In the 2023–2024 budget, the Government of Québec has proposed a new measure that may impact individuals' qualification for the 30 percent tax credit associated with a labour-sponsored fund in 2024. This initiative aims to better support individuals with higher savings requirements in achieving a satisfactory retirement.
Employees contributing to RRSP+ or non-RRSP+ through payroll deductions, who have become ineligible for the tax credit associated with a labour-sponsored fund under the new FTQ rules, must inform their employer’s payroll department that the 30 percent tax credit should no longer be applied directly to their paycheque.
Employers providing the FTQ option to their employees are encouraged to inform them about this new measure.