MONTRÉAL, March 22, 2016 /CNW Telbec/ - In its budget tabled today, the Trudeau government delivered on its platform commitment by announcing the full reinstatement of the 15% federal tax credit for contributions made to labour-sponsored funds for the 2016 fiscal year.
"The full reinstatement of the federal tax credit is great news for Québec workers and businesses. This measure will make it possible for the middle-class to better prepare for retirement and for the Fonds de solidarité FTQ to continue to fully play its role in favouring economic growth and job creation," said Gaétan Morin, President and CEO of the Fonds de solidarité FTQ. "We commend the leadership of Prime Minister Trudeau and his Finance Minister, Mr. Morneau, for renewing our partnership with the Government of Canada to support innovation and prosperity."
"By reinstating the 15% federal tax credit, the Trudeau government recognizes that the Fonds is an important source of job creating retirement savings," continued Mr. Morin.
Following the Conservative government's March 2013 announcement of the federal tax credit phase-out, over 110,000 Quebecers wrote to the Finance Minister or signed a petition calling on him to rescind his decision. This sentiment was echoed by over 200 entrepreneurs and organization representatives who publically recognized the Fonds' significant contribution to the Québec economy, as well as by all the parties represented in the Québec National Assembly.
"The reinstatement of the tax credit announced today would not have been possible without all this support and consensus from Quebecers. On behalf of our more than 600,000 shareholders and 2,550 partner companies, I wish to thank everyone who have supported the Fonds and its business model over the past few years," concluded Mr. Morin.
It should be noted that the tax credit granted to shareholders by the Government of Québec is still 15%. Following the approval of the reinstatement by Parliament, tax credits will therefore total 30% effective as of the 2016 fiscal year, as well as the following.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.2 billion as of November 30, 2015, 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 more than 2,550 companies. With more than 600,000 shareholder-savers, the Fonds helps create, maintain and protect more than 176,000 jobs. For more information, visit www.fondsftq.com.
SOURCE Fonds de solidarité FTQ
For further information: For media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Phone: 514 850-4835, Mobile : 514 703-5587, Email: [email protected]; For Fonds de solidarité FTQ shareholders: Shareholder Services, Fonds de solidarité FTQ, Montréal: 514 383-3663, Québec: 418 628-3663, Toll Free: 1 800 567-3663