TORONTO-Canada’s credit unions have launched a national campaign called “My Credit Union Matters” in support of a proposed Capital Growth Tax Credit for CUs.
The country’s credit unions say the tax credit, which is included in a Credit Union Central of Canada pre-budget submission to Parliament, would generate an estimated $700 million lending to small businesses, farmers and families, and that the ROI substantially more than the $66 million price tag. The tax measure would function in much the same way that the capital gains tax deduction helps banks.
Canada’s credit unions are stressing that they are only financial institution in more than 380 communities across the country, and that as financial co-operatives, on average nearly 80% of CU capital is retained earnings, compared with less than 45% for banks.
In a released statement, Martha Durdin, CEO of Credit Union Central of Canada, said, "It used to be said that credit unions were the country's best kept secret, but we're not much of a secret anymore. This campaign is a demonstration of that. Policymakers are going hear from Canadians that credit unions matter, that they are different, and that those differences warrant different – not preferential – treatment from Ottawa."
The campaign website at www.myCUmatters.ca and www.macaissejytiens.ca allows Canadians to send a message directly to the Minister of Finance and their local MP.