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| Profit Sharing Plans |
Profit sharing plans, employee and deferred, are trust arrangements which allow employers (your business members) to share profits with their most valuable resource – their employees.
Designed to help your business member:
- Expand their incentives program to reward and retain highly valued employees.
- Provide peace of mind for their employees knowing that the funds held within the plan are in the hands of a professional trustee.
The two plans are distinguished as follows:
- Employee Profit Sharing - Employees are required to pay tax each year on the contributions made and plan income earned.
- Deferred Profit Sharing – Employees enjoy deferred, tax-sheltered contributions and plan income.
Concentra provides:
- Skilled professionals to continuously monitor and interpret the Income Tax Act and Canada Revenue Agency (CRA) administrative policies.
- Preparation and execution of trust agreement.
- Contribution processing.
- Safe custody of the plan assets.
- Release of funds to individual employees in accordance with the terms of the agreement
- Preparation and filing of the required annual tax return.
- Easy access for your business member’s staff to obtain ongoing support and assistance via phone, fax or email.
Your business member:
- Determines which employees are eligible to participate and what portion of the profit they will receive.
- Retains Concentra to receive and hold contributions on behalf of the participating employees.
- Makes contributions to the plan in years the organization is profitable, or in other years, when there are accumulated profits from prior years.
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