On Tuesday, credit union leaders will be on Parliament Hill urging MPs to make sure the next budget recognizes the role credit unions play in supporting small business, creating jobs and building communities.
In the last two months, thousands of Canadians have contacted Finance Minister Joe Oliver telling him that credit unions need different – not preferential – treatment from Ottawa. Representatives from many of the country’s 317 credit unions plan to meet with MPs to reinforce that message.
As lenders to small business, credit unions say they need the federal government to recognize credit unions’ structural differences and promote policies like a capital growth tax credit.
This measure would allow co-operative financial institutions to grow retained earnings and produce an estimated $700 million in economic growth and job creation locally, while supporting more competition for consumers, credit unions say.
In August, Credit Union Central of Canada, national trade association for the Canadian credit union system, launched the “My Credit Union Matters!” campaign inviting Canadians to promote the capital growth tax credit proposal directly to the federal finance minister. Thousands of emails and hundreds of post cards have been sent from credit union members in all parts of Canada.
“Credit unions are vital to the economy and are a fundamentally different kind of financial institution,” says Martha Durdin, president and CEO, Credit Union Central of Canada. “By working with us and our 5.3 million members, the government has the opportunity to promote more economic growth and more good local jobs.”