Sunova Credit Union, together with Hubert Financial, announce a 4.83% dividend payable in May 2020 | Hubert Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Sunova Credit Union, together with Hubert Financial, announce a 4.83% dividend payable in May 2020
May 12, 2020
10:45 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3532
Member Since:
December 12, 2009
sp_UserOnlineSmall Online

Based on your share and surplus account balances for the preceding twelve months (exact calculation is somewhat complicated and I will explain on request), Sunova Credit Union, Limited, together with its Hubert Financial virtual banking branch transit, announced a somewhat higher than expected 4.83% common share dividend payable in May 2020. This compares to 4.92% paid in May 2019. They've updated the historical returns.

We'll probably see the dividend dip next year, in light of COVID-19, but I now expect them to keep it at or slightly above 4% next year.

Cheers,
Doug

May 12, 2020
10:59 am
pooreva
Member
Members
Forum Posts: 111
Member Since:
April 2, 2018
sp_UserOfflineSmall Offline

I have initial $5 in 'Share#1' account. I never saw any dividend on my $5. Maybe it is too low but 4.83% is still $0.24.

May 12, 2020
4:57 pm
Loonie
Member
Members
Forum Posts: 6192
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

What dividend? I've belonged to Hubert for several years, usually with over 100K for most of the year, but have n er seen a penny. Perhaps the inclusion of Hubert is new?

May 12, 2020
5:11 pm
Norman1
Member
Members
Forum Posts: 3215
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Sunova used to pay dividends on the one Sunova share that Hubert members have. I received the dividend in the past and it was responsible for a discrepancy in my T5 slip.

That changed around 2015.

Mhooper reported that Sunova no longer pays dividends to those who have one share or less.

May 12, 2020
5:29 pm
Shawguy
Member
Members
Forum Posts: 241
Member Since:
December 18, 2008
sp_UserOfflineSmall Offline

You have to have more than the $5 share to get dividends. Normally you can purchase up to $1000 in shares, but sometimes like last year they let you go above. I have got $3500 in shares at the moment.

May 12, 2020
5:39 pm
Loonie
Member
Members
Forum Posts: 6192
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

thanks for the clarifications.
I won't hold my breath, then!

May 12, 2020
6:00 pm
GICinvestor
Member
Members
Forum Posts: 605
Member Since:
April 26, 2019
sp_UserOfflineSmall Offline

This was discussed a long time ago.

If I recall the dividend applies to 2 or more.
You can put them into TFSA.

My question is......do you have to declare the dividend as a dividend or interest if in a non registered account? Would you have to declare every year or when you cash out?

Does TFSA by its nature allow you to avoid declaring dividends if purchased directly into a TFSA?

May 12, 2020
6:01 pm
Yatti420
Canada
Member
Members
Forum Posts: 381
Member Since:
July 10, 2011
sp_UserOfflineSmall Offline

I'm still confused what the minimum actually is.. Yes they do allow shares to be placed in a TFSA structure.. I have more then one but didn't get a payout for last few years..

May 12, 2020
6:09 pm
GICinvestor
Member
Members
Forum Posts: 605
Member Since:
April 26, 2019
sp_UserOfflineSmall Offline

Does this help??

didn’t your parents ever teach you about sharing?

Join the club! Well it’s not really a club, but it is a pretty awesome investment opportunity known as our Member Share Program. When you become a member of Sunova, you will be eligible for a whole pile of exclusive member benefits including the opportunity to invest in our Member Share Program.

By purchasing common shares when you open your membership (as well as purchasing additional shares if you choose!*), you are investing in Sunova and become a part-owner of our organization. As an added benefit to our members, and as financial results permit, we reward our members by paying a dividend on their share investments. These dividends are paid to you in the form of surplus shares based on your share balances. Basically, the better Sunova does financially, the more surplus shares you’ll get… it’s as simple as that!

*Up to a maximum of 200 shares or $1,000.

Your investment

When you open your account, you will begin to make your investment in Sunova. Initial common share purchases vary depending on the type of account you are opening:

New personal memberships (golden, junior, student, + regular accounts)
Individual $5.00 share requirement
Joint personal memberships
Each signer is required to have an individual $5.00 common share
Non-personal memberships (business, agricultural, municipal, organization, trust, and TrustPC)
A $5.00 common share is required. Please note, if you are a signer on an account and do not have an individual account with Sunova, you are not required to have a personal $5.00 common share.
Tax implications

Any dividends paid to you on your common or surplus shares are taxable as interest income in the year they are paid. If your total interest and dividend income is more than $50, we will issue a T5 to be filed with your tax return. You must also report amounts below $50 on your income tax return.

Deposit insurance

Unlike your deposits, investments in both common and surplus shares do not qualify for deposit insurance under the Deposit Guarantee Corporation of Manitoba. As a result, it is our goal to pay higher than market rates on common shares as financial results permit.

