Class B Investment Share Dividends

DUCA is pleased to share that on February 28^th 2023, the Board of Directors declared dividends on Investment Shares (I-Shares) which includes Class B, Series 1 Shares and Class B, Series 4 Shares. Dividends for all DUCA’s outstanding I-Shares are based on Shares that Members held as of December 31, 2022.

The dividends declared are as follows:  

• Class B, Series 1 Shares: 3.53% (up from 3.00% in previous years)
• Class B, Series 4 Shares: 4.25%

We're delighted to report that on a cumulative basis DUCA has distributed a combined total of $111.6 million of profit share distributions and dividends to Members over its history to date.

The following press announcement was released on March 9, 2022. 

Toronto, ON (March 9, 2022) – DUCA Financial Services Credit Union Ltd. (DUCA) continues to move forward on its growth and development strategy with the opening of their 17th branch in Hamilton, Ontario today. DUCA is one of Canada’s fastest growing credit unions and this new location offers Hamiltonians a cooperative approach to banking.  

The President and CEO of DUCA, Doug Conick, explains a fundamental differentiator in the way DUCA is structured allowing its Members to participate in profit sharing, benefit from great rates, low or no fees, and a superior service experience. “At DUCA, Members are Owners so caring for who we serve with their best interests at heart is the central point of everything we do. We have a long history of supporting and strengthening communities while offering Members a better way to bank.”  

DUCA’s Chief Member Experience Officer, Phil Taylor, points out that DUCA currently provides everyday banking, commercial lending, business banking, and wealth management services to over 83,000 Ontario Members, supporting each stage of an individual’s or business’ financial journey.  “We are excited to bring our positive approach to banking to individuals and businesses in Hamilton so we can help them do more, be more, and achieve more.”

Tom Vandeloo, Board Chair at DUCA, notes that “DUCA was originally established in 1954 by Dutch Canadians who understood how a financial cooperative could work for the benefit of its Members. Today, we are proud of our diverse and robust Membership encompassing the full spectrum of Ontarians and, as we launch this valuable banking approach in the Hamilton community, we are grateful for the foresight of our founding Members who envisioned bringing the DUCA Difference to help more people.”  

The new DUCA Hamilton branch opens today and is located at 1270 Rymal Road East in Hamilton.  

ABOUT DUCA FINANCIAL SERVICES CREDIT UNION LTD.

DUCA Financial Services Credit Union Ltd. (DUCA) was formed in 1954 and has grown from a single branch credit union in Toronto to 17 branches across the GTA and Central Ontario with over 83,000 Members and over $6 Billion in total assets including assets under management. DUCA provides comprehensive banking services to both individuals and businesses through an innovative Co-Operative Banking model. With no-fee banking, attractive mortgage and lending rates, a Profit Sharing program that rewards Members, and a commitment to communities, DUCA is an excellent way to bank. For more information visit www.duca.com. 

MEDIA CONTACT 

Pippa Nutt, Chief Marketing and Member Solutions Officer, DUCA Financial Services Credit Union Ltd., 416.570.6494, pnutt@duca.com

Well, everyone we made it ... we are nearing the end of 2020, a year that brought so much that was unexpected, challenging and life changing for all of us.  At the end of this year, we now have an opportunity to take stock of all that happened and our own personal journeys of growth, overcoming challenges and accomplishments.  The year’s end also gives us an opportunity to consider all we are grateful for even in challenging times, and to look forward to the new year that is at hand.  For each of you, my hope is that you have arrived at this year’s end with health and well-being and a feeling of resilience and accomplishment as you look to the year to come.   

I am so grateful for the health and well-being of my family, our Employees and for DUCA’s organizational and financial strength, and for all that was accomplished by the wonderful team at our great Credit Union.  There were amazing achievements at DUCA in 2020 despite myriad challenges introduced by COVID-19.  The most important was the continued delivery of financial care to you our Members by our terrific and dedicated branch and Member-connect staff.  My special thanks to them for their incredible work throughout the pandemic, and to you for bearing with us through the new protocols and restrictions.   

Also, this year we completed a major transformational project with the implementation of our new core banking system.  Doing this was imperative for DUCA as we reached the end of the useful life of the previous system.  While this implementation did not go perfectly and created some disruption for some of you, overall and for the majority of Members, the move to the new system went extraordinarily well. The new platform now sets the stage for DUCA to continue to improve and elevate our ability to serve and deliver financial care to help you do more, be more, and achieve more in the years to come! 

I am also grateful for the work of DUCA’s charitable organization – the DUCA Impact Lab – and what it has done this year to provide personal protection equipment to front line charities, and for the impact financing it provided during such a challenging time, both for the credit challenged and for small business and entrepreneurs. 

On behalf of DUCA, I wish you, your families and loved ones a wonderful, healthy and happy Holiday Season, a Merry Christmas and a Happy New Year!  

My best, 

Doug Conick,

President and CEO

DUCA Financial Services Credit Union Ltd.

Ontario Credit Unions arrived at an historic moment when changes to the Credit Union and Caisses Populaires Act were announced last week as part of the Ontario provincial budget. These changes, assuming they pass their readings into legislation, will provide DUCA and all Ontario credit unions with expanded business powers. These, in turn, will enable greater flexibility and competitiveness, an increase to the products and services available to both Members and non-Members, and a strengthened ability to service small and medium-sized business needs. In short, the updated Act enables credit unions to further strengthen their vital contributions to Ontario’s economic recovery. 

The financial landscape has evolved a great deal since the 1994 Act. In addition, in 2020, the COVID-19 pandemic brought additional stresses to personal and business finances. Altogether, it was imperative that a thorough review and modernization of the 1994 Act was necessary – an initiative that has been an overarching priority of the Canadian Credit Union Association (CCUA) for a number of years – and that credit unions can and should play an important role in our province’s economic recovery. 

We welcome this development and look forward to serving our current Members, and new ones, within an enhanced credit union environment. We invite you to read the CCUA news release here.

Doug Conick, DUCA's President and CEO, comments on the current events taking place in the Unites States, Canada, and elsewhere around the world.

Recent events in the United States, under the banner of “Black Lives Matter,” have exploded across North America, spilling into Canada and around the world, as people react to systemic racial discrimination. Right now, members of black communities everywhere – often joined by members of other communities – are standing up against racism and demanding change. The widespread nature of the protests underscores how much work there’s still left to be done to create a world where equality is a given, regardless of race, ethnicity, nationality, religion, sexual orientation, or gender identity.  

