Montreal, March 20, 2012 – “The Government of Quebec’s budget confirms that the Fonds the solidarité FTQ is a key actor of the Quebec economy. With a strong mandate for economic development and retirement savings, the Fonds is now more than ever an important tool for the economic future of Quebec”, said Yvon Bolduc, Fonds de solidarité FTQ President and CEO, commenting measures of the provincial budget in which the Fonds will participate, or that will have an impact on the Fonds’ shareholders.
“With a debate raging about the future of pension plans, the Fonds de solidarité proposed to the government that employer contributions to their employees’ Fonds de solidarité RRSPs be treated the same way as employer contributions to employee pension plans by excluding them from payroll taxes. We welcome this reform that will allow employers to contribute to their employees’ Fonds RRSPs at lower cost,” declared Mr. Bolduc.
The Fonds de solidarité also welcomes the creation of two funds in which it will financially participate.
The Fonds Valorisation Bois’ objectives will be to offer to well positioned Quebec industries the necessary capital for the development of high value added products, and financing for 2nd and 3rd transformation projects identified as being high potential.
The creation of a $15 million fund in which the Fonds will contribute $5 million to help finance bursary for young entrepreneurs given out by the Fondation du maire : le Montréal inc. de demain. This is a measure that will support tomorrow’s entrepreneurs, an important challenge for Quebec.
“The Quebec budget demonstrates clearly that the Fonds de solidarité FTQ’s mission is an important one for today and tomorrow’s Quebec. From job creation to retirement savings, from wood products to youth entrepreneurship, the Fonds de solidarité FTQ will continue to be a major actor in the Quebec economy for years to come,” concluded Mr. Bolduc.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $8.2 billion as of November 30, 2011, the Fonds is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in 2,129 companies. With its 583,235 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect 160,789 jobs. For more information, visit www.cyberfondsftq.com.
- 30 -
Information for media representatives only
Patrick McQuilken
Senior Advisor for Media Relations and Communications
Fonds de solidarité FTQ
Phone: 514 850-4835
Mobile: 514 703-5587
Email: pmcquilken@fondsftq.com