Return guarantee

The payment of dividends is dependent on the financial success of the organization, therefore, returns in our Member Share Program are not guaranteed.

Redemption

The common shares you purchase and the surplus shares that are paid to you for holding an equity investment in the organization are intended to form part of the financial foundation for the organization. As a result, they are viewed as a long-term investment. However, you are able to apply to the Board of Directors to redeem any amounts in excess of the $1,000 minimum common share requirement. Shares may be redeemed at the sole discretion of the Board of Directors and will be influenced by the financial performance of Sunova. Partial redemptions, if approved by the board, must first redeem the common shares. Dividend eligibility is forfeited on all approved redemption amounts.

Retirement savings

Investments in our member share program are RSP and TFSA eligible. Considering our historical dividend payments, you can’t really go wrong!

For additional information on our Member Share Program and this unique investment opportunity available only to Sunova members, please contact us.

DIVIDEND PAYMENT HISTORY

May 12, 2020
6:24 pm
Yatti420
Canada
Member
Members
Forum Posts: 381
Member Since:
July 10, 2011
sp_UserOfflineSmall Offline

Sunova members were required to keep purchasing per the structure listed on the Sunova side.. Presumably because you actually get a full service state of the art CU.. For Hubert only 1 share is required to be purchased to become a member.. Additional shares may be purchased (in a TFSA/RRSP) you would have to contact them to set it up.. I'm confused on when/why/how they pay out.. This is not clear and I still cant find solid info on it from the last changes to the program (2017??)..

Edit: Looks like its only 1 share required accross the board now.. Account fees are charged in cash it looks like...

https://www.sunovacu.ca/wp-content/uploads/2020/05/DividendPaymentHistory2020.pdf

I've always had issues with dividend payouts ever since my account went dormant due to inactivty.. It was resurrected and ever since 0 dividend payouts... Still trying to figure it out as no public facing document as far as I know outlines this situation at all.. Which likely leaves anybody this has happened too in limbo..

I certainly don't believe proper discloser was ever completed in regards to dividend plan payment changes whatsoever.. Does anybody even know when this was completed? This type of stuff should not be hard to find on either Hubert (or Sunovas' side) - I've written about this before.. in other threads..

May 12, 2020
9:43 pm
Norman1
Member
Members
Forum Posts: 3215
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

pooreva said
I have initial $5 in 'Share#1' account. I never saw any dividend on my $5. Maybe it is too low but 4.83% is still $0.24.

The Share #1 account is for the common shares.

Dividends are paid in surplus shares and not in common shares. The surplus shares are in the Surplus #1 account.

May 13, 2020
6:26 am
Yatti420
Canada
Member
Members
Forum Posts: 381
Member Since:
July 10, 2011
sp_UserOfflineSmall Offline

I haven't received a single dividend payment since 2017.. I hold 50$ in shares.. Probably around 30-35 as of 2017.. I'd have to check the exact amount - but something isn't right.. I also see SHPS which I presume is the temporary account they used to "repurchase?" shares once I brought the account out of dormancy..Has anybody else had a dormant account brought back?

May 13, 2020
7:56 am
Norman1
Member
Members
Forum Posts: 3215
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

You may have to contact Hubert to get a definitive answer about the minimum to actually receive a dividend on the Sunova common shares and surplus shares.

Is it a minimum number of shares held or is it a minimum amount of dividend?

You had mentioned earlier that there was a $2.50 minimum to actually receive each dividend. I wasn't able to find anything online to collaborate what the CSR told you back then.

May 21, 2020
7:10 pm
Shawguy
Member
Members
Forum Posts: 241
Member Since:
December 18, 2008
sp_UserOfflineSmall Offline

I found the share document they gave when I purchased additional shares in June 2019. It's quite large but if you pm me.. I can email it to those that want it

May 25, 2020
5:55 pm
Yatti420
Canada
Member
Members
Forum Posts: 381
Member Since:
July 10, 2011
sp_UserOfflineSmall Offline

Dividend payout rate: 4.83%

It's payback time.

Well, the good kind of payback.

As part of our Member Share Program, we will be paying out dividends at a rate of 4.83% before the end of May. Wow! Thank you to all members for being such great part-owners of Hubert Financial and Sunova Credit Union; we're so happy to be able to 'payback' and reward your loyalty.

If you have questions about your shares, please don't hesitate to reach out.

GET IN TOUCH

You've received this email because you are a member at Hubert Financial and provided your email to us, or you have subscribed to receive news and promotions from us. We understand if you don't want to continue to get our news and you may unsubscribe from these emails at anytime below.

Privacy policy | Contact us

Need help? Call us at 1.833.378.6682

Hubert Financial

Email sent to: nug420ster@gmail.com

Sunova Credit Union
233 Main Street |
Selkirk, Manitoba | R1A 1S1 | Canada |
info@sunovacu.ca

Let me know when you receive your payouts guys..

Please write your comments in the forum.