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It’s International Credit Union Day on Thursday, October 15.  It has been held on the 3rd Thursday in October for the past 72 years. Did you know there are  291 million credit union members worldwide?  As we reflect on the role CCEC has played in our community and in our members’ lives, let’s share our experiences and invite our friends and family to join CCEC. 


CCEC received its charter in 1976, 2 years after a group of people involved in daycare, consumer and housing co-operatives raised capital to support community economic development. They called their group the Community Congress for Economic Change Society.  Our mandate was to serve groups that have been excluded from the economic mainstream - because they don't fit a banker's idea of a good credit risk - for example, the arts groups, immigrant organizations, housing co-operatives, and similar organizations that continue to be core of our membership. Loans were available to meet our members needs, and for community enterprises and community action. The founding members of CCEC described the loan process as "group solutions to individual problems."  The local focus of the credit union saw the money reinvested within our community. 

Some things haven't changed at CCEC over the past 44 years.  We continue to be guided by the principles that are the foundation of CCEC. We also continue to ensure community input into the lending process by maintaining a credit committee elected from the membership. Also, many directors, credit committee members, and staff are active in community groups that make up our membership.

CCEC is a member-owned, community development organization that is powered by people, like you;  in service of people like you.   Let’s celebrate International Credit Union Day! 


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In this upcoming provincial election, for the first time, all voters can vote by mail.  We feel this is a good option for many reasons and encourage our members to Request a Mail-In Ballot.  A reason is not needed to make this request as it aims to make voting more accessible and inclusive. At CCEC, we will be following issues of interest for our members, and for now want you to have the information you need to vote and to feel safe doing so.    


The Elections BC’s website has detailed information and instructions on how to request a mail-in ballot and how to vote.  Click here for the PDF of How to Vote by Mail


The deadline to request a mail-in ballot is October 17. Completed packages must be received by Elections BC before 8 pm PST on voting day Saturday, October 24. 


You can Request a Mail-In Ballot online, by phoning 1-800-661-8683 or at your closest district electoral office

Returning your package is by the postage paid return envelope provided; in-person at your electoral office or your voting place. 


For further information call Elections BC at 1-800-661-8683.


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“How can we create wealth, ensure social equity, and protect the environment?”  This question was posed in 2013, as CCEC hosted a Community Conversation on the BC Economy.  We were one of the 100 Community Conversations associated with the SFU Public Square project. Our blog  captured the feedback of ten CCEC members who participated in the conversation.  This blog highlights what we heard from our members as  seven years later, we are asking ourselves the same questions. 


The group first challenged the idea of a ‘BC Economy’, expressing the view that it was really an aggregation of several local and regional economies that were very distinct.  The consensus view was that the framing of the question was biased to mega-projects, large scale interventions and comparisons to global ‘norms’; a view that discounts small business and local exchange.   One voice noted that this abstraction was much removed from people’s everyday life.


Secondly, the conversation explored the term ‘create wealth’.  Harvesting natural ‘wealth’ is not creating wealth.  And GDP growth is a narrow indicator that certainly does not measure community well being.  Much discussion evolved around other more meaningful measures of community health in political-economic terms; suggestions included child poverty rates, street homelessness counts, and a happiness index.  It was observed that the ‘wealth created’ by the Exxon Valdez disaster, as an example, was not to be pursued as a ‘good thing’.

The group also wondered aloud about the waste created by industrial activity and a culture of consumption.  Why does conventional economics ignore, or downplay, the despoiled air, water and earth passed to future generations?  Why are there such inequalities with so many left in the margins?  Why do those in power deny and discount climate change?  

At CCEC, we want to encourage and foster conversations with members about our political-economy;  to foster individual agency and to explore the role of group action and projects.  

You may not know that "CCEC" was originally adopted by the credit union because the precursor organization that collected pledges to found the credit union was the Community Congress for Economic Change. 


