Special Shares

From time to time, members are given the exclusive opportunity to invest in their credit union. Alterna Savings Special Shares or Investment Shares* 

Alterna Savings Class A Special Shares, Series 1
(formerly 2002 CS CO-OP Special Shares)

Alterna Savings Class A Special Shares, Series 2
(formerly 1998 Metro Credit Union Investment Shares)

Alterna Savings Class A Investment Shares, Series 3

Alterna Savings Class A Investment Shares, Series 4

Alterna Savings Class A Investment Shares, Series 5

Alterna Savings Class A Investment Shares, Series 6

Dividend Record 

*Some Conditions Apply

Alterna Savings Class A Special Shares, Series 1 (formerly 2002 CS CO-OP Special Shares) Expand/Collapse

Dividend Declaration and Minimum Dividend Rate – Class A Special Shares, Series 1

What are Alterna Savings Class A Special Shares, Series 1?

Alterna Savings Class A Special Shares, Series 1 are the former 2002 CS CO-OP Special Shares. Special Shares were an optional equity investment in the former CS CO-OP (now Alterna Savings), which gave members the opportunity to earn an attractive rate of return. The shares were sold for a limited time and could only be purchased by CS CO-OP members.

As an equity investment, there is an element of risk, explained in the Offering Statement (PDF), which is offset by our past record of performance. Special Shares are not deposits, the returns are not guaranteed and the funds are not covered by deposit insurance. Owning Special Shares involves a certain degree of risk, mitigated and balanced by the fact that Alterna Savings is a healthy and growing financial institution.

What are the benefits of Special Shares to members?

Special Shares have been a good long-term investment option for members, providing an attractive annual return. And, since they’re RRSP eligible, they’ve been a suitable addition to the RRSP portfolios of many members. Special Shares have also given members the opportunity to help the credit union build for the future.

What are the benefits of Special Shares to Alterna Savings?

Special Shares help strengthen the capital base and financial foundation of Alterna Savings, and have helped us exceed the minimum capital requirements set by regulation.

When was the selling period, and how many shares were sold?

Sales ran from February 12, 2002 to August 11, 2002, and 15,623,234 Special Shares were sold. Each share was worth $1.

How does the redemption process work and how can I submit a redemption request?

You may apply to redeem some or all of your Special Shares between March 1 and August 31 of each year. Up to 10% of the total outstanding Class A Special Shares Series 1 may be redeemed in one year. Requests will be considered on a first-come, first-served basis, based on the time and date stamped on your returned form.
To submit a redemption request:

  • Complete the General Subscription, Transfer and Redemption Form, available at your branch
  • Completed redemption forms should be sent to: Deposit Operations, Alterna Savings, 319 McRae Avenue, Ottawa, ON K1Z 0B9

Your form will be submitted to the Board of Directors at its first meeting following the shares’ anniversary date of September 1. You will be notified within 2-3 weeks of the meeting if your request has been approved. If your shares are redeemed, the funds will be transferred directly to your Alterna Savings account. Cheques will not be issued.

Can I purchase Special Shares? Can I sell my Special Shares to another member?

From time to time, members make requests to sell their shares to other members, or members indicate their interest in purchasing shares. Alterna Savings tries to accommodate these requests by matching members who want to sell with those who are interested in purchasing, but we cannot guarantee the fulfillment of these requests.

Alterna Savings can only transfer Special Shares to another member. The transfer must not cause the acquiring member to exceed the Special Share ownership limit of $150,000.

If you would like to request a transfer, please complete the General Subscription, Transfer and Redemption Form, available at your branch. This form should be returned to: Deposit Operations, Alterna Savings, 319 McRae Avenue, Ottawa, ON K1Z 0B9.

What is the planned dividend rate on my shares?

Members who hold Special Shares may receive a dividend if declared by the Board of Directors. These dividends are non-cumulative and are paid at a rate determined by the Board of Directors.

From 2002 through 2012, the rate policy as outlined in the Offering Statement included parameters for setting a minimum and maximum rate. These rates were to be reset as of the date of each fifth anniversary of the issuance. This resulted in Board approved rates of 6.13% from 2002-2007, 5.63% for 2018 it was 3.50%.

For a full list of historical dividend rates please refer here

How are dividends paid?

Dividends are paid in cash, and are credited to an appropriate Alterna Savings account.
In accordance with the Income Tax Act, dividends received on Special Shares are deemed to be interest income for tax purposes.

