Dpsp
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Answer
A Deferred Profit Sharing Plan (DPSP) is a Canadian profit-sharing retirement plan where employers distribute profits to employees.
A Deferred Profit Sharing Plan (DPSP) is a Canadian employer-sponsored profit-sharing plan that allows employers to distribute a portion of company profits to employees to help them save for retirement.
Answer for screen readers
A Deferred Profit Sharing Plan (DPSP) is a Canadian employer-sponsored profit-sharing plan that allows employers to distribute a portion of company profits to employees to help them save for retirement.
More Information
DPSPs are unique because only employers can contribute to the plan, and contributions are contingent on company profitability. They are often combined with other retirement savings plans, such as registered retirement savings plans (RRSPs).
Tips
A common mistake is thinking that employees can contribute to DPSPs; only employers make contributions.
Sources
- Deferred Profit Sharing Plan (DPSP): What It Is and How It Works - investopedia.com
- Deferred Profit Sharing Plan (DPSP) - Corporate Finance Institute - corporatefinanceinstitute.com
- What Is a Deferred Profit Sharing Plan (DPSP)? - Wealthsimple - wealthsimple.com
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