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We’ve come to a fork in the road. We need to decide if we are an ‘oil country’ or a ‘country of nature?’ Do we want the previous status quo, with its now-obvious holes in our health and social well-being nets, and its trajectory towards climate catastrophe? Or do we want to “build back better” in ways that fight climate change, inequality & injustice?


We talk about  building a healthier, fairer, greener province based on a clean economy. We want to support strong climate and clean energy policies needed to build a resilient economy. We know the projects generated from a clean energy framework can put people to work in safe, healthy, well-paid jobs. We understand that a green recovery is a  just recovery and we don’t want anyone to be left behind. 


The Premier’s Economic Recovery Task Force is scheduled to release its findings from the 6 week public consultation process this month. The report aims to provide recommendations on how the $1.5 billion fund set aside for recovery spending will be deployed.  A member of the task force,  The BC Federation of Labour, submitted, “We must make up for lost time in addressing the climate crisis, with an accelerated and inclusive path to a green economy. The global collapse of oil prices is only the latest drastic swing in the fossil fuel economy — and one more sign that a sustainable future must rely on a swift transition to cleaner, renewable sources of energy.” They continue by saying, “We must look beyond economic indicators to human outcomes — our goal entails nothing less than the end of poverty, homelessness and other inequities. And it goes deeper: a meaningful connection to the communities they live and work in and with — even in times of crisis, with no exceptions.” Reading submissions like those of the BC Federation makes it sound hopeful that the BC Economic  Recovery Plan will support a Green New Deal. 

At the same time, however, we continue to invest in fossil fuel projects. The Trans Mountain Pipeline, owned by the Canadian Government, continues to be built despite knowing there is no longer a market in Asia or in the US to sell the gas; that we publicly committed  to climate action in the Paris Agreement; we have a flawed consultation process with Indigenous communities; a  failure to consider the risks posed by increased tanker traffic; ongoing protests and other concerns.  We know that the BC Recovery Plan Task Force is represented in favour of heavy industrial business and is  lobbying to have their projects be financially supported through the Plan.  

The Report
is scheduled to be released this month.  Let’s see how well the  recommendations reflect the importance of workplace safety, strong public services, and our collective responsibility to take care of each other. We have the chance to address those gaps, and to do much more. We can build back better than before.

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We all play a part to create an economy that's more just, equitable, and sustainable.


At CCEC, your funds allow us to support local, grassroots businesses and reinvest in our community. For over 45 years we have served member organizations and individuals who are underserved to meet their basic human needs and rights, for community enterprises and community action. 


At this time, it is even more important that we shop local and eat seasonal produce. Your independent owned or co-operative business contributes to your neighbourhoods’ arts, culture and sports. They build community, connect us to each other and form our economic activity.  


A member recently commented, “We appreciate the role CCEC plays in Community Economic Development and your roots from the Community Congress for Economic Change.”  


Community Economic Development (CED) is a core value for CCEC.  We know that CED empowers communities to shape how the local economy provides for them and how it impacts their lives.  We can ask ourselves, “What kind of community is created and sustained by the local economy, and how do we include the people who may be  left out.”  CCEC supports a Just Recovery and an economy where there is a shortening of the supply chain. 


Local businesses help our communities by:

  • Creating diverse, inclusive employment

  • Adapting to challenges

  • Being proactive, prepared, and resilient.


There is an additional economic benefit to an area when money is spent in the local economy.  Independent locally-owned businesses recirculate a far greater percentage of revenue locally compared to absentee-owned businesses (or locally-owned franchises*). In other words, going local creates more local wealth and jobs.


CCEC has always kept your money in your community to support our local economic development. We encourage our members to shop or keep shopping local to support our arts, culture, sports, restaurants, greengrocers and other neighbourhood businesses. 


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Keeping your money working in your community. 

Once dubbed the “activist credit union”, CCEC has been known as one of the few financial institutions willing to do business with “fill in the blanks”.   In the past 45 years that we’ve been serving our community, we see that our conversations on community economic development, sustainable development, workplace equity, and social justice have now become mainstream.

