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| Pointway Wealth Management is dedicated to helping our members achieve their retirement goals. We are your Fiduciary Steward to help you meet your responsibilities for plan governance. (CAPSA) |
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| We help educate our members so they can retire as comfortably as possible and in the process, appreciate the value of the plan being provided to them by our Plan Sponsors. |
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We also feel that every plan member deserves the personal attention that only a confidential meeting can achieve. By using over 3300 financial security advisors, we can offer a comprehensive financial analysis to each individual on the plan.
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According to the Guidelines for Capital Accumulation Plans, adopted by the Canadian Association of Pension Supervisory Authorities (CAPSA), a capital accumulation plan (CAP) is defined as a tax assisted investment or savings plan that permits the members of the CAP to make investment decisions among two or more options offered within the plan. A CAP may be established by an employer, trade union, association or any combination of these entities for the benefit of its employees or members.
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Group Registered Retirement Savings Plans
A group RRSP differs from an individual RRSP in three ways:
- Contributions to group RRSPs can be made through payroll deduction.
- Employers pay the administration expenses.
- Group RRSPs usually have higher guaranteed investment rates and lower investment management fees.
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Registered Pension Plan
A registered pension plan (RPP) is an arrangement set up by an employer with the purpose of providing retirement income to employees. The plan is registered with Canada Customs & Revenue Agency (CCRA) in order to provide tax advantages. Contributions you make to an RPP are tax deductible within certain limits. Investment income is not taxed until it is paid out of the plan.
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Defined Contribution Plan
Under a defined contribution plan, also known as a money purchase plan, the employee and/or the employer make contributions on the employee's behalf -- usually a percentage of the employee's current income. The limit is 18 per cent of your current year's income subject to a dollar maximum. This limit applies to contributions made by both you and/or your employer. While the value or per cent of income going into a plan is known; the final benefit is not known. Retirement income from the plan is based on the total value of the accumulated employee/employer contributions and the investment income earned by the time the employee retires. The value of the plan will vary, depending on market performance and the selected investments. |
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Defined Benefit Plan
A defined benefit plan guarantees the employee a specific income at retirement. This income is determined by a formula, which is usually based on years of service and earnings. |
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Deferred Profit Sharing Plans
These plans are set up by employers as a way to share profits with their employees. Contributions depend upon the profits of the company. Employee contributions are not allowed. The plan is registered with Canada Customs & Revenue Agency (CCRA) and contributions are tax deductible within certain limits, as defined by the Income Tax Act. The contribution limit is half of the defined contribution limit subject to a dollar maximum. Investment income is not taxed until it is paid out of the plan. DPSPs often substitute for - or supplement - an RRSP.
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Non-Registered Savings Plan
A non-registered savings plan (NRSP) is designed to provide member investment opportunities for amounts unrestricted by government regulations and contribution limits. Investment growth in a non-registered savings plan is not tax sheltered and is subject to annual taxation. A non-registered savings plan provides flexibility at termination and retirement as no locking-in rules apply.
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