Ownership and Profit Shares

As a member of Kindred, you are also an Owner

When you open a membership with us, your first $25 is invested in Member Shares. This is not a fee; it is an ownership stake in Kindred. This investment belongs to you, and is refundable to you if you happen to close your membership. As a member-owner, you have an equal voice in how the credit union is run. Together, as a group of engaged members, we can ensure that Kindred continues to reflect our shared values.

Owners receive Profit Shares!

One of Kindred’s core values is stewardship. As a values-centred, faith-inspired financial cooperative, we’re called to manage the funds entrusted to us with integrity as we walk with our members on their journey to be good stewards of their finances.

For Kindred, stewardship also means choosing to give back to our members and the communities in which we live and work. We share a portion of our annual earnings with members through Profit Shares, our new name for Owner Shares. Kindred remains quite unique amongst credit unions – we continue to share a significant percent of our annual profits with members. In fact, over the last 10 years we’ve shared over $13 million with you!

Beginning in 2018, Kindred will retain 75% of its 2017 core earnings and distribute 25% to our members as Profit Shares in February. Members who have accumulated $50,000 in Profit Shares receive any additional amounts as 100% cash.

Profit Shares for all members!
Through a series of profit sharing focus groups conducted in 2017, we consistently heard a few key themes from our members:

  • the concept of sharing profits is woven into our fabric at Kindred – it’s symbolic of who we are;
  • a desire for the program to be more meaningful and fair for all members – that’s why beginning in 2018 all members will receive a minimum of $5 in additional Profit Shares each year; and
  • the need to provide an incentive for members to do more of their business with Kindred – that’s why we’ve introduced a new balance in Profit Shares for Deposits and Loans.

Unlike other financial institutions, financial cooperatives are an organic, locally-based system where one member’s deposit is another member’s loan and we succeed when these two parts of our business are in balance. And that’s why the new formula used to calculate Profit Shares places greater emphasis on member deposits.

Give yourself a Tax break with Profit Shares

At any time during the year, members can transfer their Profit Shares funds from non-registered to registered Profit Shares (RRSP) that would then be deductible for tax purposes.

To learn more about Profit Shares, including transferring funds to a registered account, call or visit your local branch and speak with a member of our Investment Team.


 
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