|
|
|
|
|
|
|
Quick Links
When does my membership become effective?Within 7 days your membership number would be activated at all Medicine Hat Co-op locations. Do I have to show my member card each time?No, you don’t need to present your card. The cashier will ask you for your membership number. You will be given a receipt which includes your membership number as verification of your purchase. What if I forget my number or my receipt has the wrong membership number on it?No problem. Each location has access to member numbers and can look it up for you. You can contact our Admin Department at (403) 528-6600 or toll free at 1-877-528-6688 to have your purchase record corrected if the wrong number was entered. Who can use my membership number?You and your immediate family can use your membership number. Can a business or community organization become a Medicine Hat Co-op member?Yes. Many community organizations become Co-op members and encourage those involved to make purchases on behalf of the organization. This has proven a very effective and easy way to raise money for the community organization. What is Equity? How Does it Work?By holding a membership in Medicine Hat Co-op, you are a part owner. Each time you purchase products and give your membership number your purchases are recorded. At the end of the fiscal year, a portion of your purchases may be returned in the form of an equity allocation. The more you purchase, the more you receive in equity. In addition, the Board may authorize a general repayment. This amount becomes the cash dividend to you, a member-owner.
Why don’t I receive all off my rebate?Your rebate is in the form of membership shares. The Co-op Board of Directors review the financial position of the Co-op each year and decide how much of these membership shares can be paid out to members and how much will need to be retained to finance operations and ensure an ongoing success. Our policy is as follows: Please note of a small change in profit sharing this year from previous years (the equity cap increased by $50): (a) if you have less than $1250 in equity (ownership), you will receive 35% in cash and 65% will be applied to your equity balance (b) if you have $1250 in equity (ownership), you will receive 100% of your profit share in cash (c) once a member reaches the age of 65, the equity balance is paid down to $200, upon application. How will I receive my rebate?You can pick up your cheque at the Co-op Mall until the end of April or if not picked up it will be mailed to you so it is very important that we have your current address. When will I get my first rebate and what period does it cover?You will receive your first rebate in March of the year following the fiscal year in which you joined. The Co-op’s fiscal year runs from November through October. Your rebate will be based on purchases you made during the previous fiscal year. For example, if you joined in February 2009, you would receive your first rebate in March 2010, based on your purchases between the day you joined and the end of October 2009. If you joined in November 2009, you would receive your first rebate in March 2011, based on your purchases from the day you joined until the end of the fiscal year, October 2010. Why is the rebate percentage different for various commodities?Each year the Board of Directors review the financial position of the Co-op and decide how much the percentage should be keeping in mind the finance operations and ensure ongoing success. I didn’t receive that cheque, can you re-issue it?If the cheque was not cashed, the amount would be added back to your equity balance. We cannot re-issue that cheque, but the amount will become part of the calculation to determine your next dividend cheque. Why did the equity cap increase by $50 this year?To maintain financial strength now and into the future and to provide members with modern, well equipped facilities requires some internal financing or “owners-capital”. For Co-op’s this is done through member equity. 2009 was the first increase in the equity cap in over 15 years for Medicine Hat Co-op. Why am I receiving a T4A?Medicine Hat Co-op is required to submit a minimal amount of tax to Revenue Canada. Fifteen percent of any allocation over $100 is submitted on your behalf. When filing your income tax, you are entitled to include the deduction as a tax credit (box 22 on the T4-A statement). If the petroleum was used for personal use only, the allocation (box 30 on the T4-A) does not need to be included as part of your income. If you are claiming some or all of the purchases as business expenses, then you must include an applicable portion of that allocation as income on your income tax form. Is my membership rebate taxable?1. If your purchases from Medicine Hat Co-op were for CONSUMER GOODS ONLY (personal use rather than business) the allocation is NOT TAXABLE, so the Patronage allocation amount (shown in box 30) does not need to be included as income. (Suggestion: write “Consumer Goods Only” on the copy of the T4A you include with your tax return, so that Canada Revenue Agency does not include the allocation as part of your income). 2. If you are claiming some of your purchases from the Medicine Hat Co-op as EXPENSES on your tax return, then you must include a portion of the allocation as income. NOTE: regardless of whether you fall into category 1 or 2 above, the income tax deducted (amount shown in box 22) is a TAX CREDIT and should be included as part of your “TOTAL TAX DEDUCTED PER INFORMATION SLIPS”. I don't remember getting a check for the amount on my T4A?The T4A is for the full amount of the equity that was allocated to you. Remember that 35% of that amount (plus GST) is issued to you by check, the remaining 65% is added to your equity. Why is there GST on my statement?Revenue Canada allows the GST to be returned to you based on your allocation. Medicine Hat Co-op returns that GST to you by adding it to your equity account, ultimately getting paid back to you in the form of cash repayments. When can I get all of my Equity paid out?Provisions for full payments of equity are made for:
A written application for repayment must be provided to Medicine Hat Co-op in each of these instances (Fill out application). All requests are subject to Board approval. I need to change the name on my account, how do I do that?A legal name change must be completed in the office. A form must be completed and identification such as a drivers license or marriage certificate must be presented. Visit the Medicine Hat Co-op administration office located at 3030 13th Ave SE - 2nd floor, Medicine Hat. How/Where can I make a payment on my charge account?There are several ways to make a payment.
What are the hours of operation?To get the hours of operation for any of our locations visit the locations page and select the location you are inquiring about. Am I allowed to purchase marked fuel in other provinces with my card lock card?You are only allowed to purchase marked fuel from the province in which you carry a permit for. Permit numbers are only good in the province they are issued in. Does my card lock card work in other cities or towns?If you have a system wide card you can purchase fuel at any Co-op card lock in Canada. Is Co-op Diesel Fuel Ultra Low Sulfur?Yes, all of our Dyed Diesel and Clear Diesel Fuels are Ultra Low Sulfur. Does Co-op buy produce from local growers?Medicine Hat Co-op supports local growers from Red Hat Co-op and from various other local suppliers of potatoes, peas, corn, carrots, and many more products. We do this to ensure our customers can purchase the freshest produce available, to support people in our community, and to reduce the carbon footprint required to bring the product to the store. I have a question about my membership, how can I get help?You can call our Admin Department at (403) 528-6600, or call toll free at 1-877 528-6688 or drop us an email using our contact page. We will be happy to answer any questions you may have. |
Copyright © 2010 Medicine Hat Co-op
|