Are shares eligible to be held within registered savings plans?

Yes, Alterna’s Class A Series 1 Investment Shares are eligible for Registered Retirement Savings Plans (RRSP), Tax Free Savings Accounts (TFSA), as well as non-registered

Alterna Savings Class A Special Shares, Series 2 (formerly 1998 Metro Credit Union Investment Shares) Expand/Collapse

What are Alterna Savings Class A Special Shares, Series 2?

Alterna Savings Class A Special Shares, Series 2 are the former 1998 Metro Credit Union Investment Shares. These Special Shares were an optional equity investment in Metro (now Alterna Savings), which gave members the opportunity to earn an attractive rate of return. The shares were sold for a limited time and could only be purchased by Metro Credit Union members.

As an equity investment, there is an element of risk, explained in the Offering Statement (PDF), which is offset by our past record of performance. Special Shares are not deposits, the returns are not guaranteed and the funds are not covered by deposit insurance. Owning Special Shares involves risk. This risk is balanced by the fact that Alterna Savings is a healthy and growing financial institution.

What are the benefits of Special Shares to members?

Special Shares are a good long-term investment option for members. They have provided and will continue to provide very attractive annual dividends. As they are RRSP eligible, they have been a suitable addition to the RRSP portfolios of many members. Special Shares have also given members the opportunity to help their credit union build for the future.

What are the benefits of Special Shares to Alterna Savings?

Special Shares help strengthen the capital base, or financial foundation, of Alterna Savings. The funds have helped Alterna Savings exceed the minimum regulatory capital requirements. This has provided Alterna Savings with the capital necessary to invest in new services and technology.

What was the sales period and how many shares were sold?

These Special Shares were sold from October 1, 1997 to March 28, 1998, during which time 6,944,437 shares were sold. Each share was worth $1.

How does the redemption process work and how can I submit a redemption request?

You may apply to redeem some or all of your Special Shares at least 30 days prior to each redemption date of June 30 and December 31 of each year. Up to 10% of the total Class A Special Shares Series 2 may be redeemed in one year. Requests will be considered on a first-come, first-served basis, based on the time and date stamped on your returned form.

To submit a redemption request:

  • Complete Redemption Form (PDF)
  • Attach the original Share Certificates to your Redemption Request Form. If you cannot locate your certificates you must complete the Statutory Declaration for Lost Alterna Savings Investment Share Certificate (PDF)
  • Completed redemption forms should be sent to the following address: Financial Services department, Alterna Savings, 319 McRae Avenue, Ottawa, ON K1Z 0B9

Your form will be submitted to the Board of Directors at the next available meeting following the prescribed redemption dates. You will be notified within 2-3 weeks of the meeting if your request has been approved. If your shares are redeemed, the funds will be transferred directly to your Alterna Savings account. Cheques will not be issued.

Can I purchase Special Shares? Can I sell my Special Shares to another member?

From time to time, members make requests to sell their shares to other members, or members indicate their interest in purchasing shares. Alterna Savings tries to accommodate these requests by matching members who want to sell with those who are interested in purchasing; however, we cannot guarantee the fulfillment of these requests.

Alterna Savings can only transfer Special Shares to another member. The transfer must not cause the member to exceed the Special Share ownership limit of $100,000. The transfer request must be approved by the Alterna Savings Board of Directors.

To request a transfer, please complete the Transfer Request Form (PDF). This form should be returned to: Financial Services department, Alterna Savings, 319 McRae Avenue, Ottawa, ON K1Z 0B9.

What is the planned dividend rate on my shares?

Members who hold these investment shares may receive a dividend if declared by the Board of Directors. These dividends are non-cumulative and are paid at a rate determined by the Board of Directors. The dividend rate, if declared by the Board of Directors, is determined at the end of each year. The dividend rate for 2018 has been declared by the Board of Directors as 3.50%.

For a full list of historical dividend rates please refer here.

How are dividends paid?

Dividends are paid in the form of more Special Shares. They are credited to an appropriate Alterna Savings account. Members can also make a one-time, irrevocable choice to receive future annual dividends in the form of cash. You can indicate this choice by filling out an Irrevocable Dividend Election Form (PDF). Instructions are included with the form.

Are Special Shares RRSP eligible?

Special Shares are RRSP eligible. Alterna Savings Special Shares have been a suitable addition to the RRSP portfolios of many members, except those aged 58 and over.

