FAQ

The Fonds de solidarité FTQ RRSP+ by payroll deduction

  •  

    What's the difference between the Fonds de solidarité FTQ RRSP+ and a regular RRSP?

    Compared to a regular RRSP, the RRSP+ at the Fonds offers your employees not one, but two tax benefits:

    The deduction applicable to any RRSP.

    The Fonds' additional 30 percent tax credit.1

    RRSP graphic

    The RRSP+ is advantageous not only for your employees, but also for all Québecers. Money saved with the Fonds is primarily invested in local businesses throughout the province to stimulate the economy and help create, maintain, and safeguard jobs.

  •  

    What is payroll deduction?

    Payroll deduction is a way for your employees to save automatically by having contributions to their RRSP+ at the Fonds deducted right from their pay.

    They benefit directly from their RRSP deduction and receive additional tax savings1 on each paycheque. That means their net salary is only marginally affected by their contributions to the RRSP+.

    If you'd like to implement payroll deduction in your company, call 1-888-385-3723 to speak with one of our Employer Services agents (Monday to Friday, 8:30 a.m. to 4:30 p.m.) or complete our employer enrollment form.

  •  

    What are the benefits of the Fonds de solidarité FTQ RRSP+ by payroll deduction?

    Here are six great reasons to offer the RRSP+.

    It's a saving solution that gives more to your employees, as they get an additional 30 percent tax credit1 on their contributions and those of their employer, if applicable.

    It's simple, free, and quick to set up.

    It's easy to manage thanks to the employers' extranet.

    It helps build employee loyalty.

    It contributes to Québec's economic growth.

    It's an alternative to the VRSP.

    Learn more about the benefits.

  •  

    Is the Fonds' RRSP+ by payroll deduction an alternative to the voluntary retirement savings plan (VRSP)?

    Yes. As an employer, you are required to implement a VRSP if your company

    has 10 or more employees who are at least 18 years of age and have at least one year of uninterrupted service as defined by the Act respecting labour standards.

    You are exempt from implementing a VRSP if

    you offer a registered retirement savings plan or registered pension plan to all your employees;

    or

    you offer all your employees the opportunity to contribute to an RRSP or a TFSA through payroll deduction.

    Thus, an employer offering the Fonds de solidarité FTQ RRSP+ by payroll deduction to all its employees is not required to set up a VRSP within their company.

    Learn more about the differences between the VRSP and RRSP+ by payroll deduction and their specific characteristics.

    Learn more about the VRSP

    Source : Retraite Québec

  •  

    Do all my employees have to contribute to the RRSP+ at the Fonds?

    No. With the Fonds' RRSP+, registering for payroll deductions is done on a voluntary basis.

    Employees who wish to contribute by payroll deduction must open an account online or during a visit from one of our experts.

  •  

    Who can contribute to the RRSP+ at the Fonds?

    To contribute to the RRSP+, you must be at least 18 years of age and reside in the province of Québec.

    In addition, anyone who earns income in Canada and is 71 years of age or younger on December 31 of the current year can contribute. As soon as a person receives employment income, they can contribute to an RRSP and start building capital for retirement.

    However, persons aged 65 and older are not eligible for labour-sponsored fund tax credits. To learn more, employees can contact one of our Saving Services agents or call 1-800-567-3663, Monday to Friday, between 8:30 a.m. and 5 p.m.

  •  

    Is there a maximum annual contribution for employees?

    No, but the Fonds may impose a contribution limit during the year by limiting the issuance of shares. This possible contribution limit is intended to allow as many shareholders as possible to invest in the RRSP+. Furthermore, the Fonds' potential share issue limit is intended to maintain the balance of its business model, but does not affect savers who contribute by payroll deductions or automatic bank transfers, or who have FlexiFonds mutual fund units.

    However, the 15 percent tax credits1 for investing in the Fonds applies only to the first $5,000 of your annual contribution.

    It is everyone's responsibility to make sure they have RRSP contribution room.

  •  

    As an employer, am I obliged to contribute to my employees' RRSP+ at the Fonds?

    No. The employer's contribution is optional. It's up to you to decide whether you wish to participate in your employees' retirement savings.

    Keep in mind that an employer's contributions to their employees' RRSP+ are not subject to employer payroll taxes. They therefore have no impact on employer deductions and contributions, unlike traditional bonuses.

    Read this article to learn more about the benefits of contributing to your employees' RRSP+.

  •  

    Can I offer bonuses in the form of contributions to my employees' RRSP+ at the Fonds?

    Yes. It's a win-win solution that allows you to offer your employees higher bonuses without increasing your budget.

    Contributions you make to your employees' RRSP+ are not subject to employer payroll taxes. They therefore have no impact on your deductions and contributions, unlike traditional bonuses. In addition, your employees benefit from an additional 30 percent tax credit1 on your voluntary contribution and on their own contributions, on top of the usual RRSP deductions they are entitled to.

    To learn more, read our article.

Implementing the Fonds de solidarité FTQ RRSP+ and how it works

  •  

    What should I do after setting up the RRSP+ at the Fonds?

    You'll need to inform your employees that you're offering the RRSP+ as a way to save for retirement, so that they can decide whether to enroll.

    You can request that one of our experts visit your company to present the RRSP+ by payroll deduction solution to your employees and answer their questions. These information sessions can also be held by videoconference.

    Our experts will provide your employees with the necessary documentation.

  •  

    How much does the RRSP+ by payroll deduction cost?

    The RRSP+ at the Fonds is a no-fee, no-contract, turnkey solution.