This has caused me to pause as I consider my own perspective, both personally and as the head of DUCA Financial Services Credit Union Ltd.

On a personal level, while Canada is not perfect, I believe we are fortunate to live in a country that makes a serious effort to embrace diversity. In my family, which includes people of colour, we know what it’s like to be treated differently because of race. Years ago, when living in Japan, we experienced instances of racial discrimination, some of which I witnessed and some that I heard about. I know how disheartening these experiences can be, often leaving a person with feelings of powerlessness and discouragement…something many people are feeling today.

And yet we also experienced many acts of inclusion and kindness from Japanese friends who made us feel welcome and supported. That gives me hope, knowing this type of support exists within us.

On a professional level, as President and CEO of DUCA, our talented and dedicated employees come from all places and walks of life, as do our Members. We honour and celebrate that diversity and see it as one of our strengths. At a time like this, I’m aware of the impact an organization can have. So when we say DUCA exists to help people do more, be more and achieve more, by “people” we mean everyone. And by committing to our internal corporate values – to bring out the best in others; do what’s right, even when it’s difficult; and make what’s possible happen – we commit ourselves to acting in ways that support all our communities, both inside and outside of our Credit Union.

It’s not just current events causing this reflection. As we enter Pride Month, when the world's LGBTQ+ communities come together to celebrate the freedom to be themselves, its roots remind me of current events. We think of Pride Month today as largely a time of joy but let’s not forget it was born out of the need for a marginalized group to raise awareness of deep-seated discrimination and to demand action and change.

I encourage everyone reading this to undertake what we recently discussed internally at DUCA: Let’s continue to take care of ourselves and each other, celebrate our differences while honestly trying to learn more about the experiences of others, take pride in who we are and our roots, and treat everyone with kindness and respect. We all have it within us to do that and make the world the best it can be.

And because we know very well at DUCA that helping our Members “do more” often means being there, financially, along life’s journey, we’re showing financial support through a donation from our DUCA Impact Lab to Black Lives Matter.

My best, 

Doug Conick,

President and CEO

DUCA Financial Services Credit Union Ltd.

The Premier of our Province has begun to talk about easing COVID-19 restrictions on businesses and individuals. In tandem, DUCA’s Emergency Response Team and Executive Leadership Team are shifting their focus to adjustments and precautions that might need to be worked into DUCA’s future operations. Going forward, we will continue to rely upon provincial guidelines as well as the principles that have guided DUCA throughout this situation: Protecting the health and safety of Employees, Members, and communities; providing uninterrupted essential services; maintaining our Credit Union’s strength and stability; and making sure our actions are timely and decisive.

As we have done since COVID-19 was declared a pandemic, we will continue to communicate with you about upcoming changes and developments by email and on our website. Until then, here are the latest highlights of what we’ve been working on in response to the ramifications of COVID-19.

Support for Business

When the federal government announced the Canada Emergency Business Account (CEBA)loan – a $40,000 loan for small businesses – we provided our Business Members with an easily accessible application process. Working with JUDI.AI, our partner in our automated underwriting platform for small business, we enabled our Business Members to apply for CEBA directly on duca.com here.

Looking ahead to a financial recovery, we are currently in the process of finalizing a special loan for small businesses who need support getting back to business once restrictions are more fully lifted. We’ll be announcing details of that support in the coming days.

Working with our Partners

n addition to JUDI.AI (mentioned above), we’ve collaborated with other external partners in providing extra consideration to Members during these unusual times. For those experiencing financial difficulties as a direct result of COVID-19, Collabria – our partner in personal and business credit cards – announced a number of relief measures for cardholders. These include the option to defer minimum monthly payments, a temporary interest rate reduction to 10.9% for qualifying cardholders, an increase to $250 for contactless transactions at points of sale, and a balance transfer offer of 5.9% for the first six months after the transfer.

Please see Collabria’s announcement regarding these special considerations here.

Modified Hours of Operation and Out-of-Branch Banking

As announced earlier, we continue to work with somewhat reduced hours of operation so as to minimize possible exposures for both Members and Employees. We recently re-opened our Burlington and Willowdale branches and although the Toronto/CBC branch remains closed to foot traffic (its location is being utilized as a Member Connect satellite call centre), the Toronto/CBC branch team continues to serve its Members over the phone and by email. So, too, our expanded Member Connect team is handling the increased volume to our Call Centre.

In addition, we continue to encourage Members to bank outside of a branch: Online at duca.com, by Smartphone app, or by calling Member Connect at 1.866.900.3822. These out-of-branch methods of everyday banking are very important, particularly for those who must be especially vigilant about possible exposure to COVID-19. If you need assistance setting yourself up for one of these banking methods, please call us at 1.866.900.3822 and we’ll help you over the phone.

Going Forward

We are carefully adhering to the health and public safety protocols that we implemented early on such as work-from-home arrangements and social distancing. At the same time, we look forward to resuming our former schedule of open hours when public health authorities indicate it is time to do so. Visit our Find a Branch page for updates to our hours of operation.

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On another note – something that we're pleased has nothing to do with COVID-19 – DUCA just entered its 66th year of operations! Our Digital Annual Report for 2019 was recently posted and you're invited to review it for details of our great financial performance and then consider how far we’ve come since we first opened our doors on May 5, 1954.

Stay tuned for more updates. In the spirit of DUCA’s founders who, despite their new immigrant challenges 66 years ago, showed strength and vision when they created this institution to serve their financial needs, we wish all our Members and friends good health, fortitude, and a positive attitude.

We invite our Members and friends to review our online and visual 2019 Annual Report! 

In our 65th year of operations, we achieved some important milestones: 

• We exceeded $4 billion in Assets.

• Deposits reached over $3 billion.

• Comprehensive Income after Tax grew to $12 million.

• We passed $3.5 billion in Net Loans.

These important achievements attest to the growth and strength of your Credit Union and you may wish to explore full details in our online Annual Report.

In addition, when looking at our Annual Report, don’t forget to review the section labeled COVID-19. This area discusses DUCA’s preparedness and response to the current pandemic while ensuring essential services continue with prudent health and safety protocols and minimal disruption to our business.

66 Years and Counting

To put DUCA’s growth trajectory into perspective, 66 years ago, on May 5, 1954, our founding Members – recent immigrants from The Netherlands who overcame the hardships of World War II to start a new life in Canada – opened the Dutch Canadian Toronto Credit Union with just 20 Members and $236 in assets! Facing the financial challenges of the new immigrant experience, they envisioned a cooperative financial institution that would support its Members. That vision still stands today and we gratefully recognize their foresight and dedication.

