My Insurance Paid Me lol

[R3troGT]

I have been with Economical Mutual Insurance Company since spring 2014 for my car and home insurance. A few years ago they send me a letter stating something about taking the company public and as a policy holder I would become a "Shareholder". I really did not understand it and kind of ignored it. Received a few more letters over time about what the process was and such. So a couple of weeks ago I received another letter and just assumed it was another update. So I finally looked at it on Christmas day just as I was about to leave to visit my sister and family for dinner. Along with a letter there was a check in it for $1400+. I was like whaat! I did not trust it to be honest, as it seemed to good to be true.
I went to the Economical website and it did have a link about this topic that made it look legit, but I was still unsure.

Today I did another search and came across this https://bc.ctvnews.ca/630-000-canadians-surprised-by-big-cheques-it-s-not-a-scam-1.5717597. I deposited the check using my banks app today. Not going to touch it for a bit, just in case lol

Merry Christmas to me, I suppose.

[92redragtop]

Yeah, you're good - this was coming for a while now (was in the news all year) and got listed on the TSX in 2021 recently so "members" (sort of like in a credit union) got paid out in the public listing for their "share".

[Scrape]

I was with Economical and just received two cheques. One for auto and one for home. It is safe I think.

[G-ForceJunkie]

I believe it will be considered taxable income - just something to keep in mind.

[Darkhorse]

Its called mutualization both Manulife and Canada life did it many years back. Some people made 20 to 30 K on it and if they've kept the shares all these years it would be over 100K.

[FABMAN]

I am insured through them but under OTIP. Haven't received anything though...