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 subscription for 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 subscription for shares of the Fonds de solidarité FTQ. These shares can be held in an RRSP at the Fonds de solidarité FTQ and allow you to benefit from the tax credits, in addition to the RRSP deduction from your income. These shares can also be held in a non-RRSP account at the Fonds de solidarité FTQ. In this case, you can only claim the tax credits. Thus, by subscribing for shares of the Fonds de solidarité FTQ held in an RRSP at the Fonds de solidarité FTQ, you can, depending on your tax situation, benefit from more tax savings than the usual RRSP deduction. The Fonds de solidarité FTQ uses the term "RRSP+" to illustrate this enhanced tax benefit.