On a more global scale, May 5 marks Dutch Heritage Day (as declared by Canada’s Parliament), an annual day to recognize both the sacrifices made by Canadian soldiers during the Liberation of The Netherlands 75 years ago as well as the contributions of Dutch immigrants to Canadian society. There is a unique and proud bond between Canada and The Netherlands and we invite you to learn more about this special relationship.

In short, 2019 was a year we can all be proud of as you’ll see in the Annual Report. And, in the spirit of strength demonstrated by our founding Members, we are poised to continue working around COVID-19 and the challenges it presents. We do so with a sense of optimism and confidence in a future economic recovery, knowing that DUCA is well-positioned to help its Members do more, be more, and achieve more for many years to come.

The Government is providing a special interest free loan program for businesses impacted by COVID-19: The Canada Emergency Business Account (CEBA).

This loan program is intended to help small and medium-sized businesses with operating costs (such as payroll, rent, utilities, insurance, property tax, or debt service) at a time when all but essential services are completely or partially closed. The intention is to support businesses so they will be better positioned to help our economy recover once the pandemic passes.

The CEBA is 100% funded by the Canadian government.

Program Details for Qualifying Businesses (Employers)

1. Access up to $40,000 as a Line of Credit

2. Interest free

3. No minimum monthly principal payments requireduntil December 31, 2022 although principal payments can be made at any time.

4. 25% of the loan(up to $10,000) is eligible for loan forgiveness providing the remaining outstanding balance is re-paid on or before the Dec. 31, 2022 deadline

5. If the business is unable to pay back the loan by the end of 2022, it can be converted into a 3-year termloan at the rate of 5%.

To Qualify

• Must be an employer who contributed between $20,000 to $1.5 million in payroll in 2019 

• Had to be operating as of March 1, 2020

• Micro businesses and non-profits are eligible

• Business must have been in good financial health prior to the COVID-19 outbreak.

Application is easy

DUCA Businesses Members can apply for the CEBA loan directly through DUCA. 

Click here to apply for CEBA*.

*Please use Chrome, Firefox, or Safari browsers.

It's now much easier to sign up for the Canada Revenue Agency's (CRA's) Direct Deposit which is good news for everyone but especially for those planning to apply for the Canada Emergency Response Benefit (CERB). 

At a time when the CRA is experiencing an unprecedented need to make payments to Canadians, Direct Deposit means CERB payments -- an aid to individuals affected financially by COVID-19 -- will be in Canadians' accounts that much faster through direct deposit.  

In addition, other CRA payments such as income tax refunds, GST/HST credits, workers benefits, and child benefits will be deposited directly into your account, too.  ​​​​

Bypass the mail: Sign up for CRA Direct Deposit through your online account

When you login to your online DUCA account, your identity and credentials are verified and secured through online security procedures. As of now, while you're securely logged in, you will see a new option under "Account Services" which is to enroll in CRA's Direct Deposit program. The process is quick and, going forward, your government payments will be deposited directly into your DUCA account of choice.

Here is how to sign up:

• Login to your online account at duca.com

• Click on Account Services in the left hand column

• Click on Set up CRA Direct Deposit

• Follow the instructions to input your Social Insurance Number and select your account for Direct Deposit

It's that simple! The CRA aims to process direct deposit enrollments in one or two business days.

Important Notes:

1. If you plan to apply for the CERB Benefit or if you already receive other CRA payments, you are not required to enroll for Direct Deposit. However, as a result of the launch of the CERB program, physical cheques will take longer to process whereas Direct Deposit is a much swifter arrangement.

2. If you have never filed a tax return, you may not be able to sign up for CRA Direct Deposit through DUCA but will have to visit the CRA "My Account" website here.

__________________________

Click here to apply for the Canada Emergency Response Benefit.

The end of 2019 saw the introduction of what would evolve into a global pandemic: COVID-19. The repercussions in terms of personal health, business, and the overall economy, are still unfolding at the time of this report.

Early in March 2020, as we were closely monitoring daily reports from both government and health officials, DUCA moved quickly and decisively to facilitate uninterrupted delivery of our essential service to Members. Above all was awareness that we must implement new protocols for the health and safety of our Members, employees, and communities. 

DUCA is prepared

Your Credit Union’s Emergency Response Team implemented actions that are prescribed under our pre-established Business Resilience Plan (BRP). The BRP was developed specifically to address such crises, should one occur. The team quickly rallied by developing action plans to protect the health and safety of our Members and Employees and to ensure the credit union was prepared operationally and financially, to manage the evolving circumstances.

Within days of implementing the Business Resilience Plan (BRP), DUCA began to roll out the following:

• Work from home protocols: Early on, all employees capable of working from home were encouraged to do so. Thanks to the BRP mapped out in advance, DUCA had the right technology in place allowing us to pivot to a broad-based work from home protocol quickly and relatively seamlessly.At the time of this report, DUCA Employees use videoconferencing to ensure they stay in touch and on track.  

• Health practices in branches: DUCA provides its Members with essential, daily banking services, as such it was important to quickly implement procedures, protocols and precautions to protect the health and safety of our Members and Branch Employees to continue to deliver the DUCA difference. Some of the steps we took include, installing plexiglass dividers at Member Service Representative desks and in the branch offices to provide additional physical distancing supports to protect Members and Employees as transactions are completed. Also, Branches undergo deeper cleanings and hand sanitizers are available at Branch entrances. Upon arriving at a branch, posters reiterating the need for distance and other safety measures are clearly visible. Branch employees, coached on healthy practices, may choose to wear face masks and/or gloves.

• Creation of satellite Member Connect locations: Members rely heavily on our Member Connect call centre which is, for all intents and purposes, a “phone-in” branch. Not surprisingly, when Canadians were advised to stay home and reduce public interactions, calls to Member Connect increased. In fact, DUCA encouraged Members to use alternate methods of banking such as our Member Connect. To handle an increasing number of calls while responding to changing foot-traffic patterns into some of our Branches, we have created Member Connect satellite locations. Examples of this include the Burlington and Toronto/CBC branches.  Due to significant drops in Member visits to these branches combined with higher call volumes, they have been temporarily closed for walk-in visitors but have been repurposed as fully functional Member Connect centres. In addition, a number of branch employees (who are already experienced in Member assistance and communications) were deployed to Member Connect, thereby expanding Member Connect’s capacity to handle higher call volumes.