During this time of change and uncertainty as we work towards a Just Recovery,
the values on which CCEC was founded resonate stronger. 

CCEC has kept true to the values and beliefs on which we were founded in 1976.  Now, we see that many of the issues CCEC has been dealing with at the grassroots level are top priorities for credit unions and co-operatives across the country.  At CCEC, it is business as usual as we continue to promote local economic development, and serve groups that have been excluded from the economic mainstream because they don't fit a banker's idea of a good credit risk. At one time, giving workers a stake in running the business, saving the environment and promoting community development had a flaky reputation - not something a financial institution would associate itself with. But times change.

Did you know that we have provided bike loans for over 45 years! In the past, these small loans have been shunned by other banks as they don’t make money. Now, it is trendy to lend for alternative transportation like e-bikes.  No worries, however, as you can still come to CCEC for your bike loan. We do lend for many other purposes so just ask.

At CCEC, we have always reinvested your money within the community we serve. We continue to lend to member organizations and individuals who are underserved to meet their basic human needs and rights, for community enterprises and community action. 


We invite our members to get to know us better and those who want to belong to a credit union that stands up for what you believe in, to join us. 


Be sure to share with us your favourite story about CCEC. 


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We are in the same storm, not the same boat.

As we are in Phase 2 restarting, we ask ourselves: What do we want our community to look like? What did we learn from our time of self-isolation? What will be our economy?

At CCEC, we support a just recovery for all. We agree that now is the time to move forward with innovative, progressive recovery and rebuilding plans with a strong focus on social spending. Now is the time to invest in rebuilding our communities and cities based on care and compassion.

We cannot go back to the way things were. We are seeing the results of chronic underinvestment and inaction in the face of the ongoing, pre-existing crises of colonialism, human rights abuses, social inequity, ecological degradation, and climate change. We see that the people most impacted by the inequities are those living in poverty, women, BIPOC (Black, Indigenous, People of Color), racialized, newcomer and LGBTQ2S+ communities, people with disabilities, and seniors. We are seeing that the situation is forcing governments and civil society to face the inadequacies and inequities of our systems. There is no going back as “normal” caused our current situation and problems.

The recently formed Just Recovery Canada, an informal alliance of more than 150 civil society groups, have released “Six Principles for a Just Recovery.” The principles ask that all recovery plans being created by governments and civil society:

  1. put people’s health and wellbeing first;
  2. strengthen the social safety net and provide relief directly to people;
  3. prioritize the needs of workers and communities;
  4. build resilience to prevent future crises;
  5. build solidarity and equity across communities, generations and borders; and
  6. uphold Indigenous rights and work in partnership with Indigenous people.

The principles aim to capture the immense amount of care work happening throughout Canadian civil society right now and present a vision of a Just Recovery that leaves no one behind.

 

Now is the time to get involved and fight for a Just Recovery. We need to be on the path toward an equitable and sustainable future. 

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“We can focus on the “well-being” of citizens, rather than on traditional bottom-line measures like productivity and economic growth”, says, NZ President, Jacinda Arden. As we RestartBC and reopen the economy, will we go back to what was “normal” or will we use the opportunity to forge a New Way Forward? 

For example, New Zealand is proposing a budget where all new spending must advance one of five priorities: improving mental health, reducing child poverty, addressing the inequalities faced by indigenous Maori and Pacific islands people, thriving in a digital age, and transitioning to a low-emission, sustainable economy.

Naomi Klein with The Leap has started the project, BAILOUT FOR PEOPLE AND THE  PLANET:  A Crisis Response that Builds from Emergency to Transformation. They advocate for a recovery where  stimulus spending builds the scaffolding for a zero-carbon, full employment economy; and re-imagining where we  transform the economy to prioritize safety and stability for all, not just the 1%.  The Leap is working with partners to advance urgent demands around Housing, Health Care, Work and more.

