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| | SAVE MORE TAXES Exceptional tax savings
The Solidarity Fund QFL RRSP packs twice the punch of a conventional RRSP because it allows you to:
Save taxes once
By purchasing Fund shares, the amount invested reduces your taxes payable by 30% by entitling you to:
- a tax credit of 15% from Québec;
- a tax credit of 15% from the federal government.
The maximum amount you can invest that is eligible for the tax credit is $5,000 per year, which is equal to a maximum tax credit of $1,500 per year ($750 = 15% from Québec + $750 = 15% from the federal government).
Save taxes twice
By registering your shares in the Fund’s RRSP, you get the standard tax deductions granted by both governments for RRSP contributions. This tax saving can vary from 28.5% to 48.2% depending on your tax rate.
 See an example
Total savings
Each Fund share you purchase and register in your RRSP entitles you to these two tax advantages that could save you 58.5% to 78.2% of the amount invested.
By contributing to an RRSP, you reduce your taxes payable and get back a tidy sum, which you can reinvest in your RRSP to make it grow even faster, place in another type of vehicle or do with it as you see fit.
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