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MEMBER REWARDS

The more business you conduct with Interior Savings, the higher your potential reward.

Over the past 16 years Interior Savings has given back over $59 million in cash to Interior Savings members through our Member Rewards program. This program is unique in our industry and we are proud to offer it to our loyal members. ​

In 2019, we gave back approximately $1.2 million of our profits through Member Rewards.

The next payout is scheduled for Spring 2020.


Where Member Rewards are Paid

Qualifying Member Rewards are paid towards the following accounts:


  • Patronage Rewards: Deposited in your Member Rewards Account
  • Tax Free Savings Rewards: Deposited in your Tax Free Savings Account*
  • Registered Savings Plan Rewards: Deposited in your Registered Savings Plan*
  • Share Dividends: Deposited in your Member Rewards or Shares Account**
  • Registered Share Dividends: Deposited in your Registered Savings Plan*

 *These funds are tax sheltered
 **Membeship Equity share dividends are deposited in the Shares Account.



How Does it Work?

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.

For Personal Accounts

  1. Have $2,500 average monthly non-registered FUA and 3 or
  2. More unique products, or have $100,000 average monthly non-registered FUA and 2 unique products

For Business Accounts

  • Have $10,000 average monthly FUA and 3 or more unique products, or
  • Have $100,000 average monthly FUA and 2 unique products

Dividends

You also receive a dividend payment on your shares. This year we paid dividends as follows:

  • 0.50% dividend on non-equity shares
  • 3.50% dividend on membership equity shares
  • 3.50% dividend on investment equity shares

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 on Member Rewards

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 2019. 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.

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Want to Qualify for More Member Rewards?

Talk to one of our advisors today.