Deduction for the Purchase of Shares in a Labour-Sponsored Fund

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The Fonds de solidarité FTQ

Subtract from the employee's gross remuneration for the pay period 75% of the amount withheld for the purchase of Fonds de solidarité FTQ shares if:

  • the employee authorized you to withhold deduct the amount;
  • the shares are class A shares; and
  • the employee is the first purchaser of the shares.

The maximum amount you can subtract from the employee's gross remuneration for the year is $3,750 ($5,000 × 75%).

Fondaction

Subtract from the employee's gross remuneration for the pay period 100% (75% for shares acquired after May 31, 2021) of the amount withheld for the purchase of Fondaction shares if:

  • the employee authorized you to deduct the amount;
  • the shares are class A or class B shares; and
  • the employee is the first purchaser of the shares.

The maximum amount you can subtract from the employee's gross remuneration for the year is $4,271, which is the result of the following calculation: $5,000 x [((5 × 100%) + (7 × 75%))/12].

The Fonds de solidarité FTQ and Fondaction

If an employee purchases both Fonds de solidarité FTQ and Fondaction shares for the annual maximum amount of $5,000 that entitles the employee to the tax credit, the maximum amount you can subtract from the employee's gross remuneration for a pay period must take into account the rate applicable for each fund.

Example

If an employee purchases $2,000 in Fonds de solidarité FTQ shares and $3,000 in Fondaction shares in the year, the maximum amount you can subtract from the employee's gross remuneration for the year is $4,062, which is the total of the following amounts:

  • $1,500 for Fonds de solidarité FTQ shares ($2,000 × 75%); and
  • $2,562 for Fondaction shares, which is $3,000 x [((5 × 100%) + (7 × 75%))/12].

Fair. For all.

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