- Mission Statement: Providing exceptional service and quality products for the benefit of our members and communities
- Vision Statement: We will be the leading corporate citizen in our communities by employing cooperative principles to be a diverse, environmentally sound and profitable enterprise
- Your SIN # is required under the Income Tax Act for tax reporting purposes and in order to issue a T4A slip.
- Armstrong Regional Cooperative is required by law to have this number on file and does not violate the Personal Information Protection and Electronic Documents Act (PIPEDA).
- The number provided will not be used for any other purpose.
- In the event your equity allocation is over $100.00 and purchases are made for personal use only, your SIN # will assist you with the ability to collect the withholding tax held by Canada Revenue Agency (CRA) when filing your annual personal income taxes. Not only will you be able to benefit from the ARC’s equity/cash back program you can also collect further funds from CRA.
- 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.
- Co-ops are part of the local community.
- Employees live and work in the local community.
- As part of the community, co-ops try to operate in a responsible, quiet and considerate manner.
return their earnins to local members, either in equity or cash. In
either case the money stays in the local community. That means shopping
at a co-op:
- helps to strengthen the local economy.
- keeps profits at home.
- provides employment and stability for people in the local community.
- Being locally owned and controlled means that co-ops are there to meet the needs of local residents, not outside investors.
- Co-ops believe in giving back to the community and typically support a wide range of charitable and community organizations that contribute to the social, cultural and recreational needs of the community.
- Co-op employees are encouraged to volunteer with local community organizations.
- Each individual co-op has its own way of contributing to the quality of life in its home community
- No. Each co-op is independent and has different policies regarding equity and cash back.
- Youtube Video
- When you move away from the trading area or
- When you reach 65 or
- When you pass away your estate can apply to have the equity paid out.
- 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.
- No, but by being 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
- 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.
- Co-ops have an open membership, so anyone over the age of 16 can become a member.
- Being a co-op member means that you own a share of a business in your community
- Co-ops are democratically controlled using a system of “one member one vote”.
- “One member one vote” ensures that the co-op acts for the common good and not just for a few individuals.
- Members control the co-op through a locally elected Board of Directors.
- A member can become a Director of the co-op by allowing their name to stand at an annual election.
- Members can also exercise control by attending annual meetings, by proposing or voting on resolutions, or by offering suggestions to co-op management and directors.
- Decisions affecting the co-op are made locally in the best interests of the members and the comunity, and not in remote head offices
- Co-ops are locally owned by people just like you.
- Owners, or members, are usually regular shoppers.
- Co-ops are the only businesses where the shoppers own the store
A CO-OP is a business with a difference! CO-OPs are locally owned and controlled by their members.