One of the points covered in this study (see the chart) clearly demonstrates Québec’s robust performance in the area of venture capital. In fact, the tax-advantaged funds in Québec such as the Fonds de solidarité FTQ, the largest labour-sponsored fund in Canada, better address the financing needs of SMEs. As such, Québec’s position compares favourably, ranking third among the OECD member countries most active in venture capital.
The importance of the Fonds de solidarité FTQ to the Québec economy
Based on Deloitte’s study, the Board of Trade of Metropolitan Montreal (BTMM) issued in May 2013 the Report on the Importance of Labour-Sponsored Funds for the Economy of Metropolitan Montreal that discusses the economic weight of the Fonds de solidarité FTQ and Fondaction CSN. Michel Leblanc, Chairman of the BTMM, stated at the time that “our economy greatly benefits from the action of these two pillars of our financial ecosystem.”
We cite many statistics and data from this report in this Annual and Sustainability Report.
You can download the report here:
The issue of savings
These two analyses also address the issue of savings and demonstrate the undeniable role that tax-advantaged funds play in developing strong individual saving habits, particularly with regards to saving for retirement. “Many of the shareholders of the Fonds de solidarité FTQ and of Fondaction CSN save more regularly and have a tendency to diversify their retirement savings sources, a behaviour that should be encouraged considering the demographic challenge that all of Québec is currently facing and the weak savings rate of Quebecers,” explained the Chairman of the BTMM.