Please note our branches will be closed on Saturday, September 30 and Monday, October 2, in observance of National Truth & Reconciliation Day.
Our Contact Centre will be open to serve our members on Saturday September 30 and on Monday, October 2, from 9:30am to 4:00pm ET. Online banking and ATMs are available for your convenience.
Alterna Savings Class A Special Shares, Series 1
(formerly 2002 CS CO-OP Special Shares)
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.
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.
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 plans.
Still have questions?
For more information, please speak to an Alterna representative at our Contact Centre, visit any Alterna Savings branch, or email us. We’d be glad to help.
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