BC Credit Unions Are Appreciative To Have Their Message Heard

By January 25, 2017Business News

Submitted.  BC based Prospera Credit Union appreciates and strongly supports the news around tax rates for credit unions that the Government of British Columbia announced this morning. The current tax rate for credit unions in BC will remain at the 2016 levels instead of increasing to the projected 2017 rate, allowing further consulting on the matter.

Credit Union Tax Freeze Benefits Local businesses and communities.

The Government of BC had planned to phase out the small business tax rate on credit unions and increase it incrementally over the next four years. The small business tax rate was implemented due to the unique position that BC credit unions, as the cooperatively owned financial sector are in. Co-operatives are able to reinvest capital back into the provincial economy and support their communities.

“On behalf of Prospera, we are truly appreciative of the decision to defer the tax increase. There has been a great deal of advocacy to get our message heard over the past three years, so thank you for listening,” said Shawn Good, President and CEO of Prospera Credit Union. “This announcement will not only impact credit unions but also the BC economy and small businesses. The tax freeze will enable us to continue to maintain our level of investment in community initiatives and serve our local small businesses and families.”

“The success of our communities is our business and with the understanding and support of the provincial government, we know we can do even more,” says Good. “We are looking forward to a long term solution from our government on the taxation of credit unions and will continue to advocate for the benefit of our members.”
About Prospera Credit Union
Building on more than 70 years as a BC credit union, Prospera is proud to serve communities from Vancouver to Kelowna. As a member-owned financial institution, our number one priority is the financial well-being of families and businesses in our local communities and our dedicated team is here to serve all of their banking, lending, investing and insurance needs through sixteen branches; online and mobile banking and an alternative channel that includes a locally-based Contact Centre and Broker Centre. As a member of The Exchange network, members also enjoy access to thousands of surcharge free ATMs across Canada (that’s right, no ATM fees). Making life better for everyone is important at Prospera, which has an extensive community investment program devoted to supporting the organizations, events and volunteers that make our BC communities stronger. To learn more, check out Prospera’s Facebook page or visit www.dontjustbankprosper.ca.

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