Our deposit fund is available to all attendees of Canadian MB churches.
How does it work?
- Out deposit fund acts somewhat like a non-chequing savings account.
- Deposits and withdrawals are processed through a conference account.
- No minimum deposit is required. So, for example, you could easily save your monthly Canada Child Tax Benefit payments as your child’s education fund.
- There are no service fees.
- Money may be withdrawn at any time without penalty.
How is interest calculated and paid?
- Rates are set semi-annually.
- Interest is paid and compounded semi-annually.
What does my deposit accomplish?
- It promotes the work of God as part of a pool of capital used to fund MB ministry-related loans.
- The surplus generated by the program is distributed to Canadian conference ministries.
What happens to my account at my death?
It becomes an asset of your estate and goes to your beneficiaries as directed in your will.
How will my money be invested?
- in mortgages on properties, with preference given to those owned by Canadian MB churches or church institutions, however if there is insufficient demand we will look to the corporate marketplace.
- in loans to pastors and conference workers
- in real estate, bank accounts and government and corporate securities
What will my deposit fund earn?
- The current rate is 3.0%, effective until June 30, 2012.
How is the excess of revenue over expenditures used?
- It is used to fund Canadian conference ministries as determined by the conference executive board.
How might I find the deposit fund useful?
- as a means of putting your investment money to work in the Kingdom of God
- as a personal or business reserve account
- as an investment at favourable interest without sacrificing the right to withdraw it at any time
- for charitable giving:
- You may direct that your account interest be paid to a MB ministry of your choice.
- You may change or cancel this direction at any time.
- If you require the deposit for your own use, you have full acess to it.
- In your will, you may direct payment of your account balance at death to the MB ministry of your choice.
How are deposit funds protected?
- Loans are secured through property mortgages, guarantees by provincial conferences or individuals, or through other security documents.
- Lending is limited to borrowers affiliated with the Canadian Conference of MB Churches.
- Loan recipients must satisfy equity requirements and establish the ability to make repayment.
- Investments are made under the supervision of an Independent Investment Committee.
- The national nature of the program reduces the impact of regional conditions.
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The Canadian Conference of Mennonite Brethren Churches is a charitable organization and not a financial institution.
The deposit fund is not government-guaranteed or insured by the Canadian Deposit Insurance Corporation.
This web page is for general information only and is not intended to provide legal or tax advice.
Capital Loans
