The Fonds RRSP: a solution to the VRSP

The VRSP: a requirement as of July 1, 2014

The VRSP is a group retirement savings plan. Most employers are required to comply with the Voluntary Retirement Savings Plan Act and, depending on the size of the business, gradually begin offering their employees a way to save for retirement.

What you need to know:

  • 1. I am an employer

    Employers who already offer their employees to contribute to an RRSP at the Fonds de solidarité with contributions through payroll deduction do not have to set up a VRSP.

    Here's a 3-step process to be compliant to the law:

    • Let your employees know you offer the Fonds' payroll deduction RRSP+ as an alternative to the VRSP.
    • Register the employees who want to contribute to a Fonds RSSP.
    • Keep a copy of employees' confirmations in your files.

  • 2. I am an employee

    By offering an RRSP with the Fonds de solidarité’s through payroll deduction, your employer will not be required to set up a Voluntary Retirement Savings Plan (RSVP). There are many advantages to offering an RRSP at the Fonds. Talk to your employer today!

    Advantages:

    • save more on your taxes than with a VRSP
    • set the amount of the contribution
    • view your portfolio online
    • get the tax refund back right away on each pay
    • change or stop payroll deduction at any time

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