MEMBER REWARDS
The more business you conduct with Interior Savings, the higher your potential reward.
The more business you conduct with Interior Savings, the higher your potential reward.
Over the past decade Interior Savings has given back over $31 million in cash to Interior Savings members through Member Rewards, dividends and bursaries. This program is unique in our industry and we are proud to offer it to our loyal members.
Last year we gave back $2.6 million of our profits back to members:
$1.9 million in Member Rewards, $500,000 in bursaries and $200,000 in dividends.
Qualifying Member Rewards are paid towards the following accounts:
*These funds are tax sheltered
**Membership Equity share dividends are deposited in the Shares Account.
Your eligibility is based on two criteria: Funds under Administration (FUA), which is the sum of all your deposits, loans, and non-registered mutual funds; and the number of products you have.
You also receive a dividend payment on your shares. This year we paid dividends as follows:
Registered deposits are rewarded separately from the standard program. The balances are still included, but to address taxation complexities, a portion of the Member Rewards pool was set aside to give a 11.0 basis point reward on registered balances that total over $10,000.
*Prince George dividends were paid on February 28th, 2023, effective January 1st.
Income Tax has been deducted from your Member Rewards payment. Payments under the Member Rewards program constitute "patronage" allocations as described in Section 135 of the Income Tax Act. The Canada Revenue Agency (CRA) requires us to withhold and remit 15% tax on any amount over $100. The allocations and tax will be reported on T4A slips, which will be mailed to you in early 2024. Even though the amount is reported to you on a T4A, it is possible that a portion of it is non-taxable. The CRA addresses this in their (archived) Interpretation Bulletin 362R, found on the publication archives on the Government of Canada website. If you have questions or concerns on how this impacts your tax return, please consult your tax advisor.
Congratulations to our 2020/2021 qualified bursary recipients!
Talk to one of our advisors today.