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.
Skilled professionals to continuously monitor and interpret the Income Tax Act and Canada Revenue Agency (CRA) administrative policies.
Preparation and execution of trust agreement.
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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