Retirement solution for business owners and their employees

Quebec: VRSP Plus PackageCanada
(except Quebec)
Investments & Fees

 There are many good reasons to offer retirement solutions to your employees:

  1. Help attract and retain good employees — Offering a strong retirement savings plan in which employees are enthusiastic to participate, can make a meaningful difference in helping you to attract and retain the best talent.
  2. You care about your employees — Many small business owners employ family members, and view other employees like family, or at least good friends. As such, you have a genuine desire to look out for their future.
  3. Improve your personal retirement options — In addition to the value of your business, you may wish to prepare an additional nest egg. CFIB has the clout of its membership to negotiate lower investment management fees (IMFs), allowing you (and your employees) to keep more of your retirement savings and enjoy a more prosperous retirement.
  4. And, if you’re in Quebec, it may be  required by law! According to Quebec's Voluntary Retirement Saving Plan (VRSP) legislation, employers with 20 or more employees have been required to offer their employees a retirement solution since the end of 2016, and employers with 10 to 19 employees will be required to do so by the end of 2017.

Morneau Shepell is a leading provider of retirement and savings solutions in Canada. CFIB members collectively employ about 1.5 million people. Combining CFIB’s clout with Morneau Shepell’s expertise, we’ve jointly crafted a suite of retirement solutions exclusive to CFIB members and their employees, that will help you keep more of your hard-earned retirement savings. These solutions will be deployed in 2 phases:


Quebec Only — VRSP Enriched Retirement Solution
To help Quebec employers comply with the VRSP law, CFIB has partnered with Morneau Shepell to offer CFIB members the VRSP Plus Package; an integrated package of retirement savings plans with a VRSP at its core. Through lower management fees, this hybrid solution allows participants to hold onto even more of their money than with a standalone VRSP, while still shielding employer contributions (should your choose to make any) from payroll taxes.

Everywhere in Canada —  RRSPs & TFSAs
In all Canadian provinces and territories, CFIB members can help their employees save for their retirement by offering group retirement and savings plans with reduced management fees, helping their retirement savings grow faster.


Pooled Retirement Pension Plans (PRPPs)
CFIB continues to push other provinces to pass legislation allowing PRPPs. PRPPs will make it easier and more affordable for you to help your employees prepare for their retirement compared to existing retirement savings options.  We’ll keep you posted on the progress.

For federally regulated workplaces, and those in Nova Scotia, Morneau Shepell intends to launch a PRPP by the end of 2017.



Number of company employeesDeadline for meeting obligations
20 or more eligible employees
(on June 30, 2016)
December 31, 2016
10 to 19 eligible employees
(on June 30, 2017)
December 31, 2017
5 to 9 eligible employees                                               Not before January 1, 2018

Exact date to be determined later by the Government

Notes: The calculation to determine the number of eligible employees takes into consideration only those staff who are at least 18 years of age and have a minimum of one year of uninterrupted service, as defined in the Act Respecting Labour Standards. Note that temporary foreign workers in agriculture are considered employees as defined in the Act Respecting Labour Standards and would be eligible for voluntary retirement savings plan (VRSP).

You can also call 1 855 877-5723