Class A Shares

• Subscriptions for Class A Shares are available to Members only – anyone living in Canada can easily become a Member; however, to purchase Class A Shares, the Member must also be a resident or have a registered business of Ontario for certain shares. Purchasing Class A Shares does not entitle a Member to additional membership votes.
• Income earned on Class A Shares is taxed as interest, whereas income typically earned on common shares is taxed as dividends.
• There is no secondary market (stock market) where Class A Shares can be traded.

Currently, Meridian offers the following Class A Shares series:

• 50th Anniversary (Personal Ownership only)
• Series 96 (Personal Ownership only)
• Series 98 (Personal Ownership only)
• Series 01 (Personal Ownership only)
• Series 09 (Personal Ownership only)
• Series 15 (Personal and Business Ownership)
• Series 17 (Personal and Business Ownership)
• Series 23 (Personal and Business Ownership)

When you purchase from existing Class A Shares, there is no minimum amount required to purchase. The maximum number of Shares that each Member can purchase by Series are as follows:

• 50th Anniversary: 100,000
• Series 96: 100,000
• Series 98: 150,000
• Series 01: 150,000
• Series 09: 250,000
• Series 15: 500,000
• Series 17: 2,000,000
• Series 23: 2,000,000

Yes, Class A Shares are eligible for Registered Retirement Savings Plans (RRSP), Registered Retirement Income Funds (RRIF) and Tax Free Savings Accounts (TFSA), as well as non-registered plans.

The dividend rates and dividend floor rates are different for each series of Class A Shares. Details can be found on our Class A Shares Comparison Sheet (PDF, 50 KB).

The dividend floor rate is subject to change after the initial 5 years, as outlined within the Offering Statement, and each five years thereafter. The annual dividend rate can be higher than the dividend floor rate (with the exception of Series 96). Dividends (taxed as interest income) are not guaranteed to be declared annually. Series 96 shares are cumulative. All other series are noncumulative.

If declared, dividends are paid to the holder of the Class A Shares on the dividend payment date in cash or additional shares as permitted by the Board of Directors and, where applicable as per the Member's preference. Payment is typically determined by the investor. However, the Board of Directors can mandate a specific type of payment (shares, cash or combination of both).

Dividend payments are not prorated, no matter when you purchase Class A Shares.

No, as of 2025, Meridian has paid the dividend floor rate or higher for all Class A Shares.

You can contact a branch or our Contact Centre (1-866-592-2226) to request to purchase Class A Shares. If there are no Class A Shares available for sale, you can request to be added to a Class A Shares Waiting List. When Class A Shares become available for sale, we’ll contact Members on the Waiting List about purchasing the available Class A Shares.

There is no guaranteed timeline for Members on the waiting list.

The waiting list is managed on a first come first served basis. Meridian will work through the waiting list and contact Members as shares become available.

No, there is no requirement to be placed on the Waiting List to purchase Class A Shares. If a Member expresses interest and Class A Shares are available, they will have the opportunity to purchase Shares immediately.

Members can request to transfer their Class A Shares at any time. Meridian will attempt to facilitate a transfer by matching a Member looking to sell their Class A Shares (the seller) with a buyer from our Members. If you transfer your Class A Shares to another Member, you’ll get back your original purchased amount.

No redemptions are permitted until the fifth anniversary of the issue date (except upon death of the shareholder). The maximum redemptions in any fiscal year cannot exceed 10% of each Series Class A Shares issued and outstanding at the end of the preceding calendar year. This is subject to Board approval and Applicable Law.

Class A Shares are not eligible for deposit insurance by the Financial Services Regulatory Authority of Ontario (FSRA).

If you have a Meridian non-redeemable GIC (other than a market-linked GIC), you can redeem it without penalty to purchase Class A Shares.

Meridian is Ontario’s largest credit union, and third largest in Canada, with more than 80 years of banking history. We deliver a full range of financial products and services to more than 360,000 Members through a network of 85 branches and access to business banking services at 15 locations, a Member Contact Centre and online/mobile services. Meridian also has one operating subsidiary: Meridian OneCap Credit Corp (“MOCC”), a leading national supplier of customized commercial equipment leasing solutions. Meridian Credit Union Limited has over $33 billion in assets under management (December 31, 2025).

Learn more about Meridian