Currently, the TFSA funds you have on deposit with our credit union are held under the Westoba Credit Union Tax-Free Savings Account specimen plan, trusteed by Concentra Trust.

At our request, the Trustee has agreed to the transfer of your TFSA contract(s) to another specimen plan, known as the Outlook Financial – A Division of Assiniboine Credit Union Tax Free Savings Account, which is also trusteed by Concentra Trust. All administration and processing continues to be conducted directly at the credit union. Your TFSA contract(s) will be amended effective January 1, 2026, to conform to this new plan..

The Declaration of Trust governing this new plan can be found by visiting Outlook Financial website, by clicking the URL below....

We suggest that you retain this Declaration with your other TFSA documents for reference.

This amendment does not alter the investments held in your TFSA contract in any fashion. Funds remain on deposit at the credit union with interest rates and investment terms remaining unchanged.

Cheers,
Doug

So keep logging in, if you want to maintain access to your account.

Rail Baron said
I'm not familiar with the Implicity amalgamation, but I do know what happened with Hubert's integration into Access Credit Union. That amalgamation took over a year, with advance notice given months ahead of the much lamented decommissioning of the Hubert web site and its transition to the inferior Access system. …

That's more likely what will actually happen.

There was no migration and integration of the Wyth accounts when EQ Bank took over Concentra. When the takeover closed November 1, 2022, Wyth account holders were given at least 90 days to onboard themselves to EQ Bank and move their funds over before the Wyth accounts would be closed.

The Wyth accounts remained open until May 2, 2023, six month later.

In the Access-Sunova-Noventis credit union merger, Access was the largest of the three. Yet, it wasn't Access' online-only AcceleRate offering that was continued. Instead, it was Sunova's Hubert that was chosen to continue.

Another reason that a sudden transition is less likely is the commitment to make the new amalgamation fully bilingual, which was made prior to the vote on integration. I expect that will add time to the amalgamation efforts.

MAXA still offers some very good rates, and even if an extra $5 membership was purchased to take advantage of them, the financial advantage being offered could be material.

I did some math for my investments in 2022 since MAXA has relatively higher fees for cheques and registered investment transfers compared to other FIs tracked on this site. I found that the thousands in higher income over a 5 year GIC more than made up for the extra hundred dollars in fees down the road.

Rail Baron said
This thread led me to check my records from MAXA, and I can confirm that no further announcement following the vote to amalgamate has been made to members.

All of my statements show "business as usual" and make no mention of upcoming changes.

Perhaps waiting for an official announcement of MAXA's integration into the new amalgamated entity would be appropriate before disappearing it from the HISA and GIC charts?  

Relying on 'official records' is a fool's errand, given that companies often do not make advance announcements. For something like this, particularly if there is little to no transition required to migrate accounts, they won't want to make an advance announcement (as happened with Implicity Financial accounts). I think it's better to simply give forum users an advance head's up of what is almost certain to happen. Moreover, I believe it's disgenuous, at best, and misleading, at worst, to be recommending non-MAXA customers sign up for a MAXA account and membership when they may already have an Outlook Financial membership, resulting in duplicate memberships that later need to be consolidated and duplicate member equity share issuances refunded.

Cheers,
Doug

All of my statements show "business as usual" and make no mention of upcoming changes.

Perhaps waiting for an official announcement of MAXA's integration into the new amalgamated entity would be appropriate before disappearing it from the HISA and GIC charts?

In any case, it's safe to remove MAXA Financial from the HISA and GIC charts now, and move it to the archived section of the Profiles page.

Cheers,
Doug

There is an asterisk on the special meeting information that reads:

"Subject to the Board Chair’s discretion to extend the time for voting if the Special Resolution is still under discussion at the Special Members’ Meeting at that time."

That suggests a "No" outcome is not going to happen. The options are likely to be "Yes" or an extension of the voting process.

Over the last few months, the Boards of Directors of Assiniboine, Caisse and Westoba reviewed a business case that was prepared following a comprehensive merger exploration due diligence exercise. After careful consideration, they are recommending a merger to the memberships of the caisse and credit unions. We’re confident that this merger isn’t just a good idea, it is a merger that is filled with possibilities and it’s imperative for our future.

Our members want more options to bank when and where they need to, and the right tools to succeed financially. This merger will enhance our ability to offer new products and services with competitive rates and fees, continue focusing on cybersecurity, increase access to specialized expertise, and better position us to invest in the digital banking experiences members expect. Your deposits in a merged credit union will continue to be 100% guaranteed by the Deposit Guarantee Corporation of Manitoba.

If the proposed merger is approved by members in a June vote, the new credit union would be the only purpose-driven financial co-operative in the province to carry both a French and an English name. Assiniboine Credit Union / Caisse Assiniboine will have extensive geographic reach, from north to south and east to west in Manitoba, offer French language services, and will serve both urban and rural members through a values-based approach to banking.

Following a thorough selection process, all three boards have unanimously recommended current Assiniboine President & CEO Kevin Sitka as President & CEO of the new organization. Caisse CEO Joël Rondeau and I, Westoba President & CEO Jim Rediger, will continue in leadership roles to support the post-merger entity.

To continue meeting the needs and wants of our members, we should merge now. If we wait, mergers will continue to happen all around us. With the landscape changing so quickly and dramatically, it’s imperative to merge now as strong partners. As a co-operative member, you decide where we go next.

We’re committed to communicating openly and regularly. To learn more about the proposed merger and to find answers to frequently asked questions, visit http://www.CollaborationMB.ca.

'The future of our organizations is in your good hands. We are asking you to support this merger for our members, employees, and communities. Vote YES and OUI. It’s imperative.

I got a very prompt response, but the answer was confusing to me:

Good afternoon,

The T5 slips should be mailed directly to you from CRA. You may also view them on your CRA online account once they are available.

I don't recall such a process from past years. I've always received T slips from financial institutions directly - either on paper or electronically.

Anyone had MAXA T slips delivered through CRA, as described above?