Frequently Asked Questions

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.
  • 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.

    Do you want to offer the payroll deduction option?

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