Retirement Compensation Arrangements
A Retirement Compensation Arrangement provides a means for an employer (business member) to make retirement savings contributions for higher income employees. These employees, typically, are unable to make the full 18% contribution to their retirement fund due to legislative ceilings imposed by RRSP and pension limits.
Designed to help your business member:
Expand their incentives program to reward and retain highly valued employees.
Maximize their employees’ retirement savings and secure their financial future.
Provide peace of mind for their employees with the knowledge that funds held within the plan are in the hands of a professional trustee.
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 and remittance of refundable tax amounts to CRA.
Complete plan reporting to the employer; with individual plan statements for each employee participating in your program.
Easy access for your business member’s staff to obtain ongoing support and assistance via phone, fax or email.
Your business member:
Retains Concentra to receive and hold contributions.
Makes contributions in accordance with the terms of the Agreement and the Income Tax Act.
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