Other criteria to redeem my shares

Retiring or buying your first home is not the only way you can use your RRSP with the Fonds.

Contact Shareholder Services to have your request evaluated and to obtain the necessary documents.

Discover the 16 other redemption possibilities!

Severe and prolonged disability (physical or mental) resulting in permanent unfitness for work
REQUIREMENTS REQUIRED DOCUMENTS
The shareholder is less than 60 years old and has become incapable of pursuing any substantially gainful occupation
OR
The shareholder is 60 years or older and has become incapable of pursuing the substantially gainful occupation held at the time the shareholder ceased working due to disability.

The Fonds “Redemption Request - Severe ans prolonged disability”
AND
A copy of one of the following documents attesting the severe and prolonged disability:

Notice of Acceptance by the Québec Pension Board as the beneficiary of a disability pension
OR
“Redemption Request – Severe Long-Term Disability” form and a declaration from a physician attesting to the severe and prolonged disability, which results in permanent unfitness for work.

ELIGIBLE SHARES
All Shares.
Death
REQUIREMENTS REQUIRED DOCUMENTS
The person to whom the Shares were assigned by succession must submit a written request for redemption. Written request
AND
Proof of the shareholder’s death (attestation of death by a physician, death certificate issued by a thanatologist or a copy of the death certificate issued by the government)
AND
the original or true copy (certified photocopy) of the will* and marriage contract if it contains a testamentary provision, or, in the absence of the above-mentioned documents, a sworn declaration of transmission by death
AND
document showing testamentary search with the Registre des dispositions testamentaires et des mandats du Québec.
* Probate of the will is required if it is a holograph will or a will made before witnesses.
ELIGIBLE SHARES

All Shares (cheque in the name of the estate or transfer to another registered plan*).
*To simplify the estate representative’s work, transfers to other financial institutions’ registered plans could be carried out through a Fonds de solidarité FTQ’s registered plan under the surviving spouse’s name.
Death of the person who contributed to a spousal RRSP
REQUIREMENTS REQUIRED DOCUMENTS
The shareholder who is beneficiary of a spousal RRSP may request the redemption of the Shares included in such RRSP, if the person who contributed to such spousal RRSP dies. Written request
AND
Proof of the death of the person who contributed to such RRSP (attestation of death by a physician, death certificate issued by a thanatologist or a copy of the death certificate issued by the government).
ELIGIBLE SHARES
All Shares.
Redemption within 60 days of the subscription
REQUIREMENTS REQUIRED DOCUMENTS
The request made by the person who acquired Shares from the Fund must be received within 60 days of the subscription. However, if the subscription is through payroll deduction, the request must be received within 60 days of the first deduction. The Fonds' “Redemption Request – 60-day Redemption” form.
ELIGIBLE SHARES
All eligible Shares.
Redemption of pension credits for years of past service or pension benefit improvement
REQUIREMENTS REQUIRED DOCUMENTS

The shareholder must have received a single offer to improve pension plan benefits if the offer is not already mentioned in the plan and is time-limited
OR
must have received a single offer from the employer when enrolling in a new plan or changing jobs or employee status to improve the benefits of a pension plan. This offer must be time-limited
AND
must show that the proceeds of the purchase will be used to acquire pension credits for years of past service
AND
must have liquidated or used all his redeemable investments (including RRSPs and LIRAs), to improve pension plan benefits, the purchase of the Shares being the last resort.

The Fonds' “Purchase-by-agreement request(redemption) – Pension credits” form
AND
a copy of the redemption offer for years of past service
AND
proof of acceptance by the pension plan administrator
AND
proof that all redeemable investments have been transferred in the pension plan or that they are not transferable.

ELIGIBLE SHARES
All Shares held for at least two years.
SUBSEQUENT ACQUISITION OF SHARES
At any time.
PAYMENT TERMS AND CONDITIONS

This criterion can only be invoked once by the shareholder.
The cheque is issued to the pension fund and direct transfer to the pension plans is permitted. Total authorizations under this criterion cannot exceed 10% of the annual limit set for the Fond by the Québec Taxation Act.

