Shares - CANA Credit Union
Special Share Account
CANA Credit Union operates with Special Share Accounts with a maximum share balance of €50,000 per member.
Annual Dividends are credited to the account Net of DIRT (Deposit Interest Retention Tax) and this satisfies in full any tax liability in respect of the dividend payment. The rate at which DIRT is deducted from the dividend is the prevailing rate announced in the Finance Act each year (currently 39% since 01 Jan 2017)
DIRT Exempt Accounts
Dirt Exemption for over 65’s
To qualify for the exemption there are two simple conditions:-
- You (or your spouse ) must be aged 65 years of age or older
- Your total income inclusive of gross dividend/deposit income for the year must be below €18,000 for an individual or €36,000 combined for a married couple.
To claim the exemption you must complete a Revenue Declaration DEI
DIRT Exemption for Permanently Incapacitated
This exemption relates to members who are:-
- Permanently incapacitated (or whose spouse is permanently incapacitated)
- Whose total income is less than €5,210 for a single person under 65 years of age or €10,420 combined income for a married couple under 65. (If aged over 65 the exemption limits are €19,000 for a single person or €38,000 combined income for a married couple)
If you qualify under this heading and wish to avail of the DIRT exemption you should apply directly to the Revenue Commissioners on a Declaration DE2 (This form may be obtained directly from Revenue or from your disability organisation). Where appropriate Revenue will then issue the necessary notification to us to enable us apply the exempt status on your account.
Life Savings Insurance
CANA Credit Union provides Life Savings Insurance on eligible members savings up to a maximum of €12,700 per member. There is no direct cost to the member in providing this cover as the premium is borne by the credit union as an operational expense.