Thanksgiving Day Long Weekend
Please note that our branches will be closed on Monday, October 10, 2022 for the Thanksgiving Day holiday.
Our Contact Centre will be open from 9:30 am to 4:00 pm EDT. Online banking and ATMs are available for your convenience.
Alterna Savings Class A Investment Shares, Series 4
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.
Why does Alterna Savings sell Investment Shares?
Funds raised through the sale of Investment Shares strengthen the capital base, or financial foundation, of Alterna Savings. These funds 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, 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.
Price of an Investment Share?
Each Investment Share is priced at $1.00.
Are there minimum and maximum investment limits?
Yes. The minimum investment is $1,000 and the maximum is $200,000.
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.
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.
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.
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.
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.
Dividends on these securities are not guaranteed. There is no market through which these securities may be sold.
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