Serious and irreversible illness
“Serious and irreversible illness” means an illness which has reached the final stage.
REQUIREMENTS REQUIRED DOCUMENTS
The shareholder or his or her spouse or dependent child must have a serious and irreversible illness. The Fonds’ “Redemption Request – Serious and irreversible Illness” form, including the declaration of the attending physician.
ELIGIBLE SHARES
All Shares held.
SUBSEQUENT ACQUISITION OF SHARES
Impossible or after one year, if the shareholder invoked this criterion for his or her spouse or dependent child.
PAYMENT TERMS AND CONDITIONS
All Shares held (a maximum of two disbursements).
The transfer to another plan is permitted.
Loss pertaining to principal residence
REQUIREMENTS REQUIRED DOCUMENTS

The shareholder must show there was a loss* without indemnification or with partial indemnification**
AND
must declare financial inability to pay for the consequences of the loss
AND
must have liquidated and used up all redeemable investments (including any other RRSP), the purchase of the Shares being the last resort.

* A " loss " means damage to the principal residence due to a fire, water damage, a natural catastrophe, a breakage or defect of security equipment causing damages , or a failure or defect that is so serious it endangers the health or safety of the occupants or the foundation or structure of the residence.

** The application must have been received within one year of the loss.

The Fonds’ “Purchase-by-agreement request(redemption) – Loss pertaining to principal residence” form comprised of the section"Shareholder's Solemn Declaration" attesting the financial incapacity to pay the consequences of the loss
AND
proof of the loss
AND
proof of partial indemnification or absence of indemnification
AND
proof of the costs related to the loss
AND
proof that all redeemable investments have been liquidated or cannot be redeemed.
ELIGIBLE SHARES
All the Shares.
SUBSEQUENT ACQUISITION OF SHARES
One year after the Fond’s purchase.
PAYMENT TERMS AND CONDITIONS
A net payment equal to the amount required to cover a substantial part of the cost to replace the asset.
Cheque payable to the shareholder and the creditor (if applicable).
Ineligibility for tax credits
REQUIREMENTS REQUIRED DOCUMENTS
The shareholder must have purchased Shares without being entitled to Québec and federal tax credits, unless the credit was refused because the amount contributed exceeded the maximum allowed under applicable tax legislation. The Fonds' "Purchase-by-agreement request(redemption) - Ineligibility for tax credits" form
AND
proof that the tax credits were claimed and refused by the Québec and Federal Governments
OR
proof that the shareholder is not eligible for tax credits.
ELIGIBLE SHARES
All Shares purchased while the shareholder was not eligible for tax credits.
SUBSEQUENT ACQUISITION OF SHARES
Once the shareholder is eligible for tax credits.
PAYMENT TERMS AND CONDITIONS
A single payment equal to the value of the eligible Shares. The disbursement is made for the value of the Shares at the time they were acquired. Transfer to another plan is permitted.
Emigration from Canada
REQUIREMENTS REQUIRED DOCUMENTS
The shareholder, his or her spouse and dependent children must have permanently emigrated from Canada
AND
have permanently left their residence and employment.
The Fonds’ “Redemption Request – Emigration from Canada” form, including the section entitled “Shareholder’s Solemn Declaration” stating that the family has permanently emigrated from Canada
AND
proof of employment in the host country, a work permit or proof of citizenship
AND
proof of residence in the host country.
ELIGIBLE SHARES
All Shares held for at least two years.
SUBSEQUENT ACQUISITION OF SHARES
Impossible.
PAYMENT TERMS AND CONDITIONS
One payment once all the Shares become eligible. Transfer to another plan permitted.
Capital injection in a business acquired over a year ago and in financial difficulty
REQUIREMENTS REQUIRED DOCUMENTS
The shareholder must show that the business is duly constituted
AND
must show that he or she is the owner of the business (alone or with others) and participates in the decision-making process
AND
must show that the business is a going concern and not a seasonal business, unless the business operates several seasonal activities throughout the year
AND
show that the business is in financial difficulty
AND
show that the capital injection will maintain at least one full-time permanent job.
The Fonds’ “Purchase-by-agreement request(redemption) – Capital injection in a business acquired over a year ago and in financial difficulty” form
AND
the declaration of registration or certificate of incorporation
AND
financial statements for two full fiscal years and the interim financial statements for the current period
AND
proof of retention of a full-time permanent job.
If the job maintained is the shareholder’s, provide one of the following:
  • an income tax return and notice of assessment showing that the shareholder works full-time in his or her business.
If the job maintained is not the shareholder’s, provide one of the following:
  • monthly remittances to the Québec and federal governments;
  • pay slips of the employee showing full-time permanent job.
ELIGIBLE SHARES
All Shares held for at least two years.
SUBSEQUENT ACQUISITION OF SHARES
Two years after the Fonds’ purchase.
PAYMENT TERMS AND CONDITIONS
A single payment of a net value of $30,000 or a lesser amount if the analysis conducted by the Fonds de solidarité FTQ shows a financial need less than $30,000.
This criterion can only be invoked once by the shareholder.
Extraordinary and unexpected expense necessary for the health of the shareholder, the shareholder's spouse or a dependent
REQUIREMENTS REQUIRED DOCUMENTS
The shareholder must show that the expense is unexpected and necessary for the healts of the shareholder, the shareholder's spouse or a dependent
AND
must show financial inability to pay the expense
AND
must have liquidated or used up all redeemable investments (including any other RRSP), the purchase of the Shares being the last resort.
The Fonds’ “Purchase-by-agreement request(redemption) – Extraordinary and unexpected expense necessary for health of shareholder, his or her spouse or a dependant” form which includes a section entitled “Shareholder's Solemn Declaration” attesting to financial inability to pay the expense
AND
recent proof of confirmation from a health professional attesting to the necessity of the care
AND
proof of absence of indemnification or partial indemnification
AND
proof of the costs related to the extraordinary expense
AND
proof that all redeemable investments have been liquidated and used up to pay part of the costs related to the expense or that the investments cannot be redeemed.
OR
if the expense involves the shareholder's spouse or a dependent child
proof that all redeemable family investments have been liquidated and used up to pay part of the costs related to the expense or that the family investments cannot be redeemed.
ELIGIBLE SHARES
All the Shares.
SUBSEQUENT ACQUISITION OF SHARES
One year after the Fonds’ purchase.
PAYMENT TERMS AND CONDITIONS
A net payment equal to the amount required to pay a substantial part of the expense.
Cheque payable jointly to the shareholder and the creditor (if applicable).
Decrease in net income of shareholder or his or her spouse by 20% or more
due to the following circumstances:
  • loss of employment or end of sole contract;
  • involuntary reduction in regular work hours;
  • involuntary decrease or termination of income replacement benefits.

