Voluntary retirement savings plans for Quebec businesses
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.
You are required to enrol your employees in a VRSP if:
You have eligible employees who don’t have access to a group RRSP, TFSA or RPP through payroll deductions
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.