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Many professionals are business owners. If you fall into this category and your business has more than four employees, know that you are subject to the Voluntary Retirement Savings Plans (VRSP) Act.

Passed in 2013, this act makes it mandatory to set up a retirement savings plan for your employees using payroll deductions. Compliance deadlines were established according to the number of employees in your company, the last of which is in 2018.

20 employees or more 10 to 19 employees 5 to 9 employees
December 31, 2016 December 31, 2017 To be announced

Consider your options

Failing another option, you must set up a VRSP. But you do have an alternative: the group RRSP from the Financial. It’s a simple and customized retirement plan that is much more flexible than a VRSP.

Let’s first look at the differences between a group RRSP and a VRSP:

It’s a group of individual RRSPs whose contributions are managed together by the employer.

  • The plan is easy to set up.
  • Employers are free to enrol or not.
  • An employee’s account is opened only when they enrol.
It’s a retirement plan set up by an employer.

  • Enrolment is automatic and mandatory.
  • Employees can opt out by notice in writing, but only within a few days following the first year of membership, failing which they lose this right.

What are the benefits of the Financial’s group RRSP?

For the employer

  • There are no administration or management fees for your company.
  • Managing contributions is simple and easily fits into your current payroll process.
  • There is no minimum number of enrolled employees required.
  • The employer does not have to contribute.
  • The plan allows for the payment of periodic bonuses.
  • The group RRSP can become an employee retention tool.

The plan can be easily set up in your company, in four steps:

For the employee

Each employee owns their own RRSP.

  • They can access their account information at any time via the secure client area of our website.
  • They have access to government programs like the HBP  or the LLP .
  • They obtain an immediate tax reduction, since contributions are deducted at source from their gross salary.
  • They decide the amount of their contributions.
  • They can make additional contributions.
  • They can consolidate their savings by transferring in RRSPs held at other institutions.

Thanks to you, your employees have access to our range of mutual funds, whose management fees are among the most competitive on the Canadian market.

And above all, your employees benefit from the advisory services of an investment services advisor to build their portfolio, monitor their investments and guide them in their savings plan and in various aspects of their finances.

A well-considered decision

If you weigh the benefits of the Financial’s group RRSP against those of a VRSP, you will realize that our option puts you a step ahead: you save time and avoid the headaches of managing a plan, while benefiting from the assistance of your advisor through each step of the set-up process. We’re there for you and your employees, to smooth the transition and for the well-being of all concerned!

Offer your employees a customized retirement plan that will evolve with them and that will enable them to look to the future with confidence.

To learn more about the Financial’s group RRSP, contact one of our advisors!


Chantal Faucher, B.A.A., CIMMD
Manager, Investment Services

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