Retirement benefits are designed to provide employees with additional income after they retire. These plans usually require a contribution from both the employee and employer.
Group RRSPs
Allows employees to make regular contributions from payroll deductions which may be matched by the employer. The employee receives immediate tax savings at the time of deduction.
Pensions
Depending on the employer and employee, pensions can either be defined contribution which fixes the contribution amount or as defined benefits which guarantees a defined payment after retirement.
Deferred Profit Sharing Plan (DPSP)
DPSP allows employers to share profits from the business with employees without having to pay federal taxes until the DPSP is withdrawn.
