Profit Sharing

Profit Sharing

Profit sharing is the primary distinction between Bayview Credit Union and banks. When the credit union profits, members profit. Profit sharing at Bayview is a simple, people-focused strategy consisting of two elements: membership shares and surplus shares.

Membership Shares | Surplus Shares

Membership Shares-We’re all in this together!

Membership shares are the basic unit of investment in the credit union. Being a shareholder gives you all the rights and privileges of a member/owner, including a vote for board members and for key policy decisions at Bayview Annual General Meetings. Provincial legislation requires you to purchase a minimum of one $5.00 share, but you may purchase additional shares up to a balance of $2,000. Every year dividends are paid to members from the annual distribution of Bayview Credit Union profits. This dividend is paid in the form of a percentage value of your membership shares account balance, provided that the total dividend is not less than $1.00.

Maximizing the balance in your membership shares account also provides you with many value-added services such as free transaction privileges on your accounts, rental rebates on safe deposit boxes, free travellers cheques, free money orders, etc.

“In 2013, Bayview paid membership share dividends (registered and non-registered) totalling over $102,000.” “In 2013, Bayview’s total patronage payment and membership share dividends was over $418,000 and our total payout since 1998 is over $8.7 million”.

NOTE: Because membership shares are considered to be your equity in the credit union, there are time and policy limitations on withdrawals from this account.

Surplus Shares - Everyone wins!

Surplus shares and patronage payments make up a unique program at Bayview that provides you the opportunity to benefit from Bayview’s surplus earnings (profits). They are paid to members annually based on Bayview profits.

Surplus shares are paid in 2 distinct ways:

  • Patronage Payment: a payment for annual deposit and transaction activities
  • Interest Rebate: A rebate back to the member of partial interest paid on eligible Bayview credit products.

The more you bank with Bayview, the higher your share of surplus earnings. That means that by consolidating all your finances at Bayview you’ll simplify your banking, save time and money, enjoy top-level service, and moreover, be positioned for a maximum patronage payment and interest rebate.

Your annual surplus share payments grow over time to a handsome total. When you reach age 60 and have been a Bayview member for at least five years you can apply to redeem your surplus shares. In the meantime they are available for RRSP tax sheltering (within Canada Revenue Agency limits), reducing your taxable income and lowering the amount of tax you pay—another key benefit to Bayview profit sharing!


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