Still have questions?

For more information:
Call us, email us, or visit any Alterna Savings branch.

Alterna Savings Class A Investment Shares, Series 3 Expand/Collapse

Investment Shares are an exclusive equity investment in Alterna Savings offered only to our members, providing the ideal opportunity to earn an attractive rate of return. As an equity investment, there is an element of risk, explained in the Offering Statement (PDF), which is offset by our past record of performance.

Why is Alterna Savings selling Investment Shares?

Funds raised through the sale of Investment Shares strengthen the capital base, or financial foundation, of Alterna Savings. These funds will help the credit union continue to exceed financial reserve regulations and have the necessary capital to invest in new technology which we can use to offer expanded services to our membership.

Are Investment Shares eligible for Registered Retirement Savings Plans (RRSP) and Tax-Free Savings Accounts (TFSA)?

Yes, Alterna Savings’ Investment Shares are eligible to be held in member non-registered, RRSP or TFSA portfolios.

How are Investment Shares different from the Membership Shares I already have?

Membership Shares are the class of shares required to be able to do business with Alterna Savings. Your membership generally begins with the purchase of a $15 Membership Share, which entitles you to have one vote at Alterna Savings Annual General Meeting.

Investment Shares are an investment made available exclusively to members, and are only available through special, time-limited offerings. In certain cases and limited circumstances as outlined in Alterna Savings’ Articles of Incorporation and in the Credit Unions and Caisses Populaires Act, 1994, there can be shareholders’ meetings for holders of Investment Shares, at which time the voting would be on a one-share, one-vote basis. The direction of the Credit Union and election of the Board, however, are still controlled through democratic votes by members at the Annual General Meeting.

Who may purchase Investment Shares?

The sale of Investment Shares is restricted to members of Alterna Savings who are age 18 or over and who reside in Ontario or Quebec.

What type of investor should consider Investment Shares?

Investment Shares are suitable for people who are seeking a long-term investment, looking for ways to diversify their investments, and willing to accept a moderate level of risk for potentially higher returns, and who believe in the future of Alterna Savings.

What type of investor should not consider Investment Shares?

Investment Shares are not suitable for those who will need or may need access to their funds in the short-term or those who prefer minimal risk. Investment Shares will not be sold in RRSPs to investors who have reached 66 years of age, as those members will be required to convert their RRSPs to RRIFs before redemption of these shares is legally possible.

What is the purchase price of an Investment Share?

Each Investment Share is priced at $1.00.

What is the selling period? How many Shares will be sold?

The sales period for these special shares began on October 3, 2011, and continued until subscriptions reached the maximum issue of $35 million. the final day of sales was February 29, 2012. The day sales cease is referred to as the “closing date”.

Are there minimum and maximum investment limits? If so, why?

Yes. The minimum investment is $1,000 and the maximum is $200,000. The purpose of the limits is to make the Investment Shares easily accessible and widely available, without unduly restricting those who wish to make larger investments.

What is the minimum dividend rate?

Dividends are not cumulative, which means, if a dividend is not paid in a given year, it’s not added to the next dividend. Important note: dividends are not guaranteed and must be approved on an annual basis by the Board of Directors. Dividends are legally prohibited if Alterna Savings fails to comply with minimum capital and liquidity levels. The dividend rate for 2018 has been declared by the Board of Directors as 3.50%.

For a full list of historical dividend rates please refer here.

When will the Shares be issued and the dividends paid?

The Investment Shares will be issued within 60 days after the closing of the offering. Dividends, if declared, will be declared by the Board after each fiscal year-end and before the Annual General Meeting. Any dividend paid regarding the fiscal year in which the shares are issued may be pro-rated.

What are the risks?

Investments in the “Class A Investment Shares, Series 3”, are subject to a number of risks both on the investment principal and the payment of dividends.

We recommend reviewing page 21 of the Offering Statement (PDF) for complete details on the risks associated with the purchase of these shares.

When can I redeem my Investment Shares?

The Credit Union will begin accepting redemption requests six months before the end of the fifth year–following the fiscal year in which the shares were issued. Alterna Savings will accept requests until the end of that period, and will repeat this process in subsequent years.

The total amount of redemptions by members, in any year, is limited to a maximum of 10% of the total amount of Investment Shares outstanding at the beginning of that year. In order of priority, ongoing redemptions will be processed because of death or estate fulfilments, expulsion from membership, and then on a first-come, first-served basis, up to the annual 10% limit.

