Bills
  3. Select Manage Payees
  4. Select Add Payee
  5. Search by payee name or browse to find them
  6. Once you find the payee you wish to add, you will need to add your account number with that payee and then hit Add Payee. Now you’re ready to pay your bill.

How do I pay a bill?

  1. Log into our mobile app
  2. Select Pay Bills
  3. Select the account you’d like the payment to come from
  4. Select the payee you wish to make a payment to
  5. Select the date you want your bill to be paid
  6. Enter the amount
  7. Choose Pay Bills and confirm your transaction details

How do I transfer funds from one of my accounts to another?

  1. Login to our mobile app
  2. Select Transfers
  3. Enter the amount you’d like to transfer
  4. Choose the account you’d like to transfer from
  5. If you’re making a principal only payment to a loan, you can select the principal only checkbox
  6. Select the account you’d like to transfer the funds to
  7. Choose when you’d like the transfer to take place
  8. Confirm and you’re set!

How do I get started with Interac e-Transfer?

Here is a how-to video that will show you everything you need to know to get started with Interac e-Transfer.

How do I send an Interac e-Transfer?

Here’s a how-to video on how to send an Interac e-Transfer using our mobile app.

How do I receive an Interac e-Transfer?

Here’s a how-to video on how to receive an Interac e-Transfer using our mobile app.

How do I request money through Interac e-Transfer?

Here's a video explaining how to request money using Interac e-Transfer using our mobile app. When your contact completes the transfer, the funds will be automatically deposited into your account. 

How do I auto deposit my Interac e-Transfers?

Register your email address with Interac e-Transfer to automatically deposit funds for you. Here’s a how-to video explaining how to register for Autodeposit.

What are the transfer limits with Interac e-Transfer?

There are daily and weekly Interac e-Transfer limits. If you plan on sending larger multiple e-Transfers, please contact us to ensure they are sent successfully.

How do I deposit a cheque using the app?

  1. Log into your Innovation mobile app on your smartphone
  2. Choose the Deposit icon
  3. Select the account the cheque will be deposited to
  4. Enter the amount of the cheque
  5. Write For Deposit To: and your account number on the back of the cheque
  6. Snap a photo of the front and back of your cheque
  7. Confirm the details and tap submit. That's it!

How do I set up Apple Pay?

  • On iPhone, open the Wallet app and tap the “+” sign.
  • For Apple Watch, open the Apple Watch app on your iPhone and select “Wallet & Apple Pay,” then tap “Add Credit or Debit Card.”
  • On iPad, go to Settings, open “Wallet & Apple Pay,” and select “Add Credit or Debit Card.”
  • On MacBook Pro with Touch ID, go to System Preferences, select “Wallet & Apple Pay,” then select “Add Card.”*

How do I set up Google Pay?

On your smartphone:
  1. Download Google Pay from the Google Play Store.
  2. Open the Google Pay app.
  3. Tap the (+) sign.
  4. Follow the on-screen instructions to add your Innovation Debit Card
On your wearable:
  1. Open Google Pay on the watch.
  2. Tap (+) to Add Card to choose from cards on your phone.
  3. Follow the on-screen prompts to complete setup.

How do I sign up for Interac Online Payment?

When you choose to pay for an online purchase using Interac Online Payment, you'll be brought to the Interac website.
  1. Select Innovation Credit Union from the list of financial institutions. You'll then be re-directed to our online banking site.
  2. Log in
  3. Approve the payment and you'll be re-directed back to the merchant's website. Once the merchant gets the payment confirmation, the transaction is complete.

How do I sign up for Lock’N’Block for my debit card?

  1. Log in to your mobile app
  2. Tap the Lock'N'Block® icon
Follow the prompts or what this how-to video for step-by-step instructions.

How do I sign up for banking alerts?

  1. Log in to your mobile app
  2. Tap the Accounts icon
  3. Tap the "hamburger" menu on the top right and scroll down to Alerts
Follow the prompts or what this how-to video for step-by-step instructions.

Borrowing Expand/Collapse

How do I apply for a mortgage?

When applying for a mortgage, your financial advisor will need some documents and information. Here is a mortgage application checklist to help you out. You can then contact us and we’d be happy to help you with your application!

How do I renew my mortgage?

When you’re renewing your mortgage with us, we’ll need to update your personal information. Please see our mortgage application checklist then contact us to get started with the renewal process.

How do I apply for a loan?

You can apply for a personal loan in minutes or give us a call at 1.866.446.7001.

How do I refinance a loan?

You can refinance your loan by contacting us at your earliest convenience.

How do I apply for a Line of Credit?

You can apply for a line of credit online in minutes or give us a call at 1.866.446.7001.  

