Is there a cap on the contribution amount that can made by automatic bank withdrawals?
Our fundraising goal for the current fiscal year has been achieved. It is therefore not possible to make new contributions by preauthorized bank withdrawals.
The Fonds prioritizes payroll deduction and automatic bank withdrawal (ABW) agreements that were active when the share issuance limit was announced, and will continue to issue shares under these agreements throughout the year.
Therefore, new automatic bank withdrawal contribution agreements and increases to existing automatic bank withdrawal agreements will not be accepted.
If you wish to decrease the amount of your preauthorized bank withdrawals, please contact one of our Saving Services agents.
Legal Notes
The acquisition of shares of the Fonds de solidarité FTQ may give rise to labour-sponsored fund tax credits. The tax credits amount to 30%, namely 15% at the Quebec level and 15% at the federal level, and are limited to $1,500 per fiscal year, which represents a $5,000 purchase of shares of the Fonds de solidarité FTQ. On March 1, 2024, The Government of Québec announced in Information Bulletin 2024-3 that tax legislation would be amended to postpone by three years the rule providing that the tax credit would be available only to individuals whose taxable income for a given taxation year was below the highest tax rate. Please note that this postponement may be subject to legislative changes.
