Kawartha’s way of saying “thank you for your business!”
Affinity Shares are our way of saying "thank you" for doing business with us. They are one of the benefits of choosing Kawartha Credit Union for all of your financial needs. The more business you do with us, the more you get back!
At Kawartha Credit Union, we strive to provide you with quality products and an unparalleled service experience because our members are our number one priority. We look forward to the opportunity to serve you!
What are Affinity Shares?
Affinity Shares are a way of sharing our profits with you – a “thank you” – for choosing Kawartha Credit Union for your financial needs. Affinity Shares are also a legal share in the company and form part of Kawartha’s capital base.
How did we arrive at the share amount for 2019?
In 2019, the Kawartha Credit Union Affinity Share award was $0.47 for every $1,000 to members in good standing. The calculation was based on the average of 2019 month end balances on loan and deposit accounts.
In 2019, we awarded our members approximately $1.1 million in Affinity Shares and we have distributed approximately $16.9MM of profits (or $16.5MM of shares) back to our members in the 13 years the program has been in place.
Where do I find them?
We have opened Affinity share account types for our members. For legislative reasons, we have deposited registered Affinity Shares into the appropriate registered product with a new contract number. We recommend that you visit your local branch to complete a beneficiary form. Our friendly, knowledgeable staff will be pleased to assist you.
Will Affinity Shares earn a dividend?
Yes, it is our intent to pay cash dividends annually on Affinity Shares. While dividends are not guaranteed, it is the policy of our Board of Directors to pay an appropriate dividend in each year.
Can you cash in your Affinity Shares?
Affinity Shareholders may request redemption of their shares on a date which is at least five years after the issue date of the shares, subject to the approval of the Board of Directors of Kawartha Credit Union.
Affinity Shares may also be transferred to another member of Kawartha Credit Union, subject to approval of the Board of Directors, at any time. We will work to help those members wishing to sell their shares to find other members wishing to purchase Affinity Shares.
Can you transfer your non-registered Affinity Shares to an RRSP?
Yes, Affinity Shares may be transferred to an RRSP. There will be a fee, and an RRSP contribution receipt will be issued.
Will more shares be issued next year?
Yes, it is our intent to issue Affinity Shares annually on an ongoing basis. The Board of Directors is authorized to make that decision based on market trends and profit levels, while ensuring the long-term financial success of our members and of Kawartha Credit Union.
