Productivity & Quality (P&Q) Bonus
As you all know the Union Negotiated a productivity Bonus in the new 2020 GM contract. The P&Q bonus which is a one time payment of ($7,250) is payable to eligible members on December 17th 2020. The P&Q Bonus is taxable and many of you have asked if there is anything you can do to avoid paying the taxes. Members can transfer the P&Q bonus to your RRSP account with Canada Life. There are a few other alternative that may be of interest to you and are explained below.
If interest I suggest you call the number below as soon as possible to make the arrangements.