Frequently Asked Questions about Co-opActions
We've heard from you, our members. Here are some answers to your most frequently asked questions
1. When do equity cheques get mailed out?
Equity allocation rates are typically announced to membership during the Annual General Meeting. Typically, cheques are prepared and sent out mid May. This year, due to gathering restrictions due to COVID-19, the Annual General Meeting has been postponed and will likely take a different form. Equity cheques and statements will be released in spring (typically in May).
2. When do T4As get mailed out?
Under law, T4As must be mailed out before the last day of February. Members who have earned $100 of equity on purchases made during a one-year period will receive a T4A in the mail. The equity received, per the T4A form, has increased your member equity account. There are two options to enter this amount on your tax return: (1) NON TAXABLE: Equity was based on purchases used for personal consumption. Taxes included in Box 22 will be considered a tax credit; (2) TAXABLE: Equity was based on purchases used for earning income. Taxes included in Box 22 have paid for these taxable purchases.
The majority of our T4As will be non-taxable, unless you're filing as a company. If you require additional assistance, please contact your tax specialist.
3. I didn't receive an equity cheque this year. Why?
Lloydminster and District Co-op members must meet a minimum purchase requirement in order for an equity cheque to be issued. Please call the Administration Office at 306-825-2271 to review your account.
4. How can I be paid out my equity?
Lloydminster and District Co-op members must be 65 years or age (or older) to qualify for equity pay out. If you are moving out of the trading area, you can close your equity account(s) and a cheque will be mailed to your new address. In both instances, necessary paperwork must be completed. Please contact the Administration Office at 306-825-2271 or e-mail firstname.lastname@example.org.
5. If I move away then return, can I use my original Co-op number?
If the member moves away, then returns to the trading area a new Co-op number must be purchased if their old account was closed. Contact the Administration Office at 306-825-2271 or e-mail email@example.com with specific details and our team can assist.
6. One of my family members passed away, and they had a Co-op membership. What should I do?
Please come to the Administration Office with a copy of the Death Certificate. Our team will discuss options with you in person.
7. What do I do if my business has been dissolved, sold, or closed?
Please come to the Administration Office with a copy of the documentation supporting your request. Our team will discuss options with you in person.
8. Why do you require my Social Insurance Number?
Your Social Insurance Number is required under the Income Tax Act for tax reporting purposes. Similar to some financial investments, cash back or equity distributed to Co-op members is considered taxable income. Lloydminster and District Co-op may issue a T4A form in advance of filing deadlines.