How do I skip a mortgage or loan payment?

To skip a loan or mortgage payment, you can contact us for assistance. Learn more about the options available to you.

What are my lending options for going to school?

Our Education loan is available to students age 17-24 inclusive. Our Mature Student Education loan is for those 25 and older.

Amounts Available:
Maximum advance per school year - $10,000
Maximum total advance per student - $40,000
Minimum total advance per student - $1,000

You may also be interested in our Professional Studies Package, an enhanced student loan program for post-graduate students working towards a professional designation.

What is the Shared Equity Mortgage Incentive?

The Government of Canada offers a Shared Equity Mortgage (SEM) incentive to First Time Home Buyers that helps make buying your first home more affordable. Learn how it could save you thousands of dollars.

What should I know before my mortgage appointment?

When applying for a mortgage, your financial advisor will need some documents and information. Here is a mortgage application checklist to help you out. You can then contact us and we’d be happy to help you with your application!

How much can I pay down on my mortgage without penalty?

With our 20/20 pay-down option, you can pay up to 20% of your original mortgage principal each year in addition to increasing your scheduled payments by 20% without penalty. You'll be able to pay off your mortgage faster and save money on interest payments. Visit our Mortgage page to see an example of your savings.

Saving & Investing Expand/Collapse

What’s an emergency fund?

An emergency fund is simply money you’ve saved to cover unexpected expenses like a home appliance replacement or a car repair. It’s a fantastic buffer to rely on versus a high-interest loan. Contact us if you'd like to set up automatic savings.

How much should my emergency fund have?

A good rule of thumb is having enough to cover three months’ worth of living expenses. The fund could cover you if you lost a job while you’re searching for a new one. Even if you can only afford to save $25/month, it’s a start. Having even $500 saved can truly help in a financial pinch.

How do I start a financial plan?

Meeting with one of our Innovation Wealth team members is an excellent start. They can see where you’re at financially and what your future needs are. Contact us to make an appointment.

How do I renew a term deposit?

It’s as simple as contacting us at your earliest convenience. We can renew a term in minutes for you right over the phone.

How do I start a RESP?

Contact us and we can help you with all of your RESP questions and needs. We’ll need your child’s Social Insurance Number to get started.

Is a TFSA or RRSP better for me?

There are a number of variables to consider. An Innovation Wealth expert can certainly help you with your decision. Contact us to make an appointment.

Do you have digital/virtual investing options?

We do! VirtualWealth is a simple and convenient digital investing service that provides you with a professionally managed, low-cost portfolio to match your personal financial goals, timeline and risk tolerance.
  1. Tell VirtualWealth about yourself
  2. You’ll receive a recommendation for an expertly designed portfolio that fits your needs.
  3. Fund your account online and VirtualWealth will do the rest for you.

Can I invest in stocks or bonds with Innovation Credit Union?

You have access to portfolio management, that could include stocks and bonds, through our investment partner Credential Securities, a division of Credential Qtrade Securities Inc. Contact us to make an appointment with an Innovation Wealth expert.

Careers Expand/Collapse

How can I apply for a position with Innovation?

Simply visit our careers page to submit your application.

Do you hire across Canada?

Yes, we do. Some restrictions apply based on the position type.

Will I be notified if I’m not selected for an interview?

Yes, once the recruitment selection committee has reviewed all applications, you will receive an email notification.

What happens if I am selected for an interview?

Please refer to our Recruitment Process.

Can I drop off a resume at the nearest branch/advice centre?

We ask that you complete our online application process through our website.

How do I apply to Innovation but not to any specific jobs that are open?

Simply visit our careers page to submit your application through the Future Opportunities.

Financial Advice

You might also have larger questions about major purchases or life events. Our financial advice area can give you some options and ideas but please contact us for more in-depth help.


Contact Us

Housing Expand/Collapse

Should I buy or rent a home?

The decision to buy a home is probably the biggest financial decision you will make in your lifetime. The differences between renting and owning are enormous, but the question of which is better for you is a highly personal one.
  • Expect monthly expenses to be greater for a mortgage than rental payments. If your monthly debt load is approaching 40% of your gross income, including your mortgage, renting is probably a better option.

  • Are you looking for a stronger sense of place within your community? Are you willing and able to maintain and repair your own property and home? Do you want the stability of home ownership as the foundation for starting a family? If so, then home ownership may be a natural next step.

  • If you prefer the freedom to move to a different neighbourhood or even a different city, or maybe you’re anticipating a leap into an entirely new field or career, renting is probably your best bet.

How do I choose a home?

