Canada`s credit Unions are looking for your support in their campaign to keep a competitive balance between credit unions and the big banks in Canada. Credit Unions are different than banks and have, since 1972, benefited from tax rebates that allow them to build capital reserves while retaining member control. That rebate was cancelled in the 2013 federal budget and now, higher taxes are limiting credit unions’ ability to lend to local small businesses and families as well as contribute to important community groups and projects. Like banks, credit unions are required to hold large amounts of capital. But unlike banks, credit unions rely primarily on retained earnings to meet these requirements.
That’s why Credit Union Central of Canada is calling on all co-operators – organizations, their employees, and members – to help get the message out to Ottawa that credit unions do matter – to members, communities, and the country – through a grassroots campaign that kicked off on August 19.
The campaign puts forward a proposal for the federal government to introduce a new tax measure in the next federal budget that recognizes that credit unions are different by rewarding the build-up of retained earnings, the key component of credit union capital. This new measure would replace the cancelled tax credit and restore the balance between credit unions and banks.
To learn more about the Capital Growth Tax Credit proposal and why we think it’s good for credit unions, the co-operative sector and the Canadian economy, you can visit www.myCUmatters.ca. This campaign website can also help you to:
- Send a letter to the federal Minister of Finance to remind Ottawa that credit unions aren’t like banks and shouldn’t be taxed the same.
- Click on “Share your Story” to add your voice to others talking about how credit unions make a positive difference for families, businesses and communities.
- Get your friends involved by sharing the www.myCUmatters.ca site on Facebook, or on Twitter using the #myCUmatters tag.
If you have questions or suggestions, or would like to have your organization publicly endorse this campaign, please email Credit Union Central of Canada at email@example.com.