Frequently Asked Questions
What does CAP stand for?
CAP stands for Capital Accumulation Plan. CAPs are savings plans that are typically sponsored by an employer and allow members to select investments from two or more options. Some example of CAPs include Defined Contribution Pension Plan (“DCPP”), Group Registered Retirement Savings Plans (“GRRSP”), and Deferred Profit Sharing Plans (“DPSP”)
COVID-19 FAQs
My business has been negatively impacted by COVID-19, can we suspend contributions to our registered pension plan?
On May 5, 2020, the Minister of National Revenue confirmed CRA will remove the 1% employer contribution requirement for the remainder of 2020.
Plan sponsors are required to amend their plan text to reflect the change and apply to the Registered Plan Directorate and the applicable provincial regulator for approval.
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