Some of the information below may not reflect current repayment processes and timelines. During this period, the most recent investor communications and updates take precedence over the general information provided in these FAQs. If you have questions regarding your specific situation, please contact our office directly.
Legacy is a federally incorporated not-for-profit company and a registered charity. CCMBC is the sole member of Legacy. There are five members on the Legacy board, three of whom are from the CCMBC Executive board.
Separating Legacy from CCMBC allows CCMBC to focus purely on church ministry, while Legacy can offer financial services to resource ministry. Legacy oversees payroll and accounting services, CCMBC financial transactions, land and buildings owned by the conference, and administrative functions of Stewardship Ministries.
A for-profit entity created to carry out the lending and investing activities of Legacy. All loans and investments are housed in CCMBC Investments Ltd., which is owned 100% by Legacy.
CCMBC Stewardship Ministries began with the idea that individuals could pool their money to help build churches. With the ever-changing and increasingly complex government regulations dealing with financial matters, a separate organization was needed to comply with changing securities regulations.
Legacy administers CCMBC’s benefits and pension plans and provides free payroll and accounting services to new church plants. Legacy also offers payroll and accounting services to established MB churches for a fee.
CCMBC Investments offers mortgages to churches and pastors using funds from investors.
Yes, Legacy is registered with CRA and may offer charitable tax receipts.
Up to 75% of profits can be donated to Legacy. The remaining 25% is used for operations or given to Legacy as a dividend.
There is no term.
No service fees are charged.
Each client must hold $500 in preferred shares, earning a 1% annual dividend.
A person or group with accounts. For example, John and Jane Smith might be three clients if John has an account, Jane has an account, and John & Jane hold a joint account together.
Effective January 1 and July 1 of each year, the rate is set by the board considering the Benchmark Rate, interest environment, as well as other factors. There is no set formula for how the rate is determined.
Rates change semi-annually and are reported in account statements and posted online.
Funds are held by CCMBC Investments Ltd. and managed through CCMBC Legacy Fund Inc.
No, CDIC applies only to banks and neither CCMBC Investments nor CCMBC Legacy Fund are banks.
Funds are invested in mortgages and diversified portfolios, each of which is carefully evaluated before approval. Legacy ensures that the loan-to-value-ratio protects your savings. Legacy also applies management policies to ensure that annual interest payments can be made, and cash-on-hand is available to manage cash flow for withdrawals. It’s important to remember that any investment you make has risks and you are encouraged to discuss those risks with your financial advisor.
Contact us at legacy@mbchurches.ca or 1-888-669-6575. Capstone Asset Management is used as our Exempt Market Dealer and will need to be contacted to open an account with CCMBC Investments.
Yes. $3,000 minimum per account and $1,000 minimum for additional investments. The $1,000 additional investments can be spread out over a 12-month, pre-authorized recurring contribution period.
CCMBC Investments handles daily transactions. Capstone is involved only for new accounts and additional investments (incoming funds).
Withdrawals are processed on Tuesdays and Thursdays, except for the last 3 business days of the month. Documentation must be submitted before 12:00 PM Central Time on the withdrawal day to be included in that day’s payables.
Amounts under $200,000 are processed the next withdrawal day. $200,000–$500,000 may take 1–3 weeks, up to 45 days in rare cases. $500,000 or more requires a mandatory 45-day notice. These thresholds are cumulative.
Note: Current withdrawal processing timelines may differ from those described above. Please refer to recent investor communications or contact our office for current repayment information.
Yes, for the 1st, 15th, or last business day of the month.
Note: Current withdrawal processing timelines may differ from those described above. Please refer to recent investor communications or contact our office for current repayment information.
A signed form is required for withdrawals from registered accounts. For Cash Accounts, requests can be made by email or phone.
Investments can be made at any time, however prior to sending any funds, you must contact Capstone Asset Management to complete a Subscription Agreement. Investments received by the due date start earning interest after the close date (2nd last business day of the month).
Yes. If done within 12 months of the original Subscription Agreement, a simplified Additional Subscription Agreement may be used.
Funds will be held in trust until paperwork is received. If not completed, funds will be returned.
Your receiving institution will send the transfer request documentation to CCMBC Investments. Registered transfers are typically processed within 1-2 weeks of receipt of the request.
Note: Transfer processing times may vary depending on current liquidity conditions and repayment procedures.
Yes, however a Subscription Agreement for the monthly and 12-month total investment amount must be completed. Contact CCMBC Investments or Capstone to discuss options.
No. In order to keep costs low so that more funds are directed towards ministry, Legacy does not have local offices. CCMBC’s head office is located in Winnipeg, please contact us if you would like to arrange an in-person meeting. Capstone’s office is located in Langley and occasionally meets clients in Abbotsford.
Registered firm through which securities are purchased. Capstone acts as our Exempt Market Dealer and Investment Fund Manager. Learn more at https://www.capstoneassets.ca/about.
CWT is the Trustee for CCMBC Registered funds (RRSP, RRIF, TFSA). CWT has recently been acquired by National Bank Trust.
Call our office at 1-888-669-6575 (Mon–Fri, 8:30 AM–4:30 PM Central) or email legacy@mbchurches.ca.
For new investments, contact Capstone at 1-855-437-7103 or email CCMBC@capstoneassets.ca.