    You can set up employee payroll deductions, access online resources, order materials, consult our agents, request a visit from one of our experts at your company, and use the employers' extranet, all free of charge.3

  •  

    How do I set up an RRSP+ at the Fonds?

    It's a very quick process. If you follow these steps, everything should be set up in less than 24 hours.

    Step 1: Contact us

    Complete the online form and one of our Employer Services agents will contact you shortly.

    If you prefer to start the process over the phone, we're happy to assist you. You can contact us at 1-888-385-3723, Monday to Friday, between 8:30 a.m. and 4:30 p.m.

    Step 2: Open your account

    During the call with one of our agents, he will help you set up payroll deductions. He'll also explain what you need to do for your payroll system and send you the employers' extranet link and your access codes. He'll be with you every step of the way and answer all your questions.

    Once the configuration is completed, employees wishing to register will be able to do so online or during a visit from one of our experts.

    Step 3: Meet with one of our experts

    One of our experts can visit your company to present the RRSP+ by payroll deduction solution to your employees and answer their questions. Information sessions can also be held by videoconference.

    If you have particular needs, or if you want to know more about setting up payroll deductions, call 1-888-385-3723 to speak with one of our Employer Services agents (Monday to Friday, 8:30 a.m. to 4:30 p.m.).

  •  

    Can a Fonds representative come to my company?

    Yes. You can request that one of our experts visit your company to present the RRSP+ by payroll deduction solution to your employees and answer their questions. These information sessions can also be held by videoconference.

    To make an appointment, call us at 1-888-385-3723, Monday to Friday, between 8:30 a.m. and 4:30 p.m.

  •  

    Do payroll deductions apply to all pay frequencies?

    Yes. You can download the different brochures here.

    26-52 pay brochure

    48 pay brochure

    24 pay brochure

    12 pay brochure

  •  

    What payroll systems is the RRSP+ by payroll deduction compatible with?

    It's compatible with all payroll systems, whether internal or external. Our agents can help you set up payroll deductions. Furthermore, they can provide support when you file your first remittances, and for as long as you offer the RRSP+ to your employees.

    The most common systems that we work with when setting up payroll deductions are Acomba, Avantage SMB, Sage 50 (previously Simple comptable), and Dynacom.

The employers' extranet

  •  

    What is the employers' extranet?

    The employers' extranet is a secure website that makes your life easier. With 24/7 access to your account, you can do the following tasks at any time:

    Share documents quickly and securely.

    Manage your monthly remittances and make payments.

    Consult notices of changes requested by your employees.

    Order promotional material.

    Consult our various training guides and videos.

    Upload your files or use our online remittance table.

  •  

    Are there employers' extranet user fees?

    No. The employers' extranet is completely free!

  •  

    Who can use the employers' extranet?

    Whoever is responsible for remittances, payments, or payroll change notices.

  •  

    I can't log in to the employers' extranet. What should I do?

    After a few unsuccessful login attempts, your account will be blocked for 15 minutes. If you still can't log in after this period, please contact an Employer Services agent at 1-888-385-3723 (Monday to Friday, 8:30 a.m. to 4:30 p.m.).

  •  

    I forgot my user ID. How can I recover it?

    To recover your user ID, click the Forgotten user ID or password link on the login page. An email containing your user ID will be sent to you.

  •  

    I forgot my password. How can I reset it?

    To reset your password, click the Forgotten user ID or password link on the login page. An email will be sent to you with a secure link to reset your password.

COVID-19

  •  

    How can I stop and resume remittances?

    Call the Fonds' Employer Services. When you're ready to resume payroll deduction remittances, call us back, then send us your remittance list and payments. We look forward to hearing back from you at that time.

  •  

    I don't have access to my payroll system currently. Is there a deadline for submitting my remittances?

    Since you don't have access to your payroll system, we ask that you submit your remittances promptly upon your return.

  •  

    I had to lay off my employees temporarily. Do I need to notify you?

    Yes, it's important that you provide us with this information as soon as possible.

  •  

    Is payroll deduction automatically cancelled when an employee is temporarily unemployed?​

    Payroll deduction is frozen during this period. Since no salary is paid, no further deductions are made. The deductions will resume automatically the next time you generate a payroll that includes that employee. The employee can cancel payroll deduction completely by logging into their online account on the Fonds' website.

  •  

    Do you have any additional information to help me answer my employees' questions about redeeming their shares?

    Yes, you can direct them to our FAQs, which specifically answer questions some savers may have.

We're here for you

Find the answers to your questions

Here, you'll find answers to frequently asked questions.

Talk to one of our agents

You can reach us at 1-888-385-3723, Monday to Friday, between 8:30 a.m. and 4:30 p.m.

Log in to the employers' extranet

You can manage all aspects of your company's payroll deduction plan online. A wide range of documents for you and your employees is also available on the employers' extranet.

Legal notes
1 The Fonds de solidarité FTQ's shareholders will receive 15% in tax credits from the Québec government and 15% from the federal government. They are capped at $1,500 per fiscal year, which represents a $5,000 purchase of shares of the Fonds de solidarité FTQ.
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 shares of the Fonds de solidarité FTQ are not guaranteed, their value changes and past performance may not be repeated.
Prospectus En ( 641 Kb )
2 Example based on the 2020 taxation year for an individual with an annual taxable income of $31,500, at a marginal rate of 37.12%, who gets paid 26 times a year and receives tax savings immediately on each paycheque. The calculated amounts are estimates that can vary according to your tax situation.
3 No fees will be charged by the Fonds de solidarité FTQ. However, your payroll provider may charge a fee.