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Stoughton Credit Union has a lengthy history

The Stoughton Credit Union plays an important role in the region.
The Stoughton Credit Union opened their new building in the fall of 2020.

STOUGHTON - The Stoughton Credit Union is an independent credit union which offers a variety of services.

In May 1960, the credit union was incorporated and in March 1964, they purchased their first permanent location. In 1971 the Kisbey branch was born, and in 2008 the Forget branch was absorbed.

In the spring of 2020, they began work on the new building, which was completed later in the year.

Christine Corscadden is the general manager, while Sherry Ksenych is the manager of member services. They both feel it is a great option for retirement and can help with the details.

There are many different programs to choose from to help with saving for the future. One is the RRSP. The RRSP contribution deadline has passed. 

RRIF is a registered retirement income fund. At the age of 71, the RRSP can convert into this retirement income option.

Funds remain tax sheltered in an RRIF, but a person controls how they are invested. There is a difference though: a person can draw from these funds as income to live on.

Withdrawals are considered income, so taxes need to be paid on them, but if retired, taxes are at a lower rate.

There is also the RDSP which is intended for people who have a disability and who are eligible for the disability tax credit.

Derek Baumgartner is the manager of lending. There are two main types of consumer mortgages, conventional and Canada Mortgage Housing Corporation.

With the conventional mortgage, a minimum of 20 per cent is required for the down payment based on the purchase price. It is up to a 25-year amortization with one to five-year term options.

A CMHC mortgage requires a five per cent down payment on the purchase price, but also requires CMHC insurance. This depends on the down payment amount and also has a one to five-year term option.

The credit union holds community barbecues each year and also offers scholarships to post-secondary students.

Each year they donate $25,000 to local organizations, events and fundraisers. They volunteer throughout the year to help the community.

In December they hold the 12 Days of Christmas. This past December they donated to 31 organizations. Envelopes are placed on a Christmas tree with donations of $50 to $1,000. Organizations pick an envelope to see what each group wins.

The Stoughton Credit Union is always willing to answer people’s questions and concerns, and are always ready to offer community support.