MONTREAL, Nov. 22, 2013 /CNW Telbec/ - On Monday, November 25, the
president and chief executive of the Fonds de solidarité FTQ, Yvon
Bolduc, will address the House of Commons' Standing Committee on
Finance regarding the federal labour-fund tax credit. Also scheduled to
appear before the Committee are Françoise Bertrand, president and CEO
of the Fédération des chambres de commerce du Québec and Chris
Arsenault, managing partner of iNovia Capital. These individuals
represent prominent organizations which, like hundreds of others, have
appealed to Ottawa to maintain its tax credit to labour funds.
On November 18, to the astonishment of many, senior officials at Finance
Canada confirmed that the federal government had not conducted any
studies on the economic impact of the proposed tax credit phase-out on
venture capital and on the savings of the middle class. As well, these
same officials were unable to say whether a comparative analysis had
been performed between the $2 billion offer made to the government by
Québec's labour funds and Ottawa's Venture Capital Action Plan.
"The phase-out of the federal tax credit comes at a time when workers
are very concerned about their retirement and will eliminate a major
savings incentive for hundreds of thousands middle-class Canadians,"
said Mr. Bolduc. "This decision, which will translate into an average
annual increase of $425 in taxes for our shareholders, is hardly
reassuring for small investors trying to plan for a better retirement."
It will be recalled that just a few days ago, prior to a speech by Prime
Minister Harper, the president of the Board of Trade of Metropolitan
Montreal, Michel Leblanc reiterated his support for labour funds as
follows: "I would like to draw your attention to a couple of decisions
that you could make, such as reconsidering the one to eliminate the tax
credit to labour funds, which play a fundamental role in our economy."
About the Fonds de solidarité FTQ
Created in 1983, the Fonds de solidarité FTQ has been driving the Québec
economy for 30 years. With net assets of $9.3 billion as at May 31, 2013, the Fonds is a
development capital fund that channels the savings of Quebecers into
investments in all sectors of the economy to help create and maintain
jobs and further Québec's development. The Fonds is a partner, either
directly or through its network members, in 2,395 companies. With
615,664 shareholders-savers, the Fonds helps create, maintain or
protect 170,915 jobs. For more information, visit www.FondsFTQ.com.
SOURCE: Fonds de solidarité FTQ
For further information:
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Senior Advisor, Media Relations and Communications
Fonds de solidarité FTQ
Phone: 514 850-4835
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