Wondering how a voluntary retirement savings plan could benefit you?
Passed in 2014, the Voluntary Retirement Savings Plan Act gives all Québec workers access to a voluntary retirement savings plan (VRSP).
By December 31, Québec businesses with 10 or more employees subject to the Act will be required to offer their employees a VRSP or another group retirement savings plan.
For employers, a VRSP is:
- simple and inexpensive to administer;
- a great way to attract and retain employees.
In addition, employer contributions to a VRSP are deductible from the business's taxable income and are exempt from payroll taxes.
For employees, a VRSP offers:
- automatic enrolment;
- flexible contribution rates;
- tax-deductible contributions;
- an array investment options;
- low management fees.
For more information on setting up a VRSP in your business, visit http://www.rrq.gouv.qc.ca/en/retraite/rver/Pages/rver.aspx.