Our response to this period of converging crises is a once-in-a-lifetime opportunity for the federal government to initiate a reset of our economy and society, putting Canada on a path toward zero emissions, and bringing immediate material benefits and enhanced, 21st century universal public services to everyone – prioritizing Indigenous, racialized and working class communities – that is, the people who need them most.

In other words, this is the ideal moment for the Green New Deal. Essentially, it recommends an unprecedented public investment in a justice-based transition that creates well-paying jobs, solves our crises in housing, crumbling infrastructure, health and education, inadequate transit, and deep inequality. This kind of public investment would vastly expand the tax base and stabilize the economy at the same time.

Learn more. Get involved. Like, follow, sign up to support The Leap’s People’s Bailout, Progressive International, and a Green New Deal Canada.

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Invest in you and your future with an RRSP.  RRSP’s continue to be a good investment fit for many of our member-owners’ financial plans and lifestyles.


There are two main reasons our members invest in an RRSP:  to reduce taxable income (paying less tax in that year); and to be saving tax-free as (taxes are payable later on withdrawal in what would be a lower income year).  At this time, you can contribute up to 18% of your 2019 earned income, to a maximum of $27,230 plus any carry-forward contribution room that you may have until the year you are 71 years of age. 


If you would like to contribute, ask us about an RRSP loan so that you can maximize or top-up your RRSP contribution (before March 2, 2020).  You may be able to save tax dollars by investing the funds from the loan into your RRSP. By starting a monthly contribution plan, you can earn compound interest making more than if you contribute a lump sum. 


RRSP’s are considered longer-term retirement investments. However, you can withdraw funds,  for use towards the Home Buyers’ Plan or the Lifelong Learning Plan; which must be repaid within a specified time.  A word of caution before you resort to withdrawing from your RRSP - look for alternatives and talk to us. 


Are RRSPs worth it in the long run? Even though you have to pay the tax back when you withdraw the funds, yes, they are worth it. They are a valuable tool to reduce your tax burden and save for the future. Be sure to include an RRSP as an investment option in your financial plan. And, be sure to review your plan each year.  


Need a plan?  We can help you with that.


Call us today to speak with one of our investment specialists. 

Pick up the leaflet, Your Guide to Understanding RRSP’s in the branch or visit the CRA website for more information. 


A Registered Retirement Savings Plan (RRSP) is a retirement savings and investing vehicle for employees and the self-employed in Canada. Pre-tax money is placed into an RRSP and grows tax free until withdrawal, at which time it is taxed at the marginal rate.

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At this time of year, we are encouraged to “Create Memories Not Garbage”.  We are reminded that we all should be doing our part to make less waste. Our awareness level  has increased about food waste, single use plastics and taking our own bags when we go shopping. However, we need to be doing much more.  

We need to adopt an economy that operates within planetary boundaries and focuses on keeping materials in circulation (and out of the landfill). We need to be designing products that can be 'made to be made again' and powering the system with renewable energy. This is the circular economy.  

A circular economy “offers a solution to the growing problem of waste, generates economic growth, increases the number of local green jobs, and encourages  innovation.” The BC Minister for the Environment and Climate Change at #COP25Madrid discussed the circular economy and how the way we use waste and resources impacts climate change. 

The circular economy is also about sharing, focusing on positive society-wide benefits. As we welcome 2020, let’s do our part to support a circular economy and community economic development.

So, if you could do just one thing differently to create memories and reduce waste, what would it be? Visit the Metro Vancouver website for ideas! 

Learn more about how to accelerate the transition to a circular economy with best practices, case studies and worksheets from these websites: 

https://ceaccelerator.zerowastescotland.org.uk/ - exists to create a society where resources are valued and nothing is wasted; to influence and enable change. 

https://www.ellenmacarthurfoundation.org/circular-economy/concept - works with business, government and academia to build a framework for an economy that is restorative and regenerative by design.
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