What paperwork is required for joining the plan?

As the plan sponsor, employers are required to sign two agreements:

  1. 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 of the plan with the CRA.
  2. A Service and Fee Agreement with Common Wealth, the plan administrator (and provider). This agreement details your responsibilities as the plan sponsor, as well as Common Wealth’s. For example, obligations related to communications, administration, fund access, fees, and privacy of information are outlined in the agreement.

In addition to these two agreements, employers who sponsor a DPSP will also be required to sign the following documents:

  • Deferred Profit Sharing Plan Trust Agreement with the CWT, the custodian and Common Wealth, the plan administrator. Like the Sponsor Agreement, it outlines the roles and responsibilities of each party related to the DPSP.
  • Forms required by CRA to register the plan including a certified copy of a Board resolution approving the application for registration and a signed T2214 DPSP application form.

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