Discussions

Does anyone know when they will be available to pick up?

I checked out their newsletter and found this schedule  
 
Tuesday, July 12th @ Wawanesa – 11:30 until 1:00  
Wednesday, July 13th @ Brandon Ag Site – 11:30 until 1:00  
Wednesday, July 13th @ Richmond Food Store – 3:00 until 6:00  
Thursday, July 14th @ Erickson Food Store – 11:00 until 1:30  
Thursday, July 14th @ Sandy Lake Food Store – 3:00 until 4:30  
Friday, July 15th @ Minnedosa Food Store – 11:00 until 2:00

Thanks so much

I had forgotten it was this time again - thanks for reminding us.

I'm wondering if you have been a member for only about 2 months & have maybe used the coop number for some items & gas would person maybe have a bit of a rebate ?

The July patronage dividend cheque is for the amount you've spent at Co-Op during their past business year, which was January 2015-January 2016. Any amount spent after January 2nd of this year will go towards NEXT year's cheque, and their next business year January 2016 - January 2017.

or are cheques mailed as well?

Mail out whatever is left, allthough im sure it takes longer that way. And not sure if canada post will strike or not yet

Rue said "I'm wondering if you have been a member for only about 2 months & have maybe used the coop number for some items & gas would person maybe have a bit of a rebate ? "

it will be just a "Bit of a rebate" - it seems ridiculous how little of a rebate they give us - my friend fills up his business vehicle there all year round - and the return is shockingly low when you review it.

whatthewhat said "    Rue said "I'm wondering if you have been a member for only about 2 months & have maybe used the coop number for some items & gas would person maybe have a bit of a rebate ? " it will be just a "Bit of a rebate" - it seems ridiculous how little of a rebate they give us - my friend fills up his business vehicle there all year round - and the return is shockingly low when you review it. "

You only get a percentage until your 65 then they pay out all your equity. I just look at it as retirement funds

The process is long term investment. If you are here for just a few years, use my number (HaHa).  
 
When we first got our number in Calgary during the 1960s, it took three or four years where the rebate was diverted into equity until our equity built up to a certain level and then only 75% of the rebate was diverted, then 50% until it reached another plateau, then only 25% until we maxed out the amount of equity a person could own.  
 
The first cheque was around $20, and because it was in my father's name, he made a big tadoo about how mom was the one that organized the groceries and shopping so he would sign over the cheque to her. With a family of six to feed, and as the equity was built up, the cheques kept getting bigger, and father had to follow through on his promise to sign it over to mom. But mom then used it for something the family needed such as a new kitchen set, or replacing the television that broke down four years prior, or new carpet for the living room. All of the children still use the number but only one actually resides in Calgary so she gets the cheque. She has so much fun using just three digits while everyone else has to remember six (or is it seven now).  
 
Do not work it into your budget. Make it fun money to get something special from a dinner or movie night to that barbecue or video game set as the amounts increase.  
 
I found their newsletter at www.heritagecoop.ca  
 
The dividend is only 2.5% of purchases this year, down from 4% to 5% in previous years. The grocery and gas competition is getting tougher so profits are less.

It's actually 70, not 65, that they give you the option of taking your equity paid out.

My dad got his at 65.

My mom turned 70 in the fall, and was offered her equity this year. Maybe it depends on the individual Co-op?

Very well be lol so some time between 65 and 70

It's 65 in Minnedosa.

Restarting this debate to remind people that cheque pick-up is Wednesday at Brandon Co-op. There might be a charity barbecue so bring an extra $5 or $10.  
 
The grocery store cannot cash the cheques unless the purchase is for a significant portion of it. Do not take a $300 cheque in for a loaf of bread or a jug of milk. Ask the cashier before ringing in to see if they have enough cash for the change.

We got a letter this year stating there will be no refund cheque as its not enough. We usually get $25 a year. Not this year I guess.

I was reading the newsletter and the usual 4% or 5% is only 2.5%. I am mentally adding up my gas and grocery purchases and wonder how small my cheque will be this time as it is just me in the house now.

I guess it's time to start spending more at the Coop.

It is a growth thing. I thought you got your small cheque each year and that was it.  
 
So can anyone tell me if hypothetically speakingI were to spend $1000 there each year - what happens when I turn 65? Is there more to pay out at that point?

foxtrot11 said "It is a growth thing. I thought you got your small cheque each year and that was it.     So can anyone tell me if hypothetically speakingI were to spend $1000 there each year - what happens when I turn 65? Is there more to pay out at that point? "

There will be a statement with your cheque explaining how much you have in equity and how much is diverted from your dividends to equity.  
 
It is this equity figure that you would receive should you decide to cash out. Watch out for tax implications though if it is a larger sum as it may be taxed differently than the annual dividends are.

If your purchases with a Co-op are for personal use there is no income tax as it is considered "returned money". This is true for both your yearly cash amount and your accumulated equity.  
 
If your patronage dividend/equity is more than $100.00, the Co-Op has to submit a 15% withholding tax to the CRA. If so, you will receive a T5 slip from the Co-op at tax time with the deducted tax amount listed. You can then claim this amount on your tax return to have it refunded.