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Québec-based development capital organization From Wikipedia, the free encyclopedia
The largest development capital network in the province, the Fonds de solidarité FTQ was created on the initiative of the FTQ, Québec's largest central labour body.
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Company type | Company created by special legislation |
---|---|
Industry | Development capital Venture capital Business financing |
Founded | June 23, 1983 |
Headquarters | , |
Area served | Quebec |
Key people | Janie C. Béique President & CEO |
Products | Registered Retirement Savings Plan |
As of November 30, 2022, the Fonds held $17.8 billion in net assets and had more than 753,000 owner-shareholders.[1]
Headquartered in Montréal, the Fonds de solidarité FTQ has a network of independent organizations that includes 16 Fonds régionaux de solidarité FTQ [regional solidarity funds], 16 Fonds locaux de solidarité FTQ [local solidarity funds] and the Fonds immobilier de solidarité FTQ [real estate solidarity fund]. Its investment network also includes 77 specialty funds.
The Fonds de solidarité FTQ was constituted on June 23, 1983 by an act of the Québec National Assembly,[4] then headed by the René Lévesque government. The initial capital came from workers affiliated to FTQ that was complemented by provincial and federal governments.
In keeping with its mission, the Fonds makes investments in all types of businesses, with or without a guarantee. However, in any given year, the proportion of unsecured investments in eligible companies must represent, on average, at least 60% of its average net assets of the previous year.
For the last 5 years, the Fonds had invested an average of $771 million per year in Québec companies. It is a partner, either directly or through one of its network members, in over 2,839 Québec companies.[5]
The only development capital organization with sector expertise, the Fonds invests in the most important sectors of the Québec economy.
The Fonds de solidarité FTQ specializes in 25 sectors of the Québec economy:
Fonds shares, which are eligible for the Registered Retirement Savings Plan (RRSP), can be purchased by any Québec taxpayer either through payroll deduction – available in unionized companies or government organizations (an FTQ-affiliated or other union), – preauthorized withdrawals, or a lump sum payment. Anyone can purchase Fonds shares.
In its 36-year history, the Fonds has sold $16.7 billion in shares. The Fonds relies on a network of over 2,600 local representatives—unionized employees who promote the Fonds RRSP in their workplace.
Fonds shares are a popular investment because in addition to the tax benefits individuals obtain for buying an RRSP, they also receive two additional tax credits: 15% from each government (Québec and Canada) on the first $5,000 invested each year. Fonds shares cannot be sold before retirement except under certain conditions such as loss of employment, participation in the federal government's Home Buyers’ Plan, and disability.[6]
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