• Alternate methods for everyday banking: As a precaution to protect Member health and safety, and consistent with government and public health guidelines, we have been sending regular communications to Members to emphasize the different ways to bank at DUCA. These messages are being sent via email, duca.com as news items, through social media postings, and on posters at branch entries.

• Regular communications.  At such times, it is of paramount importance to regularly communicate with Members, Employees, partners, communities, and other stakeholders. We began this practice earlier in the month of March and will continue to communicate regularly. 

We will continue to:

• Share information and promote and share health and safety practices

• We will continue to promote the multiple ways to bank at DUCA and share any further changes to protect health and safety in our branch network

• We will share what DUCA can do to help you, our Members during these times.

DUCA is financially strong and stable

Your Credit Union is operating from a position of strength as we manage the evolving circumstances posed by the COVID-19 pandemic. How does one measure the financial strength of a Credit Union? Two key indicators that rating agencies and regulatory bodies consider include capital and liquidity.

DUCA has significant capital and liquidity reserves. 

Capital: DUCA’s capital represents a financial cushion to support ongoing operations. A way to measure our capital strength is the capital ratios that our regulator, the Financial Services Regulatory Authority (FSRA) evaluates on a regular basis. One such capital ratio is the Leverage Ratio. This ratio is a comparison of a Credit Union’s available capital to total assets.

Liquidity: We monitor and manage our cash and cash-equivalent assets (liquidity) very closely at DUCA. Your Credit Union has established liquidity targets and tolerances that ensure strength and stability in funding our operations in normal circumstances and in more challenging times. As we monitored the progression of the COVID-19 pandemic we began to increase our levels of liquidity steadily and have built and maintain a substantial liquidity cushion 

​​

Beyond the metrics: DUCA has in place robust business resilience and contingency plans and protocols which have served us very well in adapting to rapidly unfolding events of the COVID-19 pandemic, enabling decisive and timely actions to protect health and safety and support the  continued delivery of essential services to our Members. We have a strong balance sheet with high quality assets and a stable deposit base enabling DUCA to generate solid operating earnings during these times and beyond

DUCA is helping our Members & Communities 

Mortgage and Loan payment deferral program

We understood early on that, beyond health concerns, COVID-19 was going to present challenges to personal finances. DUCA communicated to all Members that if they were experiencing financial difficulties as a direct result of COVID-19 which interfere with their ability to make mortgage or loan payments, they were encouraged to reach out to their Branch Manager to discuss a personalized solution. Both branch and internal staff involved in such discussions were coached on how to handle these conversations with compassion and sensitivity.

The reaction by Members granted this extension was heart-warming to all DUCA employees, offering a first-hand account of the welcome relief such consideration provided to Members already in difficult circumstances. Here are just two excerpts from Members’ reaction upon receiving news of their deferrals:

Member:
"Thank you for your help to defer my mortgage payments for 6 months. I am grateful for DUCA helping me have peace of mind in this very difficult time."

Member:
“Again, thank you so much. This is our first time dealing with DUCA other than signing our mortgage papers. You have gone beyond our expectations. Please thank your manager as well.”

DUCA Impact Lab

As we all deal with the far-reaching ramifications of the Covid-19 pandemic, it is impossible to ignore the financial impacts the crisis is having on individuals, families, and businesses in our communities. Just as DUCA is actively working with Members to address these issues as they arise, the DUCA Impact Lab is working with its partners and community stakeholders to help assist those who are not able to benefit from the assistance of their financial institution. The personal lending pilot and working capital pilot for under-banked entrepreneurs have both seen a significant increase in activity since the pandemic began. We expect there will be an emerging need for more of the Impact Lab’s services as COVID-19 moves along.

Feedback from our community partners tells us that the DUCA Impact Lab is uniquely positioned to assist in alleviating some of the financial strain of COVID-19 and that its work is more impactful and important than ever. We are exploring opportunities to expand the scale of our pilots through partnerships with funding partners that have a shared interest. The Impact Lab is a unique way DUCA and its Members can assist even more individuals and companies to weather the current situation. We Look forward to sharing updates as they become available. 

Thank you

DUCA would like to thank all front-line essential service providers – health care workers and others, who are doing such important work during the challenging circumstances posed by the COVID-19 pandemic. We also wish to thank DUCA’s Employees, Leadership Team, Board of Directors, and our Branch and Member-Connect (call centre) Employees for their commitment in protecting the health and safety of Members, Employees, and Communities while continuing to provide service to our Members.

We extend our well wishes to you, your families, and our fellow citizens for health and well being during these unprecedented times and beyond.

The federal government announced a number of measures in mid-March intended to assist Canadians during COVID-19.

One is the offer of a reduction on RRIF minimum payments. At a time when interest earning rates are low, RRIF annuitants may prefer not to withdraw as much of their funds at this time but would rather wait with the hope that, after COVID-19 calms down, interest earning rates will rise.

While annuitants are still required to withdraw funds from their RRIF, they may choose to reduce the RRIF mandatory minimum payments for this year by up to 25%.

Notes: 

1. The government of Canada stipulates that the reduction does not apply to RRIF payments that have been taken already.

2. In addition, if you've already received payments, the government does not permit a re-contribution of the reduced amount.

Check with your tax advisor to determine if a reduction is in your best interests.Then, if you wish to reduce your future mandatory minimum RRIF payments this year by up to 25%, call us at 1.866.900.3822.

Read more at the government site here.

Our health and government authorities continue to stress the importance of social distancing and reduced contact with others during this time of COVID-19. Members, too, are concerned about public interactions and exposure as evidenced by increased use of alternate banking methods, including calls to Member Connect.

We are accommodating the new reality while continuing to provide financial services in a manner that is healthy and safe for both you and our employees.

Some of our branches are now Member Connect satellites

Because of the need for social distancing -- and due to increased calls to Member Connect -- our Call Centre is now located in several different locations. The Member Connect team has expanded to include a number of branch employees who are already familiar with Member needs and communication so they are well equipped to respond to increased calls.

Two branches have been converted into Member Connect satellites as follows:

• Burlington branch: This branch has been undergoing renovations and, consequently, has been closed since approximately mid-March. It is now populated with Member Connect employees. The branch will be closed to outside visitors until the COVID-19 situation improves however, members of the Burlington team are still available for your calls and emails.

Email: burlington@duca.com
Phone: 905.315.7981

• Toronto/CBC branch: This branch is now another satellite location for Member Connect with employees working inside for our Call Centre. The Toronto/CBC branch is closed to visitors until further notice but the branch team is available for your calls and emails.

