Thousands of Canadians have participated in the My CU matters campaign by writing to Finance Minister Joe Oliver telling him that credit unions need to be treated fairly by Ottawa. On October 21 representatives from 317 credit unions visited Parliament to “Hike the Hill” and meet with Members of Parliament to get the message across in person.
A day prior to the “Hike the Hill” event, Credit Union leader’s gathered for the CUCC Government Relations Forum to hear from representatives from all political parties. Kevin Sorenson, Minister of State, welcomed the credit union representatives to Ottawa. He applauded CU financial literacy programs “it is the right info in plain language.” Thomas Mulcair, the leader of the Official Opposition, stated, “I know your movement… I will support the tax credit if we get in the next election”
The federal government has been urged by almost 4,000 letters to recognize credit unions’ structural differences and to promote policies like a Capital Growth Tax Credit. With this measure co-operative financial institutions would be able to grow retained earnings and produce an estimated $700 million in economic growth and job creation. This proposed policy would keep the financial services market competitive for consumers, which is something that all parties are concerned with.
“Credit unions are vital to the economy and are a fundamentally different kind of financial institution,” said Martha Durdin, president and CEO, Credit Union Central of Canada. “By working with us and our 5.3 million members, the government has the opportunity to promote more economic growth and more good local jobs.”
The campaign has now entered week 11 and there is still time to for you to take action!