What if I have funds at another institution that I wish to invest?

If the funds are in demand accounts (savings, chequing, variable rate RRSPs) or in mutual funds or other accessible investments, Alterna Savings can arrange for the transfer of the funds immediately with your written authorization. If you have a fixed term RRSP or GIC maturing in the near future, you can also sign a transfer form to bring the funds to Alterna Savings upon maturity, as long as the funds can be received prior to the closing date of the Investment Shares offering.

Can I sell my shares to another member?

Investment Shares are not publicly traded and there is no secondary market. Alterna Savings will help facilitate transfers between members when possible, if one member wishes to sell his or her Investment Shares and another member wishes to purchase the Shares. There is no guarantee that such a transfer will be possible when requested.

How will Canada Revenue Agency treat my dividend income?

According to the Canada Revenue Agency, the dividends from Investment Shares will be treated as interest income from a Canadian source, which must be reported on the investor’s income tax return. Alterna Savings will issue and mail to each investor the appropriate T5 form for this purpose.

How do I invest?

Visit your local Alterna Savings branch to pick up a copy of our Offering Statement (PDF), call to arrange an appointment with an Investment Shares salesperson, or call 1.877.560.0100 for more information.

If you intend to purchase Investment Shares, you’ll be asked to sign a Subscription Form which states that you’ve read the Offering Statement, and have determined the suitability of this investment for your financial situation.

Dividends on these securities are not guaranteed. There is no market through which these securities may be sold. The prospective purchaser of these securities should carefully review the offering statement and any other documents it refers to. This is not an offering statement.

Alterna Savings Class A Investment Shares, Series 4 Expand/Collapse

Alterna Savings Class A Special Shares, Series 4 are the former 1998 Northern Lights Credit Union Investment Shares. These Special Shares were an optional equity investment in Northern Lights Credit Union (now Alterna Savings), which gave members the opportunity to earn an attractive rate of return. The shares were sold for a limited time and could only be purchased by Northern Lights Credit Union members.

As an equity investment, there is an element of risk, explained in the Offering Statement(PDF), which is offset by our past record of performance.

Why is Alterna Savings selling Investment Shares?

Funds raised through the sale of Investment Shares strengthen the capital base, or financial foundation, of Alterna Savings. These funds will help the credit union continue to exceed financial reserve regulations and have the necessary capital to invest in new technology which we can use to offer expanded services to our membership.

Are Investment Shares eligible for Registered Retirement Savings Plans (RRSP) and Tax-Free Savings Accounts (TFSA)?

Yes, Alterna Savings’ Investment Shares are eligible to be held in member non-registered, RRSP or TFSA portfolios.

How are Investment Shares different from the Membership Shares I already have?

Membership Shares are the class of shares required to be able to do business with Alterna Savings. Your membership generally begins with the purchase of a $15 Membership Share, which entitles you to have one vote at Alterna Savings Annual General Meeting.

Investment Shares are an investment made available exclusively to members, and are only available through special, time-limited offerings. In certain cases and limited circumstances as outlined in Alterna Savings’ Articles of Incorporation and in the Credit Unions and Caisses Populaires Act, 1994, there can be shareholders’ meetings for holders of Investment Shares, at which time the voting would be on a one-share, one-vote basis. The direction of the Credit Union and election of the Board, however, are still controlled through democratic votes by members at the Annual General Meeting.

Who may purchase Investment Shares?

The sale of Investment Shares is restricted to members of Alterna Savings who are age 18 or over and who reside in Ontario or Quebec.

What type of investor should consider Investment Shares?

Investment Shares are suitable for people who are seeking a long-term investment, looking for ways to diversify their investments, and willing to accept a moderate level of risk for potentially higher returns, and who believe in the future of Alterna Savings.

What type of investor should not consider Investment Shares?

Investment Shares are not suitable for those who will need or may need access to their funds in the short-term or those who prefer minimal risk. Investment Shares will not be sold in RRSPs to investors who have reached 66 years of age, as those members will be required to convert their RRSPs to RRIFs before redemption of these shares is legally possible.

What is the purchase price of an Investment Share?

Each Investment Share is priced at $1.00.

Are there minimum and maximum investment limits? If so, why?

Yes. The minimum investment is $1,000 and the maximum is $200,000. The purpose of the limits is to make the Investment Shares easily accessible and widely available, without unduly restricting those who wish to make larger investments.