REQUIREMENTS REQUIRED DOCUMENTS

The shareholder or his or her spouse must show the reason for the decrease in income (loss of employment or end of the sole contract, involuntary reduction in regular work hours, involuntary decrease or termination of income replacement benefits)
AND
must show that the net income has decreased by 20% or more for a minimum consecutive period of two months
AND
must have liquidated all redeemable investments (including any other RRSP), the purchase of the Shares being the last resort

The Fonds’ “Purchase-by-agreement request(redemption) – Decrease of 20% or more in net Income” form
AND
For the loss of employment or end of the sole contract:
proof of loss of employment or end of sole contract at which the shareholder or his or her spouse worked for a minimum of 28 hours per week.

For involuntary reduction in regular work hours:
confirmation from the employer of the involuntary reduction in regular hours for a minimum of two consecutive months.

For the involuntary decrease or a termination of income replacement benefits:
proof of the involuntary decrease or termination of income replacements benefits for a minimum of two consecutive months.

AND
proof of the decrease in shareholder’s net income for the period of two consecutive months and proof of net income for the month preceding the decrease
OR
recent proof of absence income for two full consecutive months, as applicable

AND
proof that all redeemable investments have been liquidated or cannot be redeemed

AND
if the decrease in income involves the shareholder’s spouse
recent proof of the decrease in net family income for the period of two consecutive months and proof of net family income for the month preceding the decrease
OR
recent proof of absence of family income for two full consecutive months, as applicable

AND
proof that all redeemable family investments have been liquidated or cannot be redeemed
ELIGIBLE SHARES
All Shares held.

SUBSEQUENT ACQUISITION OF SHARES
One year after the Fonds’ purchase.

PAYMENT TERMS AND CONDITIONS

Maximum payments not exceeding a net value of $5,000 each, at a minimum  two-month interval between each payments.
OR
Upon the initial request under the event invoked, a single payment equal to the total value of the account, provided such value is under $10 000 gross.
Shares purchased after the involuntary reduction in net income cannot be redeemed under this criterion.

Decrease in gross income of shareholder or his or her spouse by 30 % or more caused by a temporary disability
REQUIREMENTS REQUIRED DOCUMENTS

The shareholder or his or her spouse must be in position of decreasing income caused by a temporary disability
AND
must show that the gross income has decrease by 30 % or more for a minimum consecutive period of two consecutive months.
AND
must have liquidated or used all redeemable investments (including any other RRSP), the purchase of the Shares being the last resort.

