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.