SURREY, September 13, 2017— Coast Capital Savings congratulates the Government of British Columbia on its decision to reinstate a tax credit for credit unions across the province.
“This tax credit recognizes strong contribution credit unions make to communities and to the economy of our province,” said Don Coulter, President and Chief Executive Officer.
Previously, the tax credit was tied to a similar federal tax deduction, which the federal government discontinued in 2014. The Province had planned to phase out the provincial component of this deduction between 2016-2019, although a pause was announced in early 2017.
Coast Capital’s profits are not distributed to shareholders in the same way as a bank, nor does the credit union generate capital by issuing shares in the marketplace with the same regularity and process as banks. As a result, Coast Capital’s annual profits are the key source of retained earnings required to continue to lend to BC families and entrepreneurs who want to invest in their home or business, which in turn helps grow the provincial economy. The remaining profit is invested back into programs and services for members, and into the local community the credit union serves. In 2016, Coast Capital donated more than $5.6 million to organizations serving youth in BC.
“Every dollar we pay in tax affects the amount we can invest in the community, and the amount we can lend to our members to help them achieve what is important in their lives. We applaud the government for recognizing the role credit unions play in strengthening BC’s local communities and the provincial economy.”
About Coast Capital Savings
Coast Capital Savings is Canada’s largest credit union by membership. An Imagine Canada Caring Company, the credit union invested $5.6 million into local communities in 2016, focusing on empowering and engaging youth. Named a BC Top Employer in 2017, Coast Capital is also a member of Canada's Best Managed Companies Platinum Club. It has 52 branches serving its 543,000 members in the Metro Vancouver, Fraser Valley, Vancouver Island and Okanagan regions of British Columbia. Product innovations include Canada's first free chequing account from a full-service financial institution. To learn more, visit coastcapitalsavings.com.
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