Here is a CRA letter on whether a particular cooperative in Canada is tax exempt under s.149(1)(l) of the Act

Here is the conclusion:

“As the Co-op was required to pay surplus and provide financial support to members, it did not qualify for the tax exemption provided by paragraph 149(1)(l) of the Act for the years under review.  However, sections 135 and 136 of the Act provide specific rules for cooperative corporations that may apply to the Co-op, allowing it to reduce its taxable income (if any) through the payment of patronage dividends, although we have not reviewed this issue in detail.  Unlike paragraph 149(1)(l), sections 135 and 136 do not preclude an organization from having a profit purpose, and there is no restriction regarding payments to members (although only the specified allocations are deductible).”