Our first tip: the property you buy is more than just an investment; it's going to be your home. Take the time to investigate all the options.
  • Determine the price range of homes available to you. You may want to consider applying for a pre-approved mortgage. Pre-approval will not only define the price range of homes you can look at but will also save you from having to make conditional purchase offers.

  • When looking at potential homes, make a list of 'must haves' as well as a list of things that would be nice if they were available.

  • Consider the physical layout and soundness of the structure and the property itself, but also consider things like the location and the neighbourhood. Make sure to investigate whether municipal or regional authorities are planning changes to civic code, zoning or by-laws that may affect the value or nature of the property in the future.

What kind of mortgage should I choose?

Whether to take a fixed rate or variable rate mortgage may depend on the stability of your income and your comfort level if interest rates start to rise.

You also need to bear in mind that if you have a down payment of less than 20% of the purchase price of the home, you will require a high-ratio mortgage. These mortgages have to be approved by Canada Mortgage and Housing Corporation (CMHC) or Genworth Corporation (formerly GE) and mortgage insurance is required.

Contact us to speak to a Financial Advisor who can help you determine the best mortgage type for you.

How should I sell my home?

  • The first thing to decide is whether you want to sell your house through a real estate agent. While an agent's sales commission is usually the single largest expenditure involved in selling a home, the expertise and experience it buys can be invaluable.

  • Before showing your home, make any necessary repairs and thoroughly clean the entire home and property.

  • A formal offer is a written bid for your property that includes any other conditions the buyer would like included in the sale. Upon receipt of an offer, you'll have to decide whether to accept it or make a counter-offer to the buyer. Be aware that if you accept an offer you are legally bound to meet the terms.

  • Take your time, as your decision on the sale could meet the financial needs of you and your family in the years to come.

Should I buy or rent when going to school?

  • If you can afford to buy a home, you can establish a great credit rating while attending a post-secondary institution.

  • If you buy a house with extra bedrooms and enough living space, you can pay off the mortgage by getting renters to live with you. The rent you charge can cover your mortgage payment each month. Remember to take into account house insurance and applicable taxes.

  • Instead of paying rent, which goes toward somebody else's mortgage, you will be building equity. If you choose to move somewhere else after you finish school, you can sell the house and gain liquidity. You can use this to put a down payment on another home or invest it.

What should I know before renovating my home?

Renovating not only improves the look and feel of your home and living space, it also protects your investment by adding value to your home.
  • Planning is the first and most important step. To start, check with your municipal building department to determine if the renovations you're planning are allowed under current zoning and by-laws and that they conform to building code.

  • From painting to making minor repairs, there are many small projects you can handle yourself, but do you have the skills and tools to fully renovate a kitchen or bathroom? There may even be some tasks that must be performed by certified tradespeople in accordance with local by-laws. Check before you begin.

  • For larger jobs, consider hiring a full-service renovator, who can take responsibility for the entire process from obtaining permits and drawing up plans to hiring a contractor and supervising the work being done.

  • Before undertaking any renovation project you will need to have a clear understanding of the costs involved. You should obtain at least three estimates for the work from qualified contractors. Anticipate spending an additional 10-15% for unexpected costs.

Should I refinance my mortgage?

There are many reasons why you might consider refinancing your mortgage:
  • To shorten the term of a mortgage. By refinancing to a shorter term at a higher monthly payment, you can end up saving tens of thousands of dollars in interest over the years. Furthermore, you build up equity in your home more quickly and, should you need it, you'll have additional equity to borrow against.

  • To gain access to some additional cash. This is a great option if you have outstanding debts at an interest rate that is higher than your new mortgage rate.

  • To take advantage of lower rates that will reduce your monthly payments. After figuring all of the refinancing fees and penalties into the cost of your new mortgage, you might well be able to reduce your monthly payment by a couple of hundred dollars. As a general rule, you shouldn't refinance your mortgage unless the new rate is two full percentage points lower than your current rate. Typically the two-point rule compensates for the hard costs associated with refinancing.

Vehicles Expand/Collapse

How should I pay for a new vehicle?

  1. Decide how much you can afford to spend. This amount should not exceed 20% of your net income.

  2. Decide what kind of car will best suit your needs.

  3. Do your homework. Shop around and take your time. Most of us aren't mechanically inclined, so once you've test-driven the vehicle take it to a licensed mechanic for a final inspection.

  4. Decide whether to lease or finance your vehicle. The advantage of leasing is that you will be driving a new car while making relatively low monthly payments. The disadvantage is that you may never own that car and there are many restrictions and penalties that can come with a lease. Read the lease agreement carefully before you commit to anything. Depending on the size of the down payment, financing usually means a higher monthly payment. However, when you finance a car you have the pleasure of knowing that one day, it will belong to you.

