My bank is awesome

[Red Squirrel]

Got a letter from them to say I will get about $440 of dividends deposited into my account. My bank is a co-op so they share their profits with their customers. I wish I had switched to them sooner. Been with them 2 years now.

It's not often a bank actually gives you money like that. :thumbsup:

 

[Printer Bandit]

will it be taxed?

 

[Red Squirrel]

Hmm not sure, I don't think so. I'll have to compare the amount on the letter with what actually goes in the bank. I can't see why it would be though as it's profits that were already taxed, then again, I would not be surprised if they tax it again anyway, because government likes to tax money multiple times till it's practically run dry.

Edit: Actually I just realized it already did get deposited and it's $440.91 so don't think it was taxed. I don't recall the exact amount on the letter but I know it was 440 something. (not home now)

 

[ImpulsE69]

Ur Canada so not sure, but most profit shares here are taxed.

 

[Carson Dyle]

How can it not be taxed? It's income. It's taxed.

 

[Naer]

Banks are to churches as money is to god

 

[dr150]

What bank do you use, good sir?....

 

[Red Squirrel]

Local bank called Caisse Populaire. It's basically a credit union, I guess.

 

[pcgeek11]

In the USA Dividends are taxable. Canada ??? It is income why wouldn't it be taxed.

 

[Red Squirrel]

It's the bank's income. They already got taxed on it, they're just sharing it. Then again the government is well known for taxing the same money multiple times. Like if you sell a car you already paid taxes on the buyer (or you? or both?) has to pay taxes again. It's retarded.

There's a FAQ on their site and it does look like part of it is taxed and part is not, it depends where the profit was from. Interest on loans or what not. Does not really explain much though. If it's taxable it's probably something that happens automatically at tax time since I did get the full amount in my bank.

 

[Tweak155]

Likely they gave it to you before it was taxed, that's a benefit of paying people.

Here in the US, you'd get a 1099 at the end of the year so you can put it on your tax forms.

 

[Blanky]

$20/month to you for being with a bank that is pretty darn good.

 

[DaTT]

It will be taxed.....although the tax on $440 will not break you.

 

[Hacp]

I get 20 dollars a month from Santander Bank. I hate the constant marketing, but 20 dollars a month is worth it. The interest is not qualified, so it's a shitty 25% tax rate.

 

[s0me0nesmind1]

Grats, that's definitely not something we are going to see here in the US. Hell, there were recent talks of NEGATIVE interest rates for bank accounts.

And who can blame them? If the banks want money they can get it from the FED. Until that shit stops they have little to no interest in individuals and holding their money.

 

[JTsyo]

Is it divided equally between all account holders or scaled by the money you have with them?

 

[vi edit]

Credit unions will do that here. The special dividends are typically divided between shareholders based upon the amount of loans and services you have with them. If you had a mortgage with them you could get a couple hundred bucks. If you had a car loan it could have been like $50. Basic savings accounts and it's a couple extra bucks. The more you paid in through interest, the more you got back.

And yes, it was taxable income.

 

[zCypher]

The caisse is terribad from what I've heard from most people, but big banks are usually worse. I've been with ING (now tangerine here) for the past few years and am not looking back. No fees, unlimited everything, free email transfers, 24/7 support, can't complain.

 

[Elixer]

Local bank called Caisse Populaire. It's basically a credit union, I guess.

Don't read the below until the day after March 31st.

Spoiler

You sure?
This could be money laundering going on, and they give everyone some $$$ to help wash it.
I also think they have a few guys doing collections, and if you don't pay up, they kneecap you.