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ARTICLE · 07 FEBRUARY 2014

Québec Enacts Voluntary Retirement Savings Plan Rules

Davies Ward Phillips & Vineberg LLP
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In December 2013, Québec became one of the first provinces to legislate a type of a pooled registered pension plan ("PRPP") further to an initiative in this regard announced by the federal and provincial governments in 2010. The Québec PRPP is called a "Voluntary Retirement Savings Plan" or VRSP; however, as noted below, the Québec plan is not necessarily voluntary for employers.

CanadaEmployment and HR
John Lennard
John Lennard
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In December 2013, Québec became one of the first provinces to legislate a type of a pooled registered pension plan ("PRPP") further to an initiative in this regard announced by the federal and provincial governments in 2010. The Québec PRPP is called a "Voluntary Retirement Savings Plan" or VRSP; however, as noted below, the Québec plan is not necessarily voluntary for employers.

VRSPs in a nutshell

A VRSP is a new kind of deferred income plan designed to provide retirement income for employees and self-employed individuals who do not have access to a workplace pension. Businesses in Québec with five or more employees aged 18 years or older and with at least one year of uninterrupted service will be required to offer the VRSP to their employees, unless a registered pension plan, group registered retirement savings plan or group tax-free savings account is in place. Businesses with four or fewer employees will not be required to set up a VRSP, although they can if

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