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Neerlandia Co-op Membership

Frequently Asked Questions

Have questions about Co-op? We have answers!

Co-ops have an open membership. Many co-ops include minimum age requirements for members in their bylaws.

Being a co-op member means that you own a share of a business in your community.

To become a member:

  • You purchase an initial share in the co-op.
  • You receive a co-op membership number.

Every time you make a purchase at your co-op, you will be asked for your number, which is used to record your purchases. Your purchases are recorded because your share of the co-op’s earnings is based on your purchases through the year.

Your local co-op number works only within the communities served by your local co-op. Communities served by other co-ops will not use the same member number. Each co-op is independent and has different policies regarding equity and cash back.

No, but by becoming a member you become a part owner of the business and share in the earnings of the co-op. You can also attend annual meetings, vote on resolutions and run for a position on the Board of Directors.

Earnings from the co-op are distributed to members based on their purchases during the year. Earnings are returned to members either as equity or cash, depending on each co-op’s financial situation. The cash portion is paid out to you each year. The equity portion is your money that is being held back by the co-op to help finance the business, and maintain and upgrade assets to ensure ongoing success.

Equity is normally paid out:

  • When you move away from the trading area or
  • When you reach a certain age as specified by the Board of Directors or • When the equity is paid to your estate.
  • A tax of 15% is withheld from refunds exceeding $100.
  • If your purchases are for personal use they are not taxable and you can claim back this amount as pre-paid income tax by using box 22 of your T4A and including this amount on line 437 of your income tax return.
  • If your purchases are for business purposes the amount of your refund can be included as part of your income tax calculation.
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