BY Sheryl Smolkin, lawyer and journalist | August 28, 2012
Small business owners that have never implemented a retirement plan can quickly become overwhelmed with the options available.
Who is the administrator? Which plans have fees and taxable contributions? What are the different contribution and vesting rules for each option? When do the Capital Accumulation Plan guidelines (CAP) apply? And what are the pros and cons of each for both employees and employers? The answers to all of these questions will help to determine which type of plan best suits your client.
Whether your client is considering a DC pension plan, a group RRSP, a tax-free-savings account (TFSA) option or the newly launched pooled registered pension plan (PRPP), this one-page chart will help them keep things straight as they make a decision.
Plus, it’s also a good tool for you to share with prospective clients to show how simple retirement plans can be.