MONTRÉAL, Feb. 19, 2015 /CNW Telbec/ - Beginning today, February 19 2015, and until May 31, 2015 inclusively, the Fonds de solidarité FTQ will no longer accept LUMP-SUM contributions. This measure is necessary to respect the contribution limit for the current financial year imposed by the Government of Québec. Lump-sum payments received by mail will be accepted only if they are postmarked on or before February 18, 2015.
"This measure will not affect Fund shareholders who already contribute or who wish to contribute through payroll deductions, contributions negotiated with an employer or pre-authorized withdrawals. The Fonds de solidarité FTQ will continue to accept all contributions by shareholders who use one of these contribution methods as the necessary number of shares has already been planned for within the limit", declared Denis Leclerc, Executive-Vice-President for Shareholder Services at the Fonds de solidarité FTQ.
"Whether it is for retirement-savings of for economic development, the Fonds de solidarité FTQ is a key partner for workers, the government and entrepreneurs. Such contribution ceilings can however limit the available capital for Québec companies and its regions", continued Gaétan Morin, President and CEO of the Fonds de solidarité FTQ.
The June 2014 Québec Budget limited the total value of Fonds shares issued and eligible for the tax credit at $650 million for the financial year ending May 31, 2015.
No financial impact
Notwithstanding the limit on shares that can be issued, the Fonds' will continue its normal business activities with regards to shareholder services, as well as investments services in companies and the financial markets. The restriction has no effect on the Fund's financial health (diversified assets and no debt), nor on its return (based on the performance of our partner companies and financial markets). However, such ceilings can limit the Fonds' capacity to invest capital in job creating enterprises.
The Fonds' rate of return was 7.4% for the twelve-month period ending November 30, 2014. The share value is $31.36 since January 5, a $1,07 increase in six months.
For more information, please speak to the local representative in the workplace or contact Shareholder Services at 1-800-567-3663. You can also visit us online at www.FondsFTQ.com or in person at one of the Fonds' field offices listed on our site.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $10.5 billion as of November 30, 2014, 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 2,450 companies. With more than 600,000 shareholder-savers, the Fonds helps create, maintain and protect more than 172,000 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