Product Description:
As outlined in Sections 147.1 to 147.3 of the Income Tax Act, an RPP is both a federally and provincially registered arrangement - created by a sponsor [Employer, Board of Trustees] - from which the participants receive either an account balance [defined contribution] or a monthly pension [defined benefit] at retirement
The plan sponsor's actuary and/or consultant usually assist with registration of the RPP with Canada Revenue Agency ["CRA"]. Contributions to an RPP, which must be made by the sponsor and may also be made by the participants, are determined by the provisions of the plan and are generally fully deductible by the sponsor / participants in the year of contribution. Furthermore, participation in an RPP will reduce a participant's available Registered Retirement Savings Plan contribution room.
Canadian Western Trust ["CWT"]'s strategy:
CWT's "unbundled services" strategy results in partnerships with actuaries, consultants [including independent financial advisors], investment managers and third party record-keepers to deliver the "best of the best" in terms of service and expertise to both the plan's sponsor and its participants.
We are able to provide all RPP services as follows -
- Preparation and execution of Agreements,
- Overall safekeeping of plan assets,
- Accepting contributions, processing dividends, interest payments, benefit payments,
- Settling all purchases &/or redemptions of pooled &/or mutual funds AND securities,
- Issuing applicable tax slips and preparing/filing annual T3P tax return,
- Preparing activity statements for the sponsor.
Fees:
Fees are determined in accordance with the responsibilities outlined in the specific Plan Texts.