Quebec VRSP Deadline Looming
Do you have employees in Quebec who do not have access to a means to save for retirement via payroll deduction? If so, you may need to establish a Voluntary Retirement Savings Plan (VSRP) before the end of 2016.
Employers with employees in Quebec who sponsor a comparable plan (i.e. a Group RRSP, Group TFSA, DB pension plan or DC pension plan) are exempt from the requirements to establish a VRSP.
The requirement to establish a VRSP is being phased in. Employers who had 20 or more Quebec employees without a comparable plan on June 30, 2016 are required to establish a VRSP by December 31, 2016. The deadline for employers with 10-19 Quebec employees is December 31, 2017 and the deadline for employers with less than 10 Quebec employees is still to be determined.
Feel free to contact us if you have any questions. Alternatively, you may wish to reach out to any one of the licenced VRSP providers.