Evaluation of your needs according to the different types of retirement products to ensure that the plan responds to your employees’ needs, as well as those of the employer according to taxation and the retirement plan’s real objectives.
Group Registered Retirement Savings Plan (Group RRSP)
A simple plan to create that allows employees to profit from numerous benefits and to save for their retirement.
Deferred Profit-Sharing Plan (DPSP)
A plan designed to allow an employer to contribute to employees’ retirement savings by making contributions that are calculated according to the company’s profits.
Simplified Pension Plan (SIPP)
The SIPP is a plan where the contributions that you make only serve for retirement and the amounts invested by the employer are locked-in whereas the amounts invested by employees can be locked-in or not.
Defined Contribution Pension Plan
A retirement plan designed to attract and retain the best talents by encouraging them to think for the long-term and to remain loyal towards the business. This type of plan has specific rules for the acquisition and locking of funds.
Defined Benefit Pension Plan
A classic for large companies. This type of plan provides for the payment of a predetermined benefit at the time of retirement based on years of service for the business and the best yearly salaries. This type of plan has been on the decrease for many years because of the major risk of deficits.
Voluntary Retirement Savings Plan (VRSP)
This plan is required by the Quebec government for all businesses with five employees or more which do not have a retirement plan in place.
Depending on the number of employees in your business, there are dates to be respected. The deadline for businesses with 20 employees or more is December 31, 2016. For businesses with 10 to 19 employees, the deadline is December 31, 2017. The deadline for businesses that have 5 to 10 employees is still to be determined, but it will be after January 1, 2018.
Employee Savings Plan/Non-Registered Plan
A supplementary savings account that participants can access at any time.
Group Tax-Free Savings Account (TFSA)
A supplementary savings account that lets you save free of taxes.
Individual Pension Plan (IPP)
Specially designed for directors, owners and senior managers, this plan is for people who are 40 years old and older with an annual salary of $120,000. This plan was established by an actuarial study to create a future annuity. These investments are personalized.
Insured Retirement Plan
Many possibilities exist depending on the corporation’s and client’s needs and means. This type of plan requires a feasibility analysis and is usually part of financial retirement and/or estate planning.
To help employees gain a good understanding of their retirement plan, we have a minimum of one on-site meeting per year to explain market trends and answer employees’ questions, especially in times of great market instability. Employees need advice when emotions take over and these meetings make it possible to make employees aware of the importance of a long-term vision as well as of planning their retirement.
To ensure that your plan is competitive when it comes to its costs and its quality, we perform a market analysis every 3 or 4 years, depending on the situation, to ensure that the costs and the plan are competitive based on the possibilities offered to the business. We attach great importance to our independence in regards to our suppliers because our objective is to find the best plan based on the client’s objectives, the costs related to the plan and we will find the best supplier based on these criteria.
Furthermore, depending on the type of plan, there are hearings to hold, specifically with a determined contribution plan to ensure that it complies with the laws and legal requirements. This fact is often neglected with this type of plan and we ensure that your plan is always compliant to the prescribed requirements.