What is the difference between payroll deductions and automatic withdrawals?

Payroll deductions let you enjoy tax savings with each paycheque. Automatic withdrawals, on the other hand, are deducted from your bank account and you receive your tax savings at the end of the fiscal year.

Payroll deductions and automatic bank withdrawals are automatic ways to save. Both can be set up via your online account. In both cases, you determine the amount you want to contribute and can adjust that amount at any time.

Payroll deductions let you make contributions to your RRSP+ with the Fonds with each paycheque, so you get to enjoy your tax savings immediately. Your employer needs to offer this savings option for you to benefit from it.

Automatic bank withdrawals also allow you to make ongoing contributions to your RRSP+ with the Fonds. However, you don't receive any tax savings at source. Contributions are withdrawn from your bank account and you receive your tax savings when you file your annual tax return. What's more, automatic withdrawals can be set up online in minutes.

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Legal Notes
Please read the prospectus before buying Fonds de solidarité FTQ shares. Copies of the prospectus may be obtained on the Website fondsftq.com, from a local representative or at the offices of the Fonds de solidarité FTQ. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all dividends and do not take into account income taxes payable by any security holder that would have reduced returns. The shares of the Fonds de solidarité FTQ are not guaranteed, their value changes and past performance may not be repeated.