What is vesting?

Vesting gives a plan member ownership of the employer’s DPSP contributions.  A DPSP can have a maximum vesting period of two years from the plan enrollment date. If an employee terminates their employment before they vest in the plan, the account value will be forfeited and returned to the employer, and the member’s RRSP contribution […]

What is vesting? Read More »

What is a DPSP?

A Deferred Profit Sharing Plan (DPSP) is a workplace savings program that many businesses use for employee incentives, or to help them save for retirement. Only employers can contribute to a DPSP. The annual contribution limit is either 18% of the employee’s annual earned income or half of the money purchase limit (up to $15,390

What is a DPSP? Read More »

What is an RRSP?

The Canadian government introduced the Registered Retirement Savings Plan (RRSP) in 1957 as a way for Canadians without employer-sponsored pension plans to save money for retirement. When you add funds to save through an RRSP account, you are making contributions from pre-tax income (meaning the amount of your contribution is deducted from your current income

What is an RRSP? Read More »

What is a TFSA?

The Tax-Free Savings Account (TFSA) was established by the Canadian government in 2009 as a “flexible savings vehicle” for Canadians. When you add funds to a TFSA, you are making contributions from income you’ve already paid tax on. Your contributions grow tax-free while they’re in the TFSA account, and you aren’t taxed on any withdrawals.

What is a TFSA? Read More »

Stay Connected

Sign up today to get the latest retirement savings advice delivered straight to your inbox


Find what you’re looking for:

We use cookies on our website so we can continually improve your online experience. Cookies allow us to have an overview of your visit so we can ensure you get the most relevant information.