Email: cbc@duca.com
Phone: 416.593.8402

If you must visit a branch for an essential banking service which cannot be done online, by phone app, or by calling Member Connect, you can find another branch here.

Note: Member Connect number remains the same: 1.866.900.3822.

Saturday Branch Hours

Effective April 4, 2020: Branches that are usually open on Saturdays will be closed on that day beginning April 4. 

With many different ways to bank at DUCA (online, through our smartphone app, Member Connect, and -- for mortgages -- through our Mobile Mortgage Specialists), we look forward to continuing to deliver a high level of banking services to you, our Members.

On March 31, 2020, the following letter was sent to all DUCA Members:

DUCA Announces 2019 Financial Results

Dear DUCA Members,

We would like to begin this letter thanking, on behalf of DUCA, all front-line essential service providers – health care workers and others, who are doing such important work during the challenging circumstances posed by the COVID-19 pandemic. We also wish to thank DUCA’s Employees, Leadership Team, Board of Directors, and our Branch and Member-Connect (call centre) Employees for their commitment in protecting the health and safety of Members, Employees, and Communities while continuing to provide service to our Members. We extend our well wishes to you, your families, and our fellow citizens for health and well-being during these unprecedented times and beyond.

DUCA's results for 2019 reflect the financial and operational strength of your Credit Union, and points to DUCA’s ability to effectively manage the current impacts of the COVID-19 pandemic and the ability to continue growth into the future. As such, we are pleased to announce the release of our audited financial statements for the year ended December 31, 2019 and the declaration of dividends.

Here are a few important highlights:

During the February 2020 meeting of the Board, your Board of Directors approved DUCA's audited financial statements for the year ended December 31, 2019. We reported comprehensive income for the year, net of income taxes of $12.03 million – an increase of $1.03 million or 9% over 2018.

Total assets increased by 20% to $4.1 billion, driven primarily by an increase in loan balances of nearly $500 million or 17% over the prior year, and deposits reached $3.0 billion – a 17% increase.  These growth rates compare very favourably to results posted by Credit Unions and Caisse Populaires across Canada.  In addition, in 2019, DUCA grew its Membership to nearly 75,000 Members.

In August of 2019, we launched our Class B Series 4 Investment Share campaign.  As a result of the tremendous response from our Members, during 2019 DUCA raised $109 million of Class B, Series 4 Investment Shares. (The final tally at the close of the offering in February 2020 is $162.3 million!)  Including the 2019 portion of the Investment Share raise, DUCA’s net income, dividends paid, and share redemptions, DUCA’s total Member’s equity increased to $292.2 million as of December 31, 2019 compared to 2018 of $175.4 million. 

We are delighted by the results of the Investment Share Campaign and for our 2019 financial results. On behalf of the Board and all Employees, we thank you for your ongoing strong support and for being valued Members of DUCA. 

DUCA’s Financial Statements for 2019 are posted here for your review.

Declaration of Dividends

The Board of Directors is pleased to declare a dividend of 3.50% on Class B Series 1 shares. This is an increase of 50 basis points over the minimum dividend rate specified at the time of the Series 1 Investment Share Offering. Payment of the dividends was made on March 1, 2020 based on a Member's Class B Series 1 share balance as of December 31, 2019.

Class A shares dividend of 2.00% was paid on March 1, 2020. Class A shares are accumulated by our Members based on the amount of interest earned or paid during the year.

We are delighted to report that over DUCA's history and including the current year's declaration, a total of $80 million of patronage, Class A and Class B dividends have been returned and/or paid to our Members.

As we look forward, your Credit Union has a strong capital and financial base, a focused strategy, a strong team of Employees and Board of Directors and a wonderful, growing Membership. These strengths will serve DUCA well in managing the unprecedented times posed by the COVID-19 pandemic in 2020 and will support our continued growth and development well into the future.

We are profoundly grateful for the continued support of our Members, proud of what your Credit Union achieved in 2019, and look forward with energy and optimism to our continued journey, pursuing our mighty purpose of helping People and Businesses Do more, Be more, and Achieve more!

Best Regards,

Tom Vandeloo, Chair of the Board of Directors and Doug Conick, President and CEO

DUCA Financial Services Credit Union Ltd. 

We are reaching out to you at a time when COVID-19 dominates the news to reassure you that DUCA is actively addressing the current situation with a focus on the health and safety of our Members, Employees, and Communities. We have rolled out a robust Business Resilience Plan to ensure our business maintains efficient and continuous operations and Member services.

In accordance with our Plan, DUCA employees are operating under work procedures intended to preserve health and safety without disruption to our business. This includes separating our employee groups into different locations. For example, Member Connect (our call centre) now consists of sub-teams working out of multiple fully operational locations. In addition, most employees are operating under work-from-home protocols. As well, DUCA’s leadership team has been divided into sub-groups to ensure there is physical leadership presence at work every day while simultaneously reducing the number of people in one location.

With regard to health protocols, all recommended health guidelines are in place including deeper cleanings in our branches and Head Office, increased use of alcohol-based sanitizers, social distancing, and avoidance of public transit. Also, employees and Members have been given clear direction regarding the need for self-isolation under certain circumstances such as post-travel, if symptoms of illness appear, and in cases of proximity to close connections who may have been exposed to COVID-19.

Our Members are hearing from us regularly and frequently by direct email, through updates posted at duca.com, and social media announcements that link to those updates. We share our actions and our health and safety measures with Members while reminding them of the many channels through which they can continue to conduct their everyday banking with DUCA. Knowing that COVID-19 may present personal financial challenges for some individuals and businesses, our branches, Member Connect, and small business advisors are prepared to develop a personalized solution for any Personal or Business Member experiencing financial stress as a result of COVID-19.

Every day, our Emergency Response Team and Executive Leadership Team evaluate circumstances as they evolve in order to manage them effectively. We will continue to do so for the foreseeable future.

We are proud of our employee groups who have pivoted and reacted on such short notice. They have done so without compromising on our service commitment to Members and while still executing the business of DUCA. Consequently, DUCA continues to be strong and stable, providing uninterrupted banking services for our Members as usual.

These are unusual times, requiring patience and understanding. We look forward to continuing to work with you in good health.

DUCA Financial Services Credit Union Ltd.    

We understand that, in addition to concerns around health and well-being, COVID-19 presents a number of additional challenges. With schools and businesses temporarily shuttered, and a general economic slowdown, we understand there may be disruptions to your financial circumstances such as pay, cash flow, childcare arrangements (which impact upon your presence at work), and your ability to meet your financial commitments.