The Fonds’ “Purchase-by-agreement request(redemption) – Decrease of 30% or more in gross income due to a temporary disability” form
AND
a recent medical certificate attesting to the disability for a minimum period of two consecutive months
AND
proof of all gross income for a full month prior to the decrease in income
AND
recent proof of all gross income for the period of decrease in income for two full consecutive months
OR
recent proof of absence of income for two full consecutive month, as applicable
OR
recent written confirmation from the shareholder's or the shareholder's spouse's employer or insurer attesting to the payment of disability benefits causing a decrease of 30 % in gross income for a minimum period of two consecutive months
AND
proof that all other redeemable investments have been liquidated or cannot be redeemed
AND
if the decrease in net income involves the shareholder's spouse
proof of all gross family income for a full month prior to the decrease in income
AND
recent proof of all gross family income for the period of decrease in income for two full consecutive months
OR
recent proof of absence of family income for two full consecutive months, as applicable
AND
Proof that all redeemable family investments have been liquidated or cannot be redeemed.

ELIGIBLE SHARES
All Shares held for at least two years.
SUBSEQUENT ACQUISITION OF SHARES
One year after the Fonds’ purchase.
PAYMENT TERMS AND CONDITIONS

A maximum of two payments of $5,000 net each in a minimum two month interval between each payment
OR
a single payment representing the total account value as long as its value is lower $10,000.
Shares purchased after the temporary disability cannot be redeemed under this criterion.

Decrease in gross income of 30 % caused by the dissolution of a union
REQUIREMENTS REQUIRED DOCUMENTS

The shareholder must show that he or she is in a position of decreasing income caused by the dissolution of a union which occured less than a year ago

AND
must show a decrease of at least 30 % in the shareholder's family income for a minimum period of two consecutive monts

AND
must have liquidated or used all redeemable investments (including any other RRSP), the purchase of the Shares being the last resort.

The Fonds’ “Purchase-by-agreement request(redemption) – Decrease of 30% or more in gross income due to the dissolution of a union” form
AND
proof of the dissolution of a union which has occured less than a year ago

  • confirmation of the dissolution of the union by a notary, a lawyer or a mediator
  • proof of the change in marital status with the Canada Revenue Agency
  • divorce judgment
  • agreement on corollary relief
AND
record of all gross family income for a full month prior to the decrease in income
AND
recent record of all gross family income during the period of decrease in income for two full consecutive months
OR
proof of absence of income for two full consecutive months, as applicable
AND
proof that redeemable investments have been liquidated or cannot be redeemed.
ELIGIBLE SHARES
All Shares held.
SUBSEQUENT ACQUISITION OF SHARES
One year after the Fonds’ purchase.
PAYMENT TERMS AND CONDITIONS

A maximum of two disbursements paid out at the latest during the year following the dissolution of the union, up to a maximum net amount of $15,000 for a single dissolution of union.

All shares acquired after the reduction in income due to the dissolution of a union can not be redeemed under this criterion.

