GROUP RRSP
& DPSP programs.
More tax-savings for Employees & Employers alike.
What is a DPSP (Deferred Profit Sharing Plan)?
if you’re an Employee
Think of your RRSP, but with lower fees and the ability to share in your company’s profits, tax-free. That’s a DPSP.
When you participate in a DPSP you:
1) Share in the profits of the company you work for.
2) Pay lower fees relative to an individual RRSP, potentially saving thousands of dollars over the long run.
3) Have an additional way to contribute to your retirement fund.
If you’re an employer
DPSPs are like Group RRSPs, but with a few key differences.
DPSPs allow you to:
1) Provide signing bonuses to new employees in a tax-free way.
2) Retain said signing bonus (and subsequent contributions) if the employee leaves within two years.
3) Engage target employees by sharing in the company’s profits.
4) Encourage employees to contribute to their retirements.
What is a Group RRSP (Registered Retirement Savings Account)?
Most people are familiar with an Individual RRSP. In short, Individual RRSPs are a tax-friendly and usually employer-sponsored way to save for retirement.
Group RRSPs are identical to the individual variety, but with lower fees due to the pooling of retirement accounts under one manager. Your Group RRSP contribution is also deducted directly from your pay, therefore providing an immediate tax-break.
The results are mostly the same for you as an end-user, with the difference being that it’s easier and you save even more money.
Got questions?
Feel free to reach out!
How do you set up a Group RRSP or DPSP?
If you think that one (or both) of these programs might be right for you, fill out the short form (just one minute) below to determine your company’s eligibility.
Once approved, both Group RRSPs and DPSPs work in a similar way to your traditional individual RRSP, but with the added benefits mentioned above.
SOUND LIKE A PLAN?
Does a DPSP or Group RRSP sound like it might work for you?
Fill out the form (1 minute) below to determine your company’s eligibility.