What is the minimum dividend rate?

Dividends are not cumulative, which means, if a dividend is not paid in a given year, it’s not added to the next dividend. Important note: dividends are not guaranteed and must be approved on an annual basis by the Board of Directors. Dividends are legally prohibited if Alterna Savings fails to comply with minimum capital and liquidity levels. The dividend rate for 2018 has been declared by the Board of Directors as 3.50%.

For a full list of historical dividend rates please refer here.

When will the dividends be paid?

Dividends, if declared, will be declared by the Board after each fiscal year-end and before the Annual General Meeting. Any dividend paid regarding the fiscal year in which the shares are issued may be pro-rated.

What are the risks?

Investments in the “Class A Investment Shares, Series 4”, are subject to a number of risks both on the investment principal and the payment of dividends. 

We recommend reviewing the Shares Resolution (PDF) and Offering Statement(PDF) for complete details on the risks associated with the purchase of these shares.

When can I redeem my Investment Shares?

The Credit Union will begin accepting redemption requests six months before the end of the fifth year–following the fiscal year in which the shares were issued. Alterna Savings will accept requests until the end of that period, and will repeat this process in subsequent years.

The total amount of redemptions by members, in any year, is limited to a maximum of 10% of the total amount of Investment Shares outstanding at the beginning of that year. In order of priority, ongoing redemptions will be processed because of death or estate fulfilments, expulsion from membership, and then on a first-come, first-served basis, up to the annual 10% limit.

What if I have funds at another institution that I wish to invest?

If the funds are in demand accounts (savings, chequing, variable rate RRSPs) or in mutual funds or other accessible investments, Alterna Savings can arrange for the transfer of the funds immediately with your written authorization. If you have a fixed term RRSP or GIC maturing in the near future, you can also sign a transfer form to bring the funds to Alterna Savings upon maturity, as long as the funds can be received prior to the closing date of the Investment Shares offering.

Can I sell my shares to another member?

Investment Shares are not publicly traded and there is no secondary market. Alterna Savings will help facilitate transfers between members when possible, if one member wishes to sell his or her Investment Shares and another member wishes to purchase the Shares. There is no guarantee that such a transfer will be possible when requested.

How will Canada Revenue Agency treat my dividend income?

According to the Canada Revenue Agency, the dividends from Investment Shares will be treated as interest income from a Canadian source, which must be reported on the investor’s income tax return. Alterna Savings will issue and mail to each investor the appropriate T5 form for this purpose.

How do I invest?

Visit your local Alterna Savings branch to pick up a copy of our Offering Statement (PDF), call to arrange an appointment with an Investment Shares salesperson, or call 1.877.560.0100 for more information.

If you intend to purchase Investment Shares, you’ll be asked to sign a Subscription Form which states that you’ve read the Offering Statement, and have determined the suitability of this investment for your financial situation.

Alterna Class A Investment Shares, Series 5 Expand/Collapse


There’s no better investment.



Alterna’s Class A Investment Shares, Series 5 are a unique and exclusive investment opportunity for Alterna Savings Ontario Resident Members only. These shares are a low-risk investment that offer a great rate of return. Each share is worth one Canadian dollar ($1 CAD).

With 33 locations in Ontario, we offer a full range of financial products and services, all with a commitment to supporting the well-being of our members, employees and communities.

Since Alterna Savings is member-owned, our profits go right back into our operations so we can serve you and our communities better. It’s that simple, so you can feel good about investing in a financial institution that is 100% owned by its Members.

Whats unique about Alterna Shares? 

Alterna’s Class A Investment Shares, Series 5 are unique compared to common shares because:

  • You’ll be investing in a financial institution that is 100% owned by its Members – including you. You’ll need to become a member if you aren’t one already in order to be eligible to purchase the Class A Investment Shares, Series 5. It’s easy to become a member, as long as you’re an Ontario resident.

  • Income earned is taxed as interest on Class A Investment Shares, Series 5; whereas common shares income is normally taxed as dividends.

  • There is no secondary market (stock market) where Class A Investment Shares, Series 5 can be traded.

  • Class A Investment Shares, Series 5 will have a fixed redemption value, unlike common shares which are valued by many variables of the market

What is the minimum and/or maximum amount of shares members can purchase? 

