VRSP

VRSPs are only available in Quebec. They were introduced to make it easier for employees of small businesses to save for retirement. The VRSP solution offered by Desjardins is 100% online, making it an easy and convenient choice for you and your employees.

Legal deadline to offer a VRSP

Employers who have at least 5 employees on December 31 of a year AND at least 10 employees by June 30 of the following year are required to subscribe to a VRSP by December 31 of the same year.

(For example: if you have 5 employees on December 31, 2019 and you have 10 on June 30, 2020, you must subscribe to a VRSP * by December 31, 2020.)

From the date of your online request, a maximum of three months is required to set up your VRSP.

*It’s also possible to offer a different group retirement savings plan. Call our Customer Contact Centre to determine which one is best for you.

Advantages

For employersFor employees
  • No fees
  • Lots of plan set-up support
  • Educational materials for plan members
  • Low management fees
  • Contributions accumulate tax-free
  • The employer can also make contributions
  • Immediate tax savings, since contributions are deducted at source

Contributions

EmployerEmployee
  • No minimum rate
  • Locked in
  • Non-taxable as not subject to payroll taxes
  • Vested immediately
  • Subject to annual RRSP contribution limit
  • Employees can keep contributing, even after they leave the company
  • Spousal contributions not permitted
  • Not locked in

Details

AdministrationInvestments
  • Plan must be registered with Retraite Québec and with the Canada Revenue Agency
  • Regulatory fees paid via Desjardins Insurance
  • No annual meeting required
  • Employees responsible for their investment choices
  • Investment policy not required

Want to set up a Desjardins VRSP?

By phone

for self-employed workers or for general information

1-888-311-1616. This link will launch your default phone software.

This text is for information purposes only. Refer to the policy for all conditions, exclusions and restrictions.