Liberals refuse to reinstate labour-sponsored funds

FOR IMMEDIATE RELEASE

December 8, 2015 

LIBERALS REFUSE TO REINSTATE LABOUR-SPONSORED FUNDS  

OTTAWA — Today In the House of Commons New Democrats pressed the Liberal government to fully reinstate the tax credit for investors in labour-sponsored funds. 

In response Liberals said they didn’t plan on restoring it before the end of the year and that they were going to wait for pre-budget consultations to make a decision. But during the election campaign, Prime Minister Justin Trudeau promised to reinstate the tax credit for funds like the Solidarity Fund QFL and Fondaction CSN immediately. 

“There’s nothing in the Finance Minister’s tax plan and after what we learned today, there’s no indication that they’re going to reinstate it,” said NDP Quebec lieutenant Alexandre Boulerice (Rosemont—La Petite-Patrie). “That means that on January 1st, those who are saving for their retirement will be penalized. It’s Quebecers who will end up paying for this.” 

Labour-sponsored funds are particularly popular in Quebec where they are considered a significant driver of the economy creating thousands of jobs. 

“We have the opportunity to fix this right now and help thousands of people save for their retirement,” added Boulerice. “People will be disappointed to learn that the Liberals are backtracking on their promise.”  

– 30 – 

For more information, please contact:

NDP Media Centre: 613-222-2351 or ndpcom@parl.gc.ca