Group Retirement Savings

Easy to set up and to manage, a group retirement savings plan is a collection of individual RRSPs to which employees contribute through payroll deductions.

Advantageous for the employee, it allows him to benefit from immediate tax savings. The employer has no contribution obligation.

Simple and versatile, the deferred profit sharing plan is a choice alternative to the VRSP and traditional pension plans as it better meets the needs of small and medium size firms.

It is used more and more by astute employers who wish to help employees save for retirement.

The voluntary retirement savings plan’s goal is to facilitate retirement savings for employees of small firms who might not otherwise have access to a retirement savings plan at work.

With a group tax-free savings account the participant can grow his savings tax-free. The accumulated sums can be used at his discretion and the investment income is sheltered from tax, even at time of withdrawal.

Contribution limits are subject to annual maximums established by the Canada Revenue Agency and any unused contribution amounts are carried forward to upcoming years.

The defined contribution registered pension plan is an official plan established by the employer with the intent of providing employees with a monthly income when they retire. The amount of the contributions is set in advance while the amount of the retirement income is not. The employer assumes more responsibility than most other types of plans such as the selection of investment options and the creation of a pension committee.

The simplified pension plan is easy to manage for the employer as it is administered by a financial institution and contributions are made through payroll deductions. The employer has an obligation to contribute at least 1% of payroll.