We're here to help our Members.

Everyone's situation is different but please know that your DUCA team is ready to work with you if you are experiencing financial hardship as a direct result of COVID-19.

We're in this together.

Your DUCA team is at work every day -- whether in-branch, at our Head Office, through Member Connect, or by tele-commute -- and is ready to discuss how we can help you through this challenging time. Yes, we are adapting and adjusting to the current situation as well as provincial guidelines around work arrangements but our service and stability are as strong as ever. We're waiting for your call if you need help.

___________________________

Members experiencing a negative financial impact as a result of COVID-19:

• Personal Members: Contact your branch or call 1.866.900.3822.

• Business Members: Contact your branch, call 1.866.900.3822, or reach out to your Business Advisor.

Wishing you good health.

Serving our Members with Procedures to Minimize Exposure

As COVID-19 dominates the news, I am reaching out to you directly to let you know that DUCA is actively addressing the situation with a focus on the health and safety of you -- our Members, our Employees, and our Communities while minimizing service disruption. Your Credit Union continues to be strong and stable as we continue to evaluate circumstances as they develop and manage them effectively.

Serving You in a Healthy Environment

We are undergoing a number of changes that will reduce exposure while continuing to provide essential banking services. In addition to deeper cleanings and increased use of alcohol-based sanitizers in our branches, we are rolling out a number of modifications to internal procedures so as to minimize any disruption to our services should our province continue on the path of further reduced public interactions. These changes will ensure we can continue to serve your everyday banking needs while simultaneously addressing any health concerns by Members and staff.

I am proud to say that DUCA's robust infrastructure includes multiple channels which enable continuous everyday banking. In addition, our employee teams are working hard on organizational and procedural adaptations that will result in minimal disruption to the service and financial advice you've come to rely on.

We are closely monitoring the situation on a daily basis so we can continue to adapt as quickly, securely, and efficiently as possible.

Quickest Way to Bank 24/7: On-Line

Our branches and Member Connect (1.866.900.3822) are available for assistance however, if you wish to reduce your public exposure, we remind you that the quickest, most efficient, and secure method of banking is on-line or by smartphone. Refer to Everyday banking in the event of reduced public interactions news item for details on how to bank outside of a branch.

Have you been directly impacted by COVID-19?

If you find yourself faced by financial challenges as a direct result of COVID-19, please reach out to us by either calling your branch or 1.866.900.3822 so we can discuss how we can help you through this challenging time. We will help you find a solution tailored to your circumstances and needs.

Thank you for your patience and understanding during these unusual times. We reiterate our promise to help you do more, be more, and achieve more with your money and your life...in good health.

Sincerely,

Doug Conick, President & CEO

Acknowledging your concerns

With the recent announcement by the World Health Organization (WHO) confirming that COVID-19 is a pandemic, we understand that health is top of mind lately and that some of you may have concerns about public interaction.

We are equally concerned about your health and safety as well as that of our DUCA teams. While, at the time of this communications, the WHO has not changed its assessment of the threat posed by the virus nor has it changed its direction to countries and individuals about health practices, nonetheless, we wish to remind you that you can continue your everyday banking at DUCA without having to be physically present in a branch.

There are ways to bank outside of a branch with the easiest and most convenient options being either online or on your smartphone. You can make payments by email, pay bills, order cheques, purchase a term deposit, transfer money between financial institutions, and generally move your money around in a secure environment. (For more information on DUCA’s security measures, visit our Security and Privacy web page.)

Here are your choices for non-branch banking:

1. Online. Visit duca.com and click on “Online Banking” in the upper right.

• To set up your online banking account, call 1.866.900.3822.

• To transfer money between financial institutions, you will need to complete a Me-to-Me Transfer Authorization Form. Access this form once you establish your online banking account. Instructions are on the form.

2. On your smartphone. DUCA's Mobile Banking app is available for iPhone^®, iPad^®, iPod touch^® and Android™ phones and tablets. Download the app from the App Store or Google Play.

3. Call Member Connect. Our call centre, at 1.866.900.3822 is like a phone-in bank. They can help you with your everyday banking services as well as with any mortgage queries you may have.

4. THE EXCHANGE Network. While we know you might want to reduce your interactions, sometimes you need cash in which case you’ll want to find the ATM closest to you. DUCA is on THE EXCHANGE network with thousands of free ATMs across Canada. Find the one closest to you at THE EXCHANGE Network.

Keep your banking up to date with any of the options above. If you need assistance, we will be more than happy to help. Just call 1.866.900.3822 or contact your branch.

We will continue to monitor the current situation. Any updates will be posted on duca.com.

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STAY INFORMED! 

In the event of a public confinement or isolation, we might need to reach you about your accounts! Email and phone are the fastest methods of communication so call 1.866.900.3822 or email duca.info@duca.com to advise us of your updated contact information in case we need to share any late-breaking news or developments.

Thank you for your fantastic show of Member support!

It's been an exciting and gratifying six months at DUCA as we've observed just how much DUCA Members believe in DUCA's purpose and vision for the future. 

In August 2019, we reached out to Members with an opportunity intended to benefit both Members and Credit Union, namely, an Investment Share Offer of Class B, Series 4 Investment Shares that would raise capital for DUCA to realize its vision of growth across Ontario. In return, Members received an investment opportunity with a minimum 4.25% dividend.

How did we do? $162.4 Million!

In short, DUCA's Investment Share Campaign was one of the most successful Investment Share offerings by an Ontario credit union...ever!

Our amazing branch and Member Connect teams worked closely with you to determine whether or not the Investment Share Offer was the right opportunity for you and your personal financial goals. 3,316 Members determined this was a great addition to their overall investment and retirement planning strategy with the final result that DUCA raised $162,368,330 in capital.

This, in turn, means we can literally do more here at DUCA. We can continue our profitable growth, bringing the DUCA Difference in banking — competitive deposit and mortgage rates, no-fee banking, and our Profit Sharing program — to more people. It also means that you, our Members, had an opportunity to invest in our future too, helping us create an even stronger Credit Union that will continue to serve Members first and foremost.

Thank you!

We thank our Membership for such a strong show of support and reiterate our promise to help you do more, be more, and achieve more with your money and your lives.

Stay tuned for more great things to come from your Credit Union!

Dear DUCA Members,

We are pleased to announce the release of our audited financial statements for the year ended December 31, 2018 and the declaration of dividends.

