A VRSP is a group retirement savings plan offered by the employer and administrated by an authorized administrator. It is subject to the Voluntary Retirement Savings Plans Act.
Presentation of possible options
Explanation of the VRSP, of your obligations, of the participants and the choice of investments, conditions and advantages.
Needs analysis based on your objectives
Proposal of a plan and identification of a supplier
Solicitation of employee participation
Ensure implementation
Help Quebeckers save more for retirement
Offer a low-cost solution to workers
Gives all workers access to a private group plan
50% of workers do not have access to a retirement plan at their workplace (2 million workers in Quebec)
30% of workers have no savings at all
Administered by a third party, which significantly lowers the administrative burden and responsibility for the employer
Default parameters that facilitate decision making
Limited number of investment options
Employees automatically registered by the employer offering the VRSP
The employer is not obligated to make contributions
The employer and employees can choose and modify their rate/amount of contribution
Employees can opt out of participating in the plan
Employees can keep contributing to the same plan after changing employers
Employee contributions can be withdrawn at any time
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A group retirement plan (or group RRSP) is a retirement savings instrument for a group of employees, unionized workers, or members of an association, which is issued by a financial institution and approved by the CRA (Canada Revenue Agency).
The Individual Pension Plan (IPP) is a defined benefit pension plan whose retirement income corresponds to 2% of the average of the 3 highest income years for each recognized year of service.
The DPSP is an approved agreement according to CRA (Canada Revenue Agency) requirements pursuant to which an employer can share the profits of his business with all his employees or group of employees.
Taxation
Living Benefits
Mortgage brokerage
Life Insurance