anada`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\u2019 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.<\/p>\n
That\u2019s why Credit Union Central of Canada is calling on all co-operators \u2013 organizations, their employees, and members \u2013 to help get the message out to Ottawa that credit unions do matter \u2013 to members, communities, and the country \u2013 through a grassroots campaign that kicked off on August 19.<\/p>\n
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.<\/p>\n
To learn more about the Capital Growth Tax Credit proposal and why we think it\u2019s good for credit unions, the co-operative sector and the Canadian economy, you can visit www.myCUmatters.ca<\/a>. This campaign website can also help you to:<\/p>\n\n