Weddings & Starting a Family Expand/Collapse

How do I budget for my wedding?

The average cost of a wedding now rivals that of a new car, so it's essential to create a detailed budget based on what you can afford.
  • Know who's paying for what. If parents or grandparents are contributing to the event, make sure you're clear on how much they're willing to spend.
  • Leave about 5% of your budget for unexpected costs.
  • Don't forget to budget for sales tax.
  • Use a spreadsheet to track your budget, supplier estimates and actual costs for everything. Adjust your budget as you go. If you spend more in one area, reduce your budget for another.
  • Give priority to those aspects of the wedding (e.g. food, venue, dress) that are most important to you and be prepared to cut corners in other areas.
  • Keep careful track of contracts. It can take several suppliers to put together your special day. Get all costs in writing and read the fine print to avoid nasty surprises.

How do I save money on my wedding?

  • Get married in the off-season when suppliers are hungrier for work and venues may be less costly.

  • Pay for your wedding expenses with a credit card that offers rewards (like one of our Visa* cards). Use your rewards to pay for the honeymoon. Make payments along the way so that you're not stuck with a big bill at the end.

  • Consider whether a wedding planner might actually save you money through their connections and experience.

  • Trim the guest list. Many of the biggest ticket items are priced per person.

  • Choose a venue that's beautiful on its own and doesn't require a lot of additional decor to set the scene.

  • Get estimates from more than one supplier. If you find you like the more expensive vendor best, ask if they'll match the lower price.

How do I budget for starting a family?

  • If you're working, be clear about your parental leave and benefits. Calculate the amount you'll receive from the Canada Employment Insurance Plan and talk to payroll about whether they top up your EI benefits. Do a trial run to see what it's like to live on that amount.

  • Save a lump sum for big ticket items. Start saving as soon as you decide to start a family. A tax-free savings account is a good spot to park these funds until you need them.

  • Start to pay down or eliminate debt.

  • Take your time shopping for baby gear. Shop around and take advantage of sales.

You should also consider:
  • Higher utility bills: you'll spend more time at home with baby and definitely use your dishwasher and washer/dryer more

  • Additional costs to include your child on your group benefit coverage at work

  • The two weeks it takes for your EI benefits to kick in

  • Subtract expenses related to working, such as parking, clothing and lunches.

Travel Expand/Collapse

How do I save money when I travel?

  • Travel agencies can offer packages as a good way to save money

  • Traveling by car provides a lot of freedom and affordability

  • If you’re flying to your destination, try to travel outside one of the peak seasons and know the dates you want to leave and return well in advance. Seat sales are limited and can't be counted on, especially for large families.

  • Staying in hotels and eating in restaurants can get expensive. There are a lot of books and websites to help you find the accommodations and places to eat that are right for you.

  • Remember travel insurance. It can save you a lot of money if something should go wrong on your trip. Your Provincial Health Care does not cover all medical expenses, so make sure you're protected.
Visa*
The Collabria Visa Card is issued by Collabria Financial Services Inc. pursuant to a license from Visa.

* Trademark of Visa Int., used under license.

Apple Pay

* Apple Pay works with iPhone 6 and later in stores, apps and websites in Safari; with Apple Watch in stores and apps (requires iPhone 6 or later); with iPad Pro, iPad (5th generation), iPad Air 2, and iPad mini 3 and later in apps and websites in Safari; and with Mac (2012 or later) in Safari with an Apple Pay–enabled iPhone or Apple Watch. For a list of compatible Apple Pay devices, see support.apple.com/km207105.

Apple Pay for Visa
To use your Collabria Visa or Mastercard credit card (the “Card”) with this application (the “Application"), you must agree to the following: I understand that the storage and usage of my card number (and credentials corresponding to your card number) and all transactions carried out through the Application using my Card are subject to the agreement governing the use of the Card. I understand that every transaction carried out using my Card through the Application is considered to be an authorized use of my Card, and I am subject to the same liability as if I had signed for each transaction or entered the personal identification number (PIN) for my Card in a payment terminal or any other accessible device. To prevent any unauthorized use of my Card, I agree to take all necessary precautions to keep my mobile device safe, as well as any passwords or information that would allow someone to use the Application to make a transaction with my Card. If such precautions are not taken, I understand that it will be presumed that I have contributed to the unauthorized use of my card and assume all liability therefore. If my mobile device is lost or stolen, or if someone else learns or is suspected to have learned my login information, I understand that I must immediately advise my financial institution. The Application is owned and developed by a third party not affiliated with Collabria Financial Services Inc. (“Collabria”). Therefore, I understand that Collabria does not set the terms of use of this Application and is not responsible for its operation.

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