Expense necessary when a shareholder or his or her spouse acts as a natural caregiver for a family member
REQUIREMENTS REQUIRED DOCUMENTS
The shareholder must show a decrease in net family income because the shareholder or his or her spouse acts as a natural caregiver for a family member
AND
must show that the person cared for is at least 70 years of age and resides at the same address as the shareholder
OR
is at least 18 years of age and has a serious mental and/or physical handicap
AND
must show that the decrease in net family income is attributable to the need to act as natural caregiver.
AND
must show that the family income has decreased by 20% or more for a minimum of two consecutive months
AND
must have liquidated all redeemable investments (including any other RRSP), the purchase of the Shares being the last resort.
The Fonds’ “Purchase-by-agreement request(redemption) – Decrease in net family income - Natural caregiver” form, including the section entitled “Shareholder’s Solemn Declaration” stating that he or his or her spouse must act as a natural caregiver for a family member
AND
proof that the person cared for is at least 70 years of age and resides at the same address as the shareholder
OR
proof that the person cared for is at least 18 years of age and proof from the attending physician that the person cared for has a serious mental and/or physical handicap
AND
written confirmation that the decrease in family income is attributable to the need to act as natural caregiver
AND
proof of all family income for a full month prior to the decrease in income
AND
recent proof of all net family income for the period of decrease in income for two full consecutive months
AND
proof that all redeemable family investments have been liquidated or cannot be redeemed.
ELIGIBLE SHARES
All Shares held for at least two years.
SUBSEQUENT ACQUISITION OF SHARES
One year after the Fonds’ purchase.
PAYMENT TERMS AND CONDITIONS
A single payment corresponding to the value of the eligible Shares.
This criterion can only be invoked once by the shareholder within 5 years, as of the disbursement date.
Involuntary decrease of 20% or more in net income derived from self-employment
REQUIREMENTS REQUIRED DOCUMENTS
The shareholder or his or her spouse must be a self-employed worker
AND
must show that the decrease in net income is involuntary and not cyclical
AND
must show that the net income after the involuntary decrease has decreased by 20% or more for a minimum period of six consecutive months
AND
must have liquidated all redeemable investments (including any other RRSP), the purchase of the Shares being the last resort.
The Fonds’ “Purchase-by-agreement request(redemption) – Involuntary decrease of 20% or more in net income derived from self‑employment” form
AND
recent confirmation from clients of cancellation or terminatin of contracts or reduction int eht number or contracts
AND
recent proof of all net income for the period of involuntary decrease in income for six full consecutive months and proof of all net income for the same period last year
AND
proof that all redeemable investments have been liquidated or cannot be redeemed
AND
if the involuntary decrease in income involves the shareholder's spouse
recent proof of all net family income for the period of involuntary decrease for six full consecutive months and proof of all net family income for the same period last year
AND
proof that all redeemable family investments have been liquidated or cannot be redeemed.
ELIGIBLE SHARES
All the Shares
SUBSEQUENT ACQUISITION OF SHARES
One year after the Fonds’ purchase.
PAYMENT TERMS AND CONDITIONS
Payments not exceeding $15,000 net each.
A minimum six-month interval is required between each payment.
Shares purchased after the involuntary reduction in family income cannot be redeemed under this criterion.
Recourse of a creditor against essantial property or service
Applicable of the following property:
  • shareholder's principal residence;
  • shareholder's and/or his or her spouse's automobile;
  • public utilities; or
  • salary

REQUIREMENTS REQUIRED DOCUMENTS
The shareholder must not qualify for any other criterion of the Purchase-by- Agreement Policy
AND
show that the recourse jeopardizes the shareholder's and/or his or her spouse's salary or automobile, the principal residence, or a public utility.
AND
the shareholder must have liquidated all redeemable investments (including any other RRSP), the purchase of the Shares being the last resort.
The Fonds’ “Purchase-by-agreement request(redemption) – Recourse of a creditor against essential property or Service” form which includes a statement by the shareholder explaining the reasons underlying the recourse
AND
confirming that he or she has the necessary amounts to pay the balance if the redemption of the shares is not sufficient to avoid the recourse
AND
attesting to his or her financial inability to pay the recourse
AND
proof of the recourse against the following assets or essential services:

For the shareholder's or his or her spouse's salary: 

formal demand for payment from a government or a judgment against the shareholder ordering the payment of a sum of money.
AND
proof that the shareholder or his or her spouse has a garnishable salary.

For the shareholder's or his or her spouse's automobile:
notice of loss of benefit of a term with lease agreement or repossession notice or notice of seizure of the vehicle following a court order

For the principal residence: 
final notice from the hypothecary creditor or prior notice to exercise a hypothecary right or motion for mandatory relinquishment or court order or a duly-served demand from the Régie du logement or final notice for overdue municipal and/or school taxes.

For public utility proided to the principal residence:
notice of service interruption from the relevant public utility.

AND

if the recourse is directed only at the shareholder's salary and/or automobile
proof that all of the shareholder's redeemable investments have been liquidated and used up to pay part of the recourse or that the investments cannot be redeemed.

if the recourse is directed at the principal residence, a public utility or the spouse's automobile and/or salary
proof that all redeemable family investments have been liquidated and used up to pay part of the recourse or that the family investments cannot be redeemed.


ELIGIBLE SHARES
All the Shares
SUBSEQUENT ACQUISITION OF SHARES
One year after the Fonds’ purchase.
PAYMENT TERMS AND CONDITIONS
One net payment equal to the amount required to avoid execution of the recourse.
Joint cheque payable to the shareholder and the creditor.

Please read the prospectus before investing. Copies of the prospectus may be obtained on its Website, from a local representative or at the offices of the Fonds de solidarité FTQ. The shares of the Fonds de solidarité FTQ are not guaranteed, their value changes and past performance may not be repeated.


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