FAQ Category: Group Retirement Plans

How does a DPSP work?

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 …

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What types of plans does Common Wealth offer?

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.

What is the employer role in supporting the plan?

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 …

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Who can join the plan?

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 …

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