The RRSP+: a win-win solution for offering bigger bonuses to staff without increasing your budget

Learn how paying bonuses by contributing to a RRSP+ can be advantageous for both your staff and your company.

Fonds de solidarité FTQ

The labour shortage is a challenge that's growing in magnitude across Quebec, according to a white paper published by the Fédération des chambres de commerce du Québec [in French]. Attracting and retaining employees has become a critical issue for companies. They need to go to extra lengths to position themselves as exceptional places to work, and that starts by offering competitive salaries and other benefits. Yet a lot of companies, particularly SMEs, do not have the means to offer large salary increases. There is a way, however, to give your staff more without increasing your expenses: by contributing to a Fonds de solidarité FTQ RRSP+.

A great alternative to traditional bonuses

To recognize staff members' contributions to the company, you can offer them bonuses or other incentives. Always keep in mind that, if added to their net paychecks, these amounts will be taxed at the same rate as the rest of their salaries. Fortunately, there are alternatives that let them benefit even more from the budget you had initially planned. See how paying bonuses in the form of Fonds de solidarité FTQ RRSP+ contributions can be a win-win solution for you and for your staff!

Ultimately, contributing to your staff members' RRSP+ accounts can be an excellent alternative to traditional bonuses. With the resulting tax savings*, you get to give them more without even increasing your budget. What's more, you'll be contributing to their savings objectives, whether it's for retirement or for purchasing a property under the Home Buyers' Plan. Finally, in addition to encouraging healthy savings habits among your staff, by contributing to their Fonds de solidarité FTQ RRSP+ you are enhancing your benefits package, which makes you an even more attractive employer on the labour market.

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