Member dividends
Cooperative finance is a win-win.
What are member dividends?
Member dividends are a reflection of our cooperative difference. They’re amounts that come out of our year-end surplus earnings, paid out to members and the community.
$505 million
million in member dividends for 202596%
of members eligible for dividends$69
million in community dividends
When are member dividends paid out?
Member dividends are paid out in June. Prior to the pay out date, members can attend their caisse’s annual general meeting (AGM) and vote on how surplus earnings are distributed, which includes member dividends. Your individual member dividend is then calculated based on the outcome of the vote.
- AGM dates: March and April
- Calculation of member dividends: May
- Member dividend payment: June
Who’s eligible for member dividends?
Member dividends
Personal members
Business members
Community dividends
Associations, institutions and organizations within the area served by the caisse and eligible for the Community Development Fund
If you were a caisse member during the last fiscal year, you’re eligible for member dividends.
If you closed your account within the last year and you don’t receive your dividend, contact your former caisse to see if any amounts are owed to you.
Understanding member dividends
Member dividends are divided into 2 categories: product dividends and volume dividends. You may qualify for either or both.
Select a topic or scroll down for more details.
Product dividends
Product dividends are for personal members. Business members are not eligible for the product dividend.
The maximum amount of the product dividend is $75.
The amount is determined based on:
- Eligible products you have in each of the 4 product lines
- How many months you’ve had these eligible products
Good to know
If you’re 30 or younger, all you need is 1 eligible product in 3 of the 4 product lines to qualify for the product dividend.
Volume dividends
For personal and business members, the volume dividend is a personalized amount. These amounts are based on the products you’ve held during the reference year.
Amounts are calculated based on your average monthly balance
A rate on every $1,000 is added to your volume amount.
Eligible products
There are 4 eligible product categories:
- Accounts
- Loans, lines of credit and credit cards
- Savings and investments
- Insurance
See the list of eligible products
The following lists are not complete. In certain cases, conditions may apply.
Accounts
| Account type | Product dividend | Volume dividend |
|---|---|---|
| Everyday accounts | Eligible | Eligible |
| Daily interest account | Eligible | Eligible |
| Non-registered savings account | Eligible | Eligible |
| Non-registered regular savings account | Eligible | Eligible |
| Prepaid cards | Eligible | Eligible |
Loans, lines of credit and credit cards
| Financing type | Product dividend | Volume dividend |
|---|---|---|
| Accord D financing | Eligible | Eligible |
| Loans | Eligible | Eligible |
| Lines of credit | Eligible | Eligible |
| Credit cards | Eligible | Eligible |
Savings and investments
| Saving and investment type | Product dividend | Volume dividend |
|---|---|---|
| Guaranteed investment certificates (GICs) | Eligible | Eligible |
| Savings accounts | Eligible | Eligible |
| Regular savings accounts | Eligible | Eligible |
| Desjardins Funds | Eligible | Eligible |
| Helios2 Contract guaranteed investment funds | Eligible | Eligible |
| Market-linked guaranteed investments | Eligible | Eligible |
| Guaranteed fixed-rate investments | Eligible | Eligible |
| Group plans held at Desjardins Trust Inc. | Not available | Eligible |
| Products held at Desjardins Securities Inc. | Eligible | Not available |
| Wealth management investment services | Not available | Eligible |
| Immediate annuities | Eligible | Eligible |
Insurance
| Type of insurance | Product dividend | Volume dividend |
|---|---|---|
| Vehicle insurance | Eligible | Eligible |
| Home insurance | Eligible | Eligible |
| Loan, line of credit and credit balance insurance | Eligible | Eligible |
| Life and health insurance | Eligible | Eligible |
| Savings-Life Insurance | Eligible | Eligible |
| Life insurance for ages 50 and over | Eligible | Eligible |
| Travel insurance | Eligible | Eligible |
| Property and casualty insurance for business | Not available | Eligible |
Is the member dividend taxable?
Generally speaking, we’ll send you tax slips for the following dividends and products:
- Product dividends
- Volume dividends for accounts, non-registered savings, funds, credit cards, wealth management investment services and any product for which you receive a tax slip.
The taxable portion of your dividends is included in a T5 slip (federal) and Relevé 3 (Quebec) when the total taxable amount (dividends and other taxable amounts paid out by your caisse) exceeds $50.
However, there are certain exceptions:
- Volume dividends for loans and lines of credit aren’t taxable as long as you don’t deduct the interest expenses
- Volume dividends linked to a registered account (RRSP) held at the caisse aren’t taxable as long as they’re deposited into the registered account
- Volume dividends for the Insurance product line aren’t taxable.
For more information about your taxes, contact an accountant or tax specialist.
Understanding community dividends
Community dividends help caisses support local projects through the Community Development Fund. Each year, several millions are given back to the community through available surplus earnings.
This fund aims to support associations, institutions and organizations within the area served by the caisse in the following areas:
- Academic success and training
- Healthy living
- Humanitarian work and community involvement
- Sports, recreation, arts, culture and tourism
- Housing and local services
- Environment
- Entrepreneurship and business succession
- Employment and workforce
- Excellence and innovation hubs
FAQ
Where are member dividends deposited?
If you’re a member of only 1 caisse
Product dividends and Volume dividends
Into your everyday account
If you’re a member of multiple caisses
Product dividends
Into your everyday account
Volume dividends
These are deposited into the everyday account at the caisses that pay out the volume dividends.
If you have a registered plan15
Volume dividends
These are deposited into the registered account where you hold the products for which you’re receiving dividends. If you don’t have a registered account, the volume dividends are deposited into your everyday account and become taxable.
Why was the amount deposited in my chequing account different from the amount I saw on AccèsD or in the letter I received?
There are 2 possible reasons for the discrepancy:
- The amount on AccèsD or in the letter corresponds to your total dividend amount, which includes member dividends from all the caisses you do business with.
- If a portion of your members dividend comes from registered plans, then that portion is deposited in your registered plan account.
I have an RRSP. Why did I receive tax slips?
Dividends aren’t taxable if they’re paid into a registered account under the same plan. However, if you no longer have an account associated with that plan, the dividends become taxable if they’re deposited into your everyday account or paid by cheque.
I have a jointly held product with someone else. Who gets the dividend?
It depends on the type of dividend.
Yes, you’ll both be fully recognized for having a product in this product line.
- With a mortgage, each person is eligible as if they were the only one on the account.
- Exceptions include credit cards, Accord D financing and wealth management investment services, where only the primary product holder is eligible.
For the volume dividend, we split the volume evenly between the co-borrowers. For example, if you have a $200,000 mortgage, you’ll each get a dividend based on a volume of $100,000.
I do business with multiple caisses. Do I qualify for the product dividend if I have 3 product lines at one caisse and another product line at a second caisse?
Yes. Our aim is to reward members for all products they have across Desjardins Group. All eligible products you had during the last year will be counted.