Group Retirement Plans

Only for-profit making companies are eligible to sponsor a DPSP, and only employers can contribute to the plan. Contributions are tax-deductible for the employer and must be made no later than 120 days after the end of the fiscal year.   There is no requirement for an employer to make contributions if they did not generate […]

Common Wealth’s fully digital platform offers registered group retirement plans, including a group Registered Retirement Savings Plan (RRSP), a group Tax-Free Savings Account (TFSA), a group Registered Retirement Income Fund (RRIF), and a Deferred Profit Sharing Plan (DPSP). Select plans also offer a group annuity, or guaranteed lifetime income program.

As the plan sponsor, employers are required to sign two agreements: A Sponsor Agreement with the plan custodian, Canadian Western Trust Company (CWT). The agreement outlines the roles and responsibilities of each party. For example, it outlines that CWT is responsible for holding and safeguarding the assets of plan members and for maintaining the registration

It means that Common Wealth has to act in the best interests of plan members.

As the sponsor of the plan, you would be responsible for: Supporting Common Wealth with the distribution of plan materials Working with us to facilitate employee education sessions Providing an up-to-date file of eligible employees, including information to support payroll deduction processing Providing a payroll file that contains member and, if applicable, employer contribution details

Our team can definitely help you with that. We can work with your team to understand your current group retirement program and come up with a strategy for switching.

No. We do not require a minimum number of participating employees in order to join the plan as an employer.

Yes! Common Wealth is designed for all Canadians. The plan makes it as easy as possible for every member, regardless of their age or income level, to get on a path to retirement success and stay on track. The plan supports this goal through saving and investment strategies and options, low fees, plan portability, and

Yes! The benefit of this plan is that members have the option of contributing to a TFSA. There is no age restriction for contributing to a TFSA, which allows members over the age of 71 to contribute to the plan. Even if employees are drawing down their RRIF contributions, they can still contribute to their

This plan is meant for all! Anyone who works for a Canadian employer who is participating in the plan is eligible to join as a member. There is no maximum age limit to join the plan, although members cannot contribute to a TFSA if they are under 18 years old. Members can contribute to an