Growing and diversifying our business profitably is an important strategic goal for DUCA. This involves investing in people and processes, and in our product and service offering to deliver the best financial care possible for our Members.  In 2018, we continued to invest in growing your Credit Union and the investments have helped to return strong results.

Here are a few important highlights:

Strong financial results

During the February 2019 meeting of the Board, your Board of Directors approved DUCA's audited financial statements for the year ended December 31, 2018. We reported comprehensive income for the year of $11.00 million and income before tax and patronage returns (IBT&P) of $16.12 million. This compares to $12.97 million and $18.30 million of comprehensive income and IBT&P respectively in 2017. The results for the year reflect the combined impact of targeted spending to support growth and an increase in top-line revenue arising from an increase in DUCA’s loan portfolio.

Fuelled by growth

Total assets increased by 22% to $3.4 billion driven primarily by an increase in loan balances of 20% over the prior year, and deposits reached $2.6 billion – a 26% increase. These growth rates compare very favourably to results posted by Credit Unions and Caisse Populaires across Canada.

In addition, in 2018, DUCA grew its Membership by more than 6,000 – a 10% increase in total DUCA Members.

The strong results for fiscal 2018 are only made possible by your support, and on behalf of the Board and all Employees we thank you for your support and for being Members of DUCA.

DUCA’s Financial Statements are now posted here for your review.

Declaration of dividends

The Board of Directors is pleased to declare a dividend of 3.50% on Class B shares. This is an increase of 50 basis points over the rate paid last year, reflecting the strong performance of DUCA and higher interest rates during 2018. Payment of the dividends was made on March 1, 2019 based on a Member's Class B share balance as of December 31, 2018.

Class A shares dividend of 2.00% was paid on March 1, 2019.  Class A shares are accumulated by our Members based on the amount of interest earned or paid during the year.

We are also pleased and proud to report that over DUCA's history and including the current year's declaration, a total of $74 million of patronage and Class A dividends have been returned to our Members.

Our path forward is clear.  We will continue to make investments focused on improving the financial care we deliver to our Members through no fee banking options, great rates, and personalized service delivered with care.  And, we will build on our growth momentum as we continue the passionate pursuit of helping people and businesses "Do More, Be More, and Achieve More!"

Best Regards,

Tom Vandeloo, Chair of the Board of DirectorsDoug Conick, President and CEO 

With the launch today of the DUCA Impact Lab, DUCA commits to testing and proving new models of banking and finance. DUCA and its partners in this initiative will explore impact financing for the credit challenged, foreign trained professionals in transition, and small entrepreneurs lacking access to cash flow. According to Doug Conick, DUCA President and CEO, "Helping people with their finances is one of the best ways to have a tangible impact on their lives."

Read the full press release here.

Doug Conick explains more about the goal of this initiative here.

www.ducaimpactlab.com 

August 16, 2018 was an historic event for DUCA when municipal officers from Mount Albert and the Town of East Gwillimbury — including the Mayor and Councillors — as well as local dignitaries and residents, members of the press, DUCA's Board, Leadership, and teammates all came together to launch DUCA's newest branch. With this, our 16th branch, we are privileged to become an official part of the Mount Albert community.

Located at 19132 Centre Street (at Centre and Main), DUCA's new presence as the sole financial institution in Mount Albert is a welcome development for both parties. The opening of our new branch positions DUCA as an important part of the Downtown Mount Albert Revitalization Plan to refurbish the streetscape and attract businesses, residents, and consumers to the Main Street area.

At the same time, this is the start of something new and exciting for us at DUCA as we expand our reach in providing financial care and guidance to communities in Ontario. 

We look forward to helping Mount Albert residents do more, be more, and achieve more with their money and their lives.

Branch Hours and Contact Information

Mon to Wed: 9:30 am to 5:00 pm
Thur: 9:30 am to 7:00 pm
Fri: 9:30 am to 5:00 pm
Sat: 9:30 am to 1:00 pm

Phone: 905.473.9373
Email: mountalbert@duca.com

As we come up to the second anniversary of the Class B Share Investment Offering, you may have some questions regarding the declaration and payment of dividends.

For the fiscal year 2017, the dividend is based on our performance as a Credit Union throughout the year and is determined by the Board of Directors upon the completion of the audited financial statements.  Subject to satisfactory financial performance, the dividend will be declared by the Board of Directors on February 28th and will be paid on March 1, 2018.  This payment will be made based on Member Class “B” share balances as of December 31, 2017.

Additional information on Class B Shares is contained in the Offering Statement that was made available to all Members participating in the offering.

For more information, please do not hesitate to contact your branch or call 1.866.900.3822.

DUCA is committed to helping you do more, be more and achieve more with your money and your life. It’s not just something we say, it’s why we exist. Our Profit Sharing program is one of the ways we live out this purpose.

Since 1999, DUCA has been sharing a portion of its profits with Members in the form of Class “A” Bonus Shares. We are pleased and proud to report that over DUCA's history, a total of over $70 million of Class “A” shares and Class “A” share dividends have been returned to our Members.

Class “A” Shares

For the fiscal year 2017, Class “A” shares will be distributed on January 1, 2018.  The amount of Class “A” shares distributed will be equal to 2% of interest paid or received in 2017 (up to a maximum of $1,000) by individual Members.  Please note that a Member must have earned a share minimum amount of $10.00 across all account types in order for the payment to be posted to the Member's account

Class “A” Shares Dividend

For the fiscal year 2017, the dividend is based on our performance as a Credit Union throughout the year and is determined by the Board of Directors upon the completion of the audited financial statements.  Subject to satisfactory financial performance, the dividend will be declared by the Board of Directors on February 28th and will be paid on March 1, 2018.  This payment will be made based on Member Class “A” share balances as of December 31, 2017.

For Further Information

Your annual statements will indicate the total amount of your Class “A” shares as of January 1, 2018.

For more information, please do not hesitate to contact your branch or call 1-866-900-3822 or visit The Fine Print. 

Dear DUCA Members,

We are pleased to announce the release of our audited financial statements for the year ended December 31, 2016 and the declaration of dividends and patronage, and to update you on some important developments at your Credit Union.

The past year has been an eventful one for DUCA, with strong progress made on a number of fronts; progress that sets the stage for focused, and sustainable growth going forward.  Here are a few important highlights:

Solid financial results and declaration of dividends  

During the February 2017 meeting of the Board, your Board of Directors approved DUCA's audited financial statements for the year ended December 31, 2016.  Our consolidated year end results showed earnings after tax of $13.7 million, reflecting business growth, effective management of loan and deposit pricing, as well as operating expenses, and the restructuring of DUCA's investment in Zenbanx Canada Inc. ("ZBC").  More details of the ZBC reorganization are outlined below.

