When you open a membership with us, your first $25 is invested in Member Shares. This is not a fee; it’s 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.
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 giving back to our members and the communities in which we live and work. Kindred remains quite unique amongst credit unions – we continue to share 25% of our annual profits with members. In fact, over the last 10 years we’ve shared $10.5 million with you!
Although the more business you do with Kindred – deposits or loans – the more Profit Shares you receive, all members receive a minimum of $5 each year. Members who have accumulated $50,000 in Profit Shares receive any additional amounts as 100% cash.
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.