Business Owners Group Plans
We offer group plans designed for businesses of all sizes. In addition to our group savings plans, we also offer group insurance. Group savings plans are not only a great way to motivate and retain employees, but also protects your bottom line by reducing turnover. Group RRSP and deferred profit sharing plans with Elite Private Wealth could be just what your business needs.
Group RRSP Plan
A registered retirement savings plan grows your retirement savings over time. While a regular RRSP applies to an individual, a group RRSP Plan applies to several or all employees. Contributions to the plan are taken from the employees’ before tax income through payroll deductions. This allows the employee to save tax on every pay. Contributions are then directly deposited in each employees’ RRSPs.
Deferred Profit Sharing Plan
A deferred profit sharing plan gives a company’s employees a share in the overall profits of that company. Employers can determine the amount of profits that will be shared with each employee and if a vesting period is required before the employee can have full access to the funds within the deferred profit sharing plan.
A company’s contributions to a DPSP are meant to help participating employees save for retirement, it also gives employees a feeling of ownership and incentive to stay with the company long term. Whether your business is just starting out or a large enterprise, Elite Private Wealth can bring security to your business and employees by ensuring they are ready for retirement with a group RRSP and/or DPSP.