Earnings after tax for fiscal 2016 represent a record level result for your Credit Union dating back to its inception in 1954, and is a testament to DUCA's continued growth and evolution over the years.

Further, the Board of Directors are pleased to declare dividends of 3% on Class B shares, and patronage and Class A dividends of 2%.  On behalf of the Board and Management, we wish to express our thanks to Members for their continued support of DUCA.  We are also pleased and proud to report that over DUCA's history and including the current year's declaration, a total of $70 million of patronage and Class A dividends has been returned to our Members.

Restructure of DUCA's Joint Venture Subsidiary - Zenbanx Canada Inc. (ZBC)

Following the commitment made at last year's Annual General Meeting, and in order to refocus DUCA's business strategy and mitigate further financial exposure, DUCA has restructured its investment in ZBC with its partner, Zenbanx Holdings Inc. (ZBH).  This change has resulted in the elimination of any further DUCA expenditure of operating costs of ZBC effective November 1, 2016, the wind-up of the ZBC subsidiary on December 31, 2016, and the planned termination of DUCA's support of existing accounts effective no later than July 14, 2017.  In this regard, DUCA will work in conjunction with SoFi (described below), on communication to ZBC account holders and the transition of the accounts.

On February 1, 2017, ZBH announced a merger with Social Finance Inc. (SoFi).  SoFi, founded in 2011, is a San Francisco-based company that intends to leverage ZBH's technology to complement their existing business and product offering, and seeks to continue growing and supporting Zenbanx accounts internationally.  Following the merger of SoFi with ZBH, DUCA will hold a common share investment in the merged entity valued at $2.7 million CDN.

Appointment of our new President and CEO, Doug Conick, CPA CA

Following a rigorous recruiting process that was conducted over several months, our new President and CEO, Doug Conick, was announced on October 12, 2016, and began working in his role November 2, 2016. Doug brings a wealth of experience in banking, wealth management, insurance, investments, and risk management to DUCA.  Doug's expertise has been earned through executive level experience gained in both North America and Asia. This includes leadership roles such as CEO of Manulife Bank and a range of senior and executive roles at two of Canada's big five banks, as well as Manulife Financial.

Indeed, 2016 was an important year in the history of our proud Credit Union and sets the stage for DUCA's go-forward sustainable growth and development.  Our strong financial performance, and the re-focusing of our business strategy and direction in the past year will allow us to build on our strengths to better serve our Members and our community.  

We look forward to 2017 and beyond with great confidence and optimism for DUCA's prospects as we bring greater focus on helping our Members do more, be more, and achieve more with their money and their lives.

Best Regards,

Tom Vandeloo, Chair of the Board of Directors
Doug Conick, President and CEO
DUCA Financial Services Credit Union Ltd.

You can link to DUCA's 2016 Financial Statements here.

I am happy to report that the Board, based on DUCA’s performance in 2016, has confirmed the cash dividend on Class B Investment Shares to be 3%. 

The dividend will be paid on March 3rd, 2017 to participating Members on record as of December 31, 2016.  Please note that dividends paid on non-registered Class B Investment Shares are taxable and will be included on T5 slips issued for the 2017 taxation year.  Dividends paid on Class B Investment Shares will be deemed to be interest and not dividends, and are therefore not eligible for the tax treatment given to dividends from taxable Canadian corporations, commonly referred to as the “dividend tax credit.”  Dividends paid on registered shares are not taxable and will not result in a T5 being issued. 

Our thanks go out to the Members that are participating in the Class B Investment Share program.  The Class B Investment Share offering has not only added to DUCA’s Regulatory Capital in 2016, but has also enhanced our ability to continue to grow our credit union and improve our earnings performance.

Our thanks go out to the Members that are participating in the Class B Investment Share program.  The Class B Investment Share offering has not only added to DUCA’s Regulatory Capital in 2016, but has also enhanced our ability to continue to grow our credit union and improve our earnings performance.

Doug Conick

President and CEO

DUCA Financial Services Credit Union

As we come up to the first anniversary of the Class B Share Investment Offering, you may have some questions regarding the declaration and payment of dividends.

With respect to the payment of dividends, please note that, if the Board, at its sole and absolute discretion, based on financial and other considerations, determines that a dividend will be paid, the payment will be made following the fiscal year end (December 31, 2016) and before the AGM (April 19, 2017).

In order for the Board to determine that a dividend will be paid, DUCA’s financial statements must be prepared and signed off by our external auditors, KPMG.  Generally, this will be at the end of February 2017.

As you may appreciate, the process of compiling financial statements takes a considerable amount of care and time.

The declaration of the dividend is expected shortly after the Board has the opportunity to review DUCA’s financial statements. This information will then be posted on duca.com and sent out by e-mail to Members receiving DUCA’s ePost.

Additional information on Class B Shares is contained in the Offering Statement made available to all Members participating in the offering.

We look forward to welcoming our new CEO, Mr. Doug Conick, on November 2nd.

Read the press release here.

For almost 20 years, DUCA has been sharing a portion of profits with Members through the distribution of Class “A” Bonus Shares. We did so again this year on January 1, 2016 when we distributed $2 million in Shares to qualifying Member accounts.

Our latest Share distribution was based on DUCA’s 2015 results. Each Member’s distribution was calculated based on a 2% dividend declared by the Board of Directors on existing Shares and 2% on interest paid and received in 2015. (Up to a maximum of $1,000.)

Our Profit Sharing program reflects our “profits with a purpose” philosophy and is a demonstration of our commitment to reinvest our profits in what matters the most to us: our Members, the causes you care about, and the communities you live in. Everyone who joins DUCA becomes a Member/Shareholder and is eligible for our Profit Sharing program.

We suggest you visit our site to learn more about our Profit Sharing program. In particular, we direct you to the section under “Tax Implications” to learn how Shares can be handled in a tax favourable manner. Learn more about DUCA's Profit Sharing program here.

We're proud to be first ever credit union to be recognized as a leader in the area of social responsibility, as evidenced by our new B-Corp Certification granted by B Lab. 

B Lab grants B-Corp Certification to companies around the world who can pass rigorous standards in the areas of social and environmental performance, accountability, and transparency. In addition, organizations are assessed against dozens of established best practices regarding employee relations, community involvement and support, and environmental impact. In Canada, there are 140 organizations with B-Corp certification and we're proud to be one of them.

Read our press release here.