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.
Qualifying Member Rewards are paid towards the following accounts:
*These funds are tax sheltered
**Membeship 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.
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 2023. 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.