Budget's proposed reversal of tax deduction will hurt credit unions' ability to serve Canadians

TORONTO, March 21, 2013 /CNW/ - Bill Maurin, CFO and Acting CEO of Meridian, Ontario's largest credit union, is available to comment on the 2013 federal budget. Mr. Maurin can address questions about how the proposed tax deduction will significantly diminish consumer choice for Canadians.

"Canadians want and need a viable alternative to the traditional banks. For more than a century, the country's credit unions have fulfilled that need," says Maurin. "Meridian's approach continues to resonate with our members across the province, who have helped us grow from $3 billion to $9.6 billion in assets over the past seven years alone.  By reversing this important and longstanding deduction for credit unions, the government will significantly diminish consumer choice for Canadians."

In Ontario alone, credit unions have 531 branches and represent the only financial services provider in 25 Ontario communities, providing loans to small and medium sized businesses, mortgages to buy homes and donations of time and money to strengthen communities.

About Meridian:
Meridian is Ontario's largest credit union, serving more than 247,000 Members at 61 branches and 8 Commercial Business Centres in communities across south central Ontario. With more than 70 years of banking history, Meridian delivers a full range of financial services, solutions and advice tailored to meet each Member's individual needs, including access to The Exchange® Network with more than 2,400 no-fee ABMs in Canada. Membership at Meridian is open to anyone looking for a financial services provider with a local, community focus that offers a viable alternative to traditional banking options.

SOURCE Meridian Credit Union