Class B Investment Shares

Oshawa Community Credit Union extends an exclusive investment opportunity through our Special Class B Shares. OCCU has paid back over $2 million in dividends to our membership since inception, resulting in an average annual rate of 4.47%. These shares stand as a testament to our commitment to offering members more than just basic banking services. They symbolize a partnership that goes beyond the ordinary, nurturing a distinctive connection between the credit union and its members. Explore the opportunities presented by joining in our special shares program and elevate your financial journey with us.

Class B Investment Shares are now available to invest in your Tax Free Savings Account!

High Rate of Return

Class B Shares target to pay an annual dividend of the Bank of Canada 5-year bond rate at year-end plus 1.50%. Dividends are not guaranteed, however as of 2022 the dividend target on Class B Shares has always been met. Since 1997, the average dividend paid on Class B Shares is 4.47%.

Fixed Redemption Value

Unlike common shares that are valued by the market and fluctuate in price, Class B Investment Shares have a fixed redemption value and no secondary market. This means you redeem them for the same price you paid for them, plus any dividends received in-kind.

Frequently Asked Questions

What are the eligibility requirements to purchase Class B Shares?
To purchase Class B Shares, you must be an Oshawa Community Credit Union member and at least 18 years old. No other eligibility requirements apply.

Is there a minimum purchase amount required?
The minimum amount of Class B Shares to be purchased is 1,000 shares ($1,000) per member.

What is the maximum amount of shares each Oshawa Community Credit Union member can hold?
The maximum amount of Class B Shares that one Oshawa Community Credit Union Member can hold is 50,000 shares ($50,000) plus any accumulated dividends paid in additional Class B Shares.

How do I purchase Class B Shares?
To purchase Class B Shares, contact us and join our waitlist. When shares become available, you'll be notified and can choose to buy them. Purchase options include non-registered accounts, RRSPs, or TFSAs.

What is the process to sell or redeem my shares?
The transfer of Class B Shares is restricted to another member of Oshawa Community Credit Union and is subject to Board approval. In the event of a transfer, Oshawa Community Credit Union will facilitate the process. However, in the unlikely scenario where no recipient is available for the transfer, the shares may need to be redeemed. Such redemptions are subject to adherence to liquidity and capital requirements as outlined by Regulations and noted in the Original Offering dated March 31, 1997.

How are the dividends issued?
Class B Shares target to pay an annual dividend of the Bank of Canada 5-year bond rate at year-end plus 1.50%. Dividends are cumulative and are taxed as interest income. Dividends are not guaranteed.

Dividends are typically declared by the Board in January and paid in February.

Has Oshawa Community Credit Union ever not paid a dividend?
No, as of 2022 the dividend target on Class B Shares has always been met. Since 1997, the average dividend paid on Class B Shares is 4.47%.

Are the Class B Shares eligible for deposit insurance?
Class B Investment Shares are not eligible for deposit insurance by the Financial Services Regulatory Authority (FSRA).

Can I use my current investments to purchase Class B Shares?
If you hold a non-redeemable GIC with Oshawa Community Credit Union, you have the option to redeem it without incurring any penalty, provided that the redeemed funds are used for the purchase of Class B Shares.

Would you like the opportunity to purchase these shares? Join the waitlist today!

View Oshawa Community Credit Union's Original Share Offering from 1997

Additional Capital Shares

Members of Oshawa Community Credit Union can purchase up to $900 in additional uninsured Capital Shares. Since 2002, OCCU's Board of Directors has approved dividend payments on Capital Shares ranging from 2.5% to 7.5%.

Interested?

Please complete the form below and submit to our office. If you have additional questions, read through our FAQs listed below or call the office to speak with one of our Member Service Representatives.

Frequently Asked Questions

What is the minimum Capital Share requirement?

Members are required to each hold a $100 Capital Share.

What are Patronage Shares?

Dividends paid on the Capital Shares is known as Patronage Shares.

What is the maximum amount of Additional Capital Shares a member may purchase?

Members may purchase up to $900 each of Additional Capital Shares to a total of $1,000.

Why you would consider this investment option?

For the 13th consecutive year, OCCU’s Board of Directors has approved profit sharing with members totalling $4.1M, specifically, $361K paid on the Capital and Patronage Shares. OCCU’s history of strong capital and financial results supports our commitment to the membership and vision of providing a safe, trusted and innovative environment offering financial security to current and future generations.

Why is OCCU informing you of this opportunity at this time?

Your Additional Capital Shares investment will provide us with additional capital in the event a business expansion opportunity arises in the future. Furthermore, with more members doing business with us, we can continue to provide you with innovative products, services and added convenience. Under provisions of the Credit Union and Caisses Populaires Act, proclaimed on October 1st, 2009, and amendments to OCCU’s Bylaws approved by the membership on April 6, 2010, we are able to provide you with the option to purchase Additional Capital Shares.

What are the limitations?

Like your existing Capital Shares, the Additional Capital Shares are not covered by our deposit insurer (Financial Services Regulatory Authority of Ontario (FSRA).
In the unlikely event the Credit Union fails to maintain adequate regulatory capital, we will be unable to release the Capital Shares, Patronage Shares or Additional Capital Shares until adequate capital is restored.
The Additional Capital Shares do not entitle the holder to additional voting privileges.
Capital Shares, Patronage Shares and Additional Capital Shares are not RRSP eligible.
Withdrawals from your Capital Shares and Additional Capital Shares are restricted and only redeemed upon death, expulsion or closing of the membership.