For 2019, the Trustees of the SNC Trust were pleased to declare a heritage distribution of $7.50 per trust unit (or $750.00 for those with 100 trust units) to all beneficiaries of record as of November 14, 2019. An Elders Benefit of $750.00 per Elder has also been declared for those eligible SNC Trust beneficiaries.
According to Chair Barb Amarok, “The distributions from the SNC Trust are possible with the success and support of our Sitnasuak Native Corporation’s family of businesses. These businesses support the SNC Trust. We are fortunate to have a dedicated team that works closely with our SNC Trust, Sitnasuak Native Corporation Board of Directors, Management and Employees – who all work hard every day to serve our customers, Shareholders, Beneficiaries and communities with thriving businesses.”
The funds of the SNC Trust come from contributions by Sitnasuak Native Corporation (SNC) as well as from the earnings of the Trust itself. SNC’s funding of the SNC Trust is based on a review of SNC’s historical and projected financial performance. SNC has had a great year in 2019 and able to support the SNC Trust with a strong contribution of $2.7 million.
The benefits and distributions provided by the SNC Trust will normally be tax-free to the recipients, and for this reason, future distributions will likely come from the SNC Trust rather than from SNC itself. 2019 is the second year for distributions from the SNC Trust.
Previously SNC paid dividends to Shareholders which were subject to taxation. With the establishment of the SNC Trust, Heritage Distributions replace dividends, and the Elders Benefit replace special Elders dividends. The distributions have significant tax advantages to both recipients and the Corporation.
Trust Unit Holders with questions are encouraged to contact SNC’s Shareholder Relations Department at 907-387-1200 or toll-free at 877-443-2632 or via email at firstname.lastname@example.org .