“A well-designed Retirement Savings Plan or pension plan is one of the most effective tools for both attracting and retaining employees.”

Group Registered Retirement Savings Plan

A group RRSP is most attractive for smaller companies who want to avoid dealing with compliance requirements from provincial authorities and the Canada Revenue Agency.
Most plans are written with a requirement for the employee to contribute a percentage of their pay and for the employer to match the contribution. The employer contribution is added to the employees pay with a corresponding tax deduction.
We will help you design a plan which maximizes returns and minimize fees. Furthermore, the plan member will have the necessary tools to choose a portfolio that meets his/her retirement objectives and tolerance to risk.

Defined Contribution Pension Plans

For this type of plan, employer and employee contributions are generally determined as a percentage of salary. The total maximum contribution is limited to 18% of member’s earnings up to a maximum of $24,930 in 2014 and $25,370 in 2015 as defined by Canada Revenue Agency.
Contributions are accumulated with investment income until retirement and the account’s final value is used to generate a retirement income in the form of an annuity or Life Income Fund (LIF).

Defined contribution pension plans must be registered with the provincial authority of the province where the majority of employees of the employer work as well as with the Canada Revenue Agency. However, if a company sponsoring a plan is under federal jurisdiction (e.g. telecommunications, interprovincial transport companies, banks, etc.), the plan needs to be registered with the Office of the Superintendent of the Financial Institutions of Canada.
What is right for your company ? Let us help you see . Contact us 1-902-539-1160 x 230 or visit our request for information page.