VRSP (voluntary retirement savings plan)

The VRSP is a retirement savings plan that allows Quebec employees to contribute through payroll deductions. These contributions are tax deductible for the participant and accumulate tax-free (like the group RRSP).

The contribution limit is the same as the RRSP. The more you contribute to your VRSP, the less you can contribute to your RRSP. A withdrawal from the VRSP will be taxable (like an RRSP). The employer can also contribute to the employee’s VRSP, but these amounts will be locked-in.

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