Full return of the federal income tax credit for labour-sponsored fund shareholders - Fondaction CSN salutes the Prime Minister of Canada's action

MONTRÉAL, Nov. 16, 2015 /CNW Telbec/ - Fondaction CSN salutes the action by the Prime Minster of Canada, whose official mandate letter to the Minister of Finance, William Francis Morneau, states to "restore the tax credit for labour-sponsored funds to support economic growth and help Canadians save for their retirement." Fondaction underscored to the Minister of Finance the importance of announcing this as quickly as possible, so that employers can take it into account in their payroll systems and apply the reinstatement of the income tax credit as soon as it comes into effect.

The second-largest labour-sponsored fund in Canada, Fondaction helps middle-class workers prepare for retirement by offering them affordable retirement savings. These savings are then invested in promising, innovative companies requiring access to investment capital, so as to create and maintain quality jobs, within a context of sustainable development.

Fondaction has been producing sustainable development reports for ten years and is the first financial institution in North America to have complied with the latest Global Reporting Initiative (GRI) guidelines—the global standard in terms of sustainable development. In 2007, Fondaction also signed the Global Compact, which lists some dozen criteria in the areas of human rights, labour standards, the environment and anti-corruption.

Fondaction manages almost $1.4 billion in assets from retirement savings collected from over 128,000 shareholders. Through its investments and commitments, either directly or by way of partner or specialized funds, Fondaction supports the development of more than 850 SMEs, which make a distinct contribution and which include many social economy businesses.

SOURCE Fondaction

Isabelle Monette, Media Relations Manager, Fondaction CSN, 514 525-5127, 514 503-4169, [email protected]