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Voluntary Retirement Savings Plan (VRSP)

Help your employees save for retirement

Voluntary retirement savings plans for Quebec businesses

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  • Simple set up

    All employees are automatically enrolled.

  • Flexible contributions

    While voluntary, employer contributions are federally and provincially tax deductible too. Employer contributions do not attract payroll taxes.

  • Minimal administration

    Our team handles everything for you.

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What is a Voluntary Retirement Savings Plan?

A VRSP* is a savings plan offered by employers to their employees in order to help them reach their retirement savings goals. You are required to offer one if you do not already have a group RRSP, TFSA or RPP.  

It is voluntary, meaning both the employer and employee decide whether they want to contribute.

Are you required to offer your employees a VRSP?

You are required to enrol your employees in a VRSP if:

  • You are a Quebec company

  • You have ten or less employees aged over 18, and who have worked for you for at least 1 year

  • You are not under federal jurisdiction (ie a bank, telecommunications or interprovincial transport company)

  • You have eligible employees who don’t have access to a group RRSP, TFSA or RPP through payroll deductions

Why should you choose a Canada Life VRSP?

  • Allows you to proactively help your employees save for retirement – without taking the focus off growing your business

  • Gives you access to plan administration that’s backed by years of experience with small and medium businesses

  • Provides an affordable retirement savings plan for your employees with minimal involvement from you, since we administer this VRSP on your behalf

  • If you do decide to contribute, those amounts are federally and provincially tax deductible and not subject to payroll taxes

Is the VRSP the right fit for you?

Compared to other group retirement savings plan, a VRSP is not as flexible and customizable because of its limited features and investment options.  

Talk to us about the VRSP and other Canada Life products – including group RRSPs, TFSAs, pensions and more – that might be a better fit for your business.

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Footnote *
* VRSPs are authorized by the the Autorité des Marchés financiers.

Have a savings plan through your employer?

Use your online account to check your balance, make additional contributions, manage your personal information and more. 

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