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 employeur enrollment form.

Legal Notes
1
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.