VRSP – Voluntary Retirement Savings Plan

VRSP – Voluntary Retirement Savings Plan

If you are self-employed or simply someone who wants to save for retirement, a VRSP could be a very wise choice because it gives you access to a simple and flexible private group retirement plan that adjusts to your needs. Similar to an RRSP, the VRSP stands out for its economies of scale: by pooling together the savings of many, it can offer lower management fees to its plan members.

In Quebec, it is mandatory for companies with 5 or more eligible employees who do not already offer a group retirement plan to offer a VRSP over the next few years. Employees have the choice whether to participate in the plan.

Characteristics and advantages of a VRSP:

  • Your savings grow tax-free and your contributions are tax deductible. This provides you with an immediate tax break if you are a salaried worker or a tax refund if you are self-employed.
  • You can change your contribution amount at any time.
  • If you change jobs, you can continue to contribute to your existing VRSP or you can participate in the VRSP of your new employer.
  • You can withdraw the accumulated value of your contributions at any time, however, you will be taxed on your withdrawal amounts.

Why set up a VRSP with us?

Because we’re all about keeping things simple. First, by offering a quick, user-friendly way to enrol online via IAVRSP.

And secondly, by offering a default investment option: SimplicIA, based on a "life cycle" approach where the level of risk decreases as you reach retirement. If you prefer to build your own customized portfolio, we also offer 5 other investment options.

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