Changes to 2021 Profit Sharing

Lakeland Credit Union is changing the way our members accumulate Common Shares and the way we distribute Profit Sharing.

At our March 2021 Annual General Meeting our members voted on bylaw amendments that increased the maximum aggregate balance for Common Shares from $10,000 to $65,000.  The contribution limit remains at $10,000.

Dividends will continue to be paid into Common Share accounts; however, all patronage will now be paid into your personal or business chequing or savings account. 

With the introduction of your patronage being paid directly into your account, we will no longer be offering the annual 20% Common Share Cash Back withdrawal option. 

In recent years our Profit Share Program made payments to member’s Common Share accounts in early January.  New for 2021, dividends will be paid to Common Share accounts and patronage to a member’s personal or business chequing or savings account in early December.  Common Share Summary statements will arrive in the mail the week of December 6^th.