By Kenzie Love
CWCF’s Common Good Capital program is so named for a reason. The program, which allows for self-directed investment through Registered Retirement Savings Plans (SD-RRSP) and Self-Directed Tax-Free Savings Accounts (SD-TFSA), supports co-ops of all types, non-profits, and CED investment funds to raise capital through these plans. Accordingly, participating enterprises benefit because it helps them raise capital from a larger pool that prospective investors already have in existing Registered Plans. Individuals benefit because it allows them to invest their RRSPs & TFSA’s in local, community-focused enterprises. CWCF benefits from the surpluses the program generates and the support it provides to participating worker co-ops. Thus, it really is an example of capital for a “common good.”
Members
CWCF currently has about 65 members using the program. Although the program was initially created to support worker co-ops, changes to the rules in 2011 restricted its use to those with at least 10 investors, thus making it inaccessible to most of CWCF’s worker co-op membership. However, demand which had arisen before this within other types of enterprises had caused CWCF to expand the program beyond its initial base to other co-ops and CED investment funds, with these types of members (and the more recent addition of nonprofits) now comprising the majority of its membership. Many of the enterprises using the program are renewable energy co-ops, affordable housing non-profit organizations, and community economic development investment funds (“CEDIFs”).
Individual Investors
The Common Good Capital (“CGC”) program is currently used by about 2600 investors, who collectively hold roughly $62 million in assets. Participating in the program offers investors several advantages over a conventional self-directed plan:
- CGC is able to hold securities that are often not accepted by financial institutions.
- CGC allows prospective investors to use registered funds they already have, rather than necessarily coming up with new money to invest.
- Investments held in GCG plans are able to grow tax-free while investors pay lower fees than some of the large financial institutions offer. Although the costs to run the program have gone up significantly with increased due diligence requirements and inflation, fees to participate in the program have only increased once (late in 2025) in the last 9 years.
- Although individuals are wise to be cautious about the amount of risk in any given investment, investors can feel good about keeping their money within the local economy.
Investors are also now able to view account statements through an online portal, with tax slips and more interactivity to follow.
CWCF
The Common Good Capital program was growing up until the pandemic, but the program is now contracting for reasons that aren’t entirely clear. To address this issue, CWCF has applied to and received approval for Propel Impact support for a feasibility assessment for the CGC program, with the hope that this support will help identify the program’s unique advantages, opportunities and challenges going forward. The consulting youth fellows will be working with CWCF over the next couple of months on the feasibility assessment.
If anyone is aware of co-ops, non-profits, CEDIF’s or similar entities which wish to raise capital through registered plans, they can reach out to Tapestry Capital or another enterprise which supports organizations in raising capital, and CWCF’s Common Good Capital staff team to get support for raising funds through registered plans.
This webinar by CGC’s Manager Kristin Van Hattem, presented to the Manitoba Co-operative Association in Sept 2025, provides a handy overview of the program.