  • Members are required to purchase a minimum of $1,000 (1,000 shares) and are limited to a maximum of $200,000 (200,000 shares).

Why are there multiple closing periods? 

  • For Class A Investment Shares, Series 5, Alterna has decided to offer multiple closing periods during the six-month sales period allowing it to issue shares during each month rather than waiting until the end of the six months or until the target of 75 million shares is reached. Shares issued at the end of each month will be considered as capital, allowing Alterna to continue to grow.

  • There are no differences in terms and conditions of the shares being offered during different closing periods. All shares issued will be Class A Investment Shares, Series 5.

How long is the investment term? 

  • Alterna’s Class A Series 5 Investment Shares do not have a defined term; if a Member does not wish to hold their Class A Series 5 Investment Shares any longer, they are limited to either redeeming or transferring their shares, subject to the following restrictions. The shares cannot be redeemed at the shareholder’s option until the fifth fiscal year following the fiscal year in which the shares were issued. Transfers of shares during this period are possible if Alterna Savings is able to find a buyer.

  • Members that wish to redeem their shares after the initial 5-year period from the date of issuance can only do so through a branch of Alterna. There is no secondary market for any of Alterna’s Class A Series 5 Investment Shares. Annual redemptions are limited to 10% of the amount of shares outstanding at the beginning of the year, and redemption requests above that limit will be carried forward to the following year. All redemptions and/or transfers must be approved by the Alterna Savings Board, subject to Applicable Law.

What is the dividend rate? 

  • The minimum annual dividend rate is 4.00% for the first 5 years (if dividends are declared), prorated for the first year of issuance. The dividend rate is subject to change after the initial 5 years, as outlined within the Offering Statement.
  • For 2019 it was 4.00%. For a full list of historical dividend rates please refer here.


  • Dividends (taxed as interest) are not guaranteed to be declared annually and are non-cumulative (meaning if they are not paid in a year they do not carry over to the next year).

How are dividends issued? 

  • If declared, dividends are paid to the holder of the shares on the dividend payment date in the form of cash, or potentially shares.

Are shares eligible to be held within savings plans?

  • Yes, Alterna’s Class A Series 5 Investment Shares are eligible for Registered Retirement Savings Plans (RRSP), Tax Free Savings Accounts (TFSA), as well as non-registered

Purchase Information

How can I purchase shares? 

  • Visit a branch or call our Contact Centre (1.877.560.0100) to receive a copy of the Offering Statement, all purchases must occur in a branch of Alterna Savings. Members are obligated to read the Offering Statement before purchasing shares, as it is important they understand all of the risks, legalities and instructions regarding the shares before purchase. Alterna is legally obligated to provide an Offering Statement to Members before they purchase shares. Click here to view the Offering Statement online.

Who can become a Member of Alterna Savings? 

  • Anyone who is a resident in the province of Ontario can become an Alterna Savings Member. There is no fee to join Alterna; however, you are required to hold subscribe for $15 worth Membership Shares. Membership entitles you access to all the services of the credit union, and full rights as an owner/shareholder. You can discontinue Membership at any time, at which point the Membership Shares will be redeemed and returned to you.
Disclaimer
  • Minimum Dividend Rate of 4.0% annually from 2017 to 2022. Dividends not guaranteed.
  • Member must review offering statement for full details prior to purchase.

Alterna Class A Investment Shares, Series 6 Expand/Collapse

Alterna’s Class A Investment Shares, Series 6 are a unique and exclusive investment opportunity for Alterna Savings Ontario Resident Members only. These shares are a low-risk investment that offer a great rate of return. Each share is worth one Canadian dollar ($1 CAD).

Feel good about investing in a financial institution 100% owned by its Members. All of Alterna’s profits are reinvested in delivering exceptional products and services for our Members and investing in the growth and development of our local communities.  

Click to view Offering Statement.

How are these shares different from other stocks or common shares?Expand/Collapse

The main differences between common shares and Alterna’s Class A Investment Shares, Series 6 are:

  • Subscriptions for the Class A Investment Shares, Series 6 are available to Ontario Resident Members only – anyone can easily become a Member.
  • Income earned on Non-Registered Class A Investment Shares, Series 6 is taxed as interest vs. income typically earned on common shares which is taxed as dividends.

  • There is no secondary market (stock market) where Class A Investment Shares, Series 6 can be traded.
  • The confidence of knowing your Class A Investment Shares, Series 6 will have a fixed redemption value, unlike common shares which are valued by the market based on many variables.

