The Fine Print

The Fine Print

The Fine Print

  1. DUCA has paid a large portion of its profits back to our Members in the form of Class "A" Bonus Shares* since 1999. We call this bonus-share program our "Get More Profit Sharing" program. Shares are based on the interest Members paid and the interest Members earned in the previous calendar year. The Board of Directors sets the level of new Class "A" Bonus Shares issued, at its discretion, every year.
  2. Members are notified every January about the number of Class "A" Bonus Shares they receive. Everyone who joins DUCA becomes a Shareholder/Member and may therefore be eligible to earn Bonus Shares.
  3. Only Members can earn Bonus Shares. Additional shares cannot be purchased.
  4. Annual statements will indicate the total value of Bonus Shares.
  5. In the event of death, Shares can be transferred to the Estate of the deceased or redeemed at full face value.
  6. The total amount of Shares paid to Members, including both Patronage and Dividends, is based on our performance as a credit union throughout the year and is determined by the Board of Directors at the end of our fiscal year.
  7. Shares cannot be redeemed in the year of issue. They can be redeemed in subsequent years as follows:

50% of face value in year 2
60% of face value in year 3
70% of face value in year 4
80% of face value in year 5
90% of face value in year 6
100% of face value in year 7 and beyond

Frequently Asked Questions 

Can I buy more Bonus Shares?
No, you can’t. Bonus Shares are distributed to Members based on the amount of interest paid and/or received during the previous calendar year. Shares cannot be purchased.

What can I do with my Shares?
Class "A" Bonus Shares offer you lots of options and value. For example, if you used the First Time Home Buyers Plan to borrow from your RRSPs to purchase your first home, the Bonus Shares can represent at least a part of your minimum annual re-payment. In general, you can make your Bonus Shares work harder for you by transferring them into a Share RRSP account.

Why do I have to pay tax on my Shares?
In many cases, there are ways you can avoid or defer paying tax on Bonus Shares. Please refer to our Tax Implications information here.

Why do I have to wait to cash my Shares?
We encourage you to keep your Bonus Shares and let them grow. With RRSP Share accounts and competitive annual return, keeping your Shares is generally more beneficial than cashing them. Also, since Shares are part of DUCA's capital, redemption must be controlled. The redemption schedule is discussed in the Class "A" Bonus Share Features. (See redemption schedule in point #7 of "The Fine Print" above.)

*Bonus Shares are part of our equity as a credit union. Redemption of these shares is only possible up to a legal limit of no more than 10% of the total Shares outstanding for all Members in any one year, on a first-come first-served basis.