The FTQ RRSP+: Quebec’s Savings Accelerator

For many workers in Quebec, putting money aside for retirement can feel like an endless marathon. However, there is a financial tool that can turn that race into a sprint: the Fonds de solidarité FTQ RRSP+. Its goal is clear: to encourage local savings by offering a nearly unbeatable tax advantage.

The Tax Multiplier: A 30% Bonus

The defining feature of the RRSP+ is its immediate tax return. Unlike a traditional RRSP, which only reduces your taxable income, the RRSP+ grants you an additional 30% in tax savings.

In practical terms, for every $100 you invest, you receive a $30 tax credit (15% federal and 15% provincial), on top of the standard tax deduction associated with your tax bracket. This directly reduces the "out-of-pocket" cost of your savings effort.

Investing with Purpose

Investing in the RRSP+ also means choosing the local economy. The Fonds de solidarité FTQ uses this capital to invest in Quebec-based companies, creating wealth and jobs right here at home. It is a virtuous circle: you secure your future while strengthening the economic fabric of your province.

Accessibility and Flexibility

The RRSP+ also stands out for its simplicity. You can contribute via payroll deductions, an effective method that allows you to benefit from the tax savings directly on every paycheck. No more waiting for your annual tax refund in the spring!

In summary, the RRSP+ is much more than a simple retirement account. It is a strategic lever for those looking to maximize their refunds while supporting the local economy. With an annual limit of $5,000 to qualify for the 30% credit, it is a cornerstone of financial planning in Quebec.