If you are self-employed, you know it isn’t always easy to plan your finances because your income varies depending on the contracts you receive, which are often hard-earned. Worse, when contracts are scarce, your income may be reduced to zero, and you may not be eligible for financial assistance to compensate for the shortfall. One of the Fonds’ redemption criteria could help mitigate this situation should it occur.
* See other situations of income decrease that could allow the withdrawal of your RRSP+.
The shareholder or their spouse is self-employedAND
must show that the decrease in net income is involuntary and not cyclicalAND
must show that the net incomeafter the involuntary decreasehas decreased by 20% or more for a minimum period of six consecutive monthsAND
must have liquidated all redeemable investments (including any other RRSP), the purchase of the shares being the last resort.AND
For subsequent requests, the shareholder or their spouse must show that the involuntary decrease still exists and that net income has decreased by 20% or more for a new minimum period of six consecutive months.
The Fonds de solidarité FTQ formAND
recent confirmation from clients of cancellation or termination of contracts or reduction in the number of contractsAND
recent proof of all net income for the period of involuntary decrease in income for six full consecutive months or proof of absence of income, as applicableAND
proof of all net income for the same period last yearAND
proof that all redeemable investments have been liquidated or cannot be redeemedAND
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 or proof of absence of family income, as applicableAND
proof of all net family income for the same period last yearAND
proof that all redeemable family investments have been liquidated or cannot be redeemed.
All shares held. Shares purchased after the involuntary decrease in net income cannot be redeemed under this criterion.
Subsequent share acquisition:
One year after purchase by the Fonds de solidarité FTQ.
Disbursement terms and conditions:
Payments not exceeding $15,000 net each. A minimum six-month interval is required between each payment.