Is there a minimum and/or maximum amount of shares Members can purchase?Expand/Collapse

  • Members are required to purchase a minimum of $1,000 (1,000 shares) and are limited to a maximum of $200,000 (200,000 shares) total, including shares held jointly. Rules apply for shares held jointly, or for shares held within a separate legal entity but beneficially owned by an individual.

Why are there multiple closing periods?Expand/Collapse

  • In the prior investment share issuances, sales period lasted six months and at the end of the sales period Alterna would issue shares. For Class A Investment Shares, Series 6, Alterna has decided to offer multiple closing periods allowing it to issue shares during each month rather than waiting for six months or until the target of 50 million shares is reached. Shares issued at the end of each month will be considered as capital, allowing Alterna to continue to grow.

  • There are no differences in terms and conditions of the shares being offered during different closing periods. All shares issued will be Class A Investment Shares, Series 6.

How long is the investment term?Expand/Collapse

  • The shares cannot be redeemed until 5 years from earlier of September 27, 2019 or on the date Alterna’s Capital needs are met. Transfers of shares during this period are possible if Alterna Savings is able to find a buyer. Alterna’s Class A Series 6 Investment Shares do not have a defined term; if a Member does not wish to hold their Class A Series 6 Investment Shares any longer, they are limited to either redeeming or transferring their shares.
  • Should the Member wish to redeem their shares after the initial 5-year period from the date of issuance, they can only do so through an Alterna branch, as there is no secondary market for any of Alterna’s Class A series 6 Investment Shares. Alterna Savings will first attempt to facilitate a transfer by matching the seller with a buyer and, if no buyer can be found, then the shares will be redeemed. Annual redemptions are limited to 10% of the amount of shares outstanding at the beginning of the year, and redemption requests above that limit will be carried forward to the following year. All redemptions and/or transfers must be approved by the Alterna Savings Board, subject to Applicable Law.

What is the dividend rate?Expand/Collapse

  • The Board of Directors has passed a resolution setting a minimum annual dividend rate of 4.00% for the first 5 years (if dividends are declared), prorated for the first year of issuance. The dividend rate is subject to change after the initial 5 years, as outlined within the Offering Statement.
  • For 2019 it was 4.00% prorated from the issue date. For a full list of historical dividend rates please refer here.
  • Dividends (taxed as interest) are not guaranteed to be declared annually and are non-cumulative.

Are shares eligible as registered products?Expand/Collapse

  • Yes, Alterna’s Class A Series 6 Investment Shares are eligible for Registered Retirement Savings Plans (RRSP), Tax Free Savings Accounts (TFSA), as well as non-registered plans.

How are the dividends issued?Expand/Collapse

  • If declared, dividends are paid to the holder of the shares on the dividend payment date in the form of cash.

Are shares eligible for deposit insurance?Expand/Collapse

  • Alterna’s Class A Series 6 Investment Shares are not eligible for deposit insurance by the Financial Services Regulatory Authority of Ontario (FSRA), formerly DICO.


Purchase Information

How do I purchase shares?Expand/Collapse

  • Visit a branch or call our Contact Centre (1.877.560.0100) to receive a copy of the Offering Statement, all purchases must occur in a branch of Alterna Savings. Members are obligated to read the Offering Statement before purchasing shares, as it is important they understand all of the risks, legalities and instructions regarding the shares before purchase. Alterna is legally obligated to provide an Offering Statement to Members before they purchase shares. Click here to view the Offering Statement online.

Who is allowed to purchase the shares?Expand/Collapse

  • Alterna’s Class A Series 6 Investment Shares are available to individuals (age 18 and over) as well as corporations and partnerships that reside in the province of Ontario that are Members of Alterna Savings.

Who can become a Member ?Expand/Collapse

  • Anyone who is a resident in the province of Ontario can become an Alterna Savings Member. Although there is no fee to join Alterna, you are required to hold a Membership Share. A Membership share is $15 and entitles you access to all the services of the credit union, and full rights as an owner/shareholder. You can discontinue Membership at any time, at which point the Membership Share will be redeemed.



Minimum dividend rate is 4.0% annually from 2019 to 2024 if dividends are declared. Declaration of dividends is not guaranteed. Dividends are non-cumulative. Member must review offering statement for full details prior to purchase. Only members may purchase Class A Investment Shares, Series 6.