FAQ

Employers

I already offer the payroll deduction RRSP+ with the Fonds. Do I still need to set up a VRSP?

No. If you already offer your employees the option of contributing to payroll deduction RRSP+ with the Fonds, your business need not set up a VRSP.

Only employers who do not already offer a registered retirement plan or the possibility of contributing to a registered retirement savings plan or a tax-free savings account (TFSA) through payroll deduction to all their employees are required to do so.

Are there certain conditions in the Voluntary Retirement Savings Plans (VRSP) Act that I must respect if I offer the payroll deduction RRSP+ with the Fonds instead of a VRSP?

Yes. There are two(2) simple requirements:

  • Let your employees know you offer the payroll deduction RRSP+ with the Fonds as an alternative to the VRSP.
  • Register the employees who want to contribute to an RRSP+ with the Fonds.
  • Do employees who wish to opt out from this offer have to indicate their intention in writing?

    Yes, the Commission des normes du travail recommends that you document pension plan opt-outs. File the responses in your records.

    What is the deadline for communicating the information to my employees?

    You must set up a solution and register your employees before the deadline outlined in the Voluntary Retirement Savings Plans (VRSP) Act. This date varies based on the number of people your business employs.

    Deadlines for companies that employ:

  • 20 employees or more: December 31, 2016
  • 10 to 19 employees: December 31, 2017
  • 5 to 9 employees: by a date set by the government that may not be prior to January 1, 2018
  • Fewer than 5 employees: on a voluntary basis
  • What are the benefits of implementing an RRSP+ with the Fonds de solidarité FTQ rather than a VRSP?

    The RRSP+ with the Fonds can be set up in less than 24 hours. By contrast, the VRSP can take up to three months to implement. Moreover, employees benefit from an additional 30% in tax savings on their contributions. Check the table for a comprehensive view of the RRSP+’s advantages.

    What is payroll deduction?

    Payroll deduction is a systematic savings method that gives your employees the opportunity to contribute to their RRSP with the Fonds directly from their pay while benefiting from generous additional tax credits.

    Payroll deduction can also allow them to get their RRSP deduction on each pay. The impact on their net pay will therefore be minimal!

    To implement payroll deduction in your organization, please contact Employer Services.

    Is the Fonds’ payroll deduction an alternative to the Voluntary Retirement Savings Plan (VRSP)?

    Yes. Businesses that already offer a labour-sponsored fund RRSP with contributions through payroll deduction, such as the Fonds de solidarité FTQ’s payroll deduction, will be exempted from implementing a VRSP.

    Learn more about the advantages of a VRSP with payroll deduction and the simple 3-step process.

    What is VRSP?

    The objective of the VRSP bill is to encourage Québec workers to save for retirement. Employers with five or more employees will gradually have to comply with the bill and offer their employees a savings plan.

    Employers who already offer the RRSP with the Fonds with contributions through payroll deduction do not have to set up a VRSP.

    For more information about the VRSP, visit the Régie des rentes du Québec website.

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    To register, contact Employer Services at 1 888 385-3723, Monday to Friday, 8:30 a.m. to 4:30 p.m.

    Who can use the Employers Extranet?

    Whoever is responsible for remittances, payments or payroll change notices. It can be employees within the company or a payroll provider.

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    No, the Employers Extranet is free of charge.

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