The Royal Trust Company, a wholly owned subsidiary of RBC, is now licensed to offer voluntary retirement savings plans (VRSPs) to employers in Quebec.
As of July 1, 2014, the Quebec government began phasing in VRSPs, with mandatory participation by employers that don’t already offer a group savings plan for all of its employees.
Self-employed business owners who do not currently participate in a pension plan also have the opportunity to participate in a VRSP.
Businesses were able to enrol in VRSPs in July, with full implementation being introduced in phases as follows:
- organizations with 20 or more eligible employees must comply by Dec. 31, 2016;
- those with 10 to 19 eligible employees must comply by Dec. 31, 2017; and
- those with five to nine eligible employees will have to comply at a future date, which will be no earlier than Jan. 1, 2018.
“We know how important group savings options such as these are in helping to ensure that employees can have a financially secure retirement,” says Martin Thibodeau, president, Quebec, with RBC. “We also understand how effective these options are for small businesses that want to retain and attract the talent they need.”
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