Discussions

co-op equity

ece2
Joined: This month
Posts: 923

ece2
Joined: This month
Posts: 923

co-op equity
7/21/2015 at 1:59 PM

Has anybody ever closed their co-op account? When you close it do you get any of the patronage equity thing they say you have accumulated on the statement? Can anyone close their account for any reason? Just curious.
Kassie
Joined: Apr 2009
Posts: 99

Kassie
Joined: Apr 2009
Posts: 99

Co-op
7/21/2015 at 2:08 PM

I used to work at the Co-op. You can close your account if you are moving out of the trading area (there may be other reasons you can close your account too but you would need to talk to the Co-op). When you close your account you receive all of your equity.
UpHere49
Joined: Mar 2008
Posts: 169

UpHere49
Joined: Mar 2008
Posts: 169

Also
7/21/2015 at 5:32 PM

I believe once you turn 65 you can apply for the accumulated equity - without closing your account. And, from there forward, your yearly patronage dividend will be 100% cash, without any further equity being built.

CatMan
Joined: May 2012
Posts: 1144

Joined: May 2012

Posts: 1144

Taxable?

7/21/2015 at 6:16 PM

UpHere49 said "I believe once you turn 65 you can apply for the accumulated equity - without closing your account. And, from there forward, your yearly patronage dividend will be 100% cash, without any further equity being built. "

So if you were able to cash out your equity, would that be considered taxable income?

jillvander
Joined: Mar 2013
Posts: 284

jillvander
Joined: Mar 2013
Posts: 284

Taxable, yes.
7/21/2015 at 7:47 PM

I moved away from Saskatoon (to come here) and cashed out my coop account. I received all my equity and a T4 at the end of the year so I could claim it on my taxes.