Profit sharing

Definition of Deferred Profit Sharing Plan (DPSP)

What is a Deferred Profit Sharing Plan (DPSP)? A Deferred Profit Sharing Plan (DPSP) is a Canadian employer-sponsored profit sharing plan that is registered with the Canada Revenue Agency, which is essentially the Canadian version of the Internal Revenue Service (IRS ) in the USA.Inasmuch asInasmuch as Key points to remember A Deferred Profit Sharing […]

Profit sharing

Definition of the incentive plan

What is an incentive plan? A profit-sharing plan is a retirement plan that allows employees to participate in the profits of a company. In this type of plan, also called a deferred profit sharing plan (DPSP), an employee receives a percentage of a company’s profits based on their quarterly or annual earnings. It’s a great […]

Profit sharing

Can I use Profit Sharing Plan funds for a down payment on a house?

Whether you can make a withdrawal from your profit-sharing plan for a down payment on a house, retirement, or anything else, depends on how the plan is set up by your employer — and how old you are, otherwise you’ll be. subject to a tax penalty. Key points to remember In general, making a withdrawal […]