Monday, October 21, 2013

Canadian CU Execs Share Views on CU Tax Exemption

Credit Union Times has posted a video from the 4th Annual CU Water Cooler Symposium where two Canadian credit union executives share their thoughts about the U.S. credit union tax exemption.

As background, Canadian credit unions lost their tax exemption in the 1970s.

Gene Blishen, general manager at Mount Lehman Credit Union, commented that paying taxes allow Canadian credit unions to sit at the table. He believes that not paying taxes closes doors for credit unions.

William Azaroff, director of business and community development at Vancity, stated that credit union tax exemption is hindering the ability of credit unions to serve their members.

Click on this link to go to the article and video.
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2 comments:

  1. AnonymousOctober 21, 2013 at 3:47 PM

    Mr. Blishen made some thought provoking remarks. As a CU professional, I don't want to have to pay taxes anymore than anyone does. But, I recognize that to fully engage with and meet the needs of our members, we need additional authorities. This may result in taxation on some of us. For the more progressive among us to be blocked into inaction because of fear of a revolt by the old guard who refuse to do anything more than hang on until retirement, is frustrating. Business lending, alternative capital and other issues stay on the back burner because we don't want to pay taxes and congress is not giving us anything until we give back.

    ReplyDelete
    Replies
    1. AnonymousOctober 21, 2013 at 10:05 PM

      Wow. A refreshingly honest post.

      Delete

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