Montréal, October 21, 2015 – The election of a government that has
promised to restore the labour fund tax credit is good news for middle class investors and Québec SMEs. This is how Gaétan Morin, President and CEO of the Fonds de solidarité FTQ reacted to Monday’s election results.
“Justin Trudeau’s election promise to restore the 15% labour fund tax credit shows that the prime minister designate understands the importance of the Fonds de solidarité FTQ for our economic future. Given the issues concerning retirement and job creation, this is good news for middle class investors and Québec SMEs. We will work with the new government to ensure that the Fonds can fully exercise its role in the area of retirement planning, job creation and economic development,” said Mr. Morin.
It will be recalled that Mr. Trudeau first voiced his promise to restore the tax credit last February when speaking before the Board of Trade of Metropolitan Montreal. He then confirmed that promise by making it part of his election platform released on October 5.
Legislative amendments required
Legislative amendments will be required to restore the 15% federal tax credit. As such, until further notice, the labour fund tax credit will be 10% for the 2015 taxation year and 5% for 2016.
“We will be working with the new government members and officials to ensure the tax credit is restored as soon as possible for the benefit of labour fund investors,” concluded Mr. Morin.
For its part, the provincial tax credit is still 15%.
À propos du Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.1 billion as of May 31, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds is a partner, either directly or through its network members, in more than 2,550 companies. With more than 600,000 shareholder-savers, the Fonds helps create, maintain and protect more than 176,000 jobs. For more information, visit www.FondsFTQ.com.
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Information
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