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Does deferred profit sharing have a cut-off at age 71?



Our response:

A Deferred Profit Sharing Plan (DPSP) is set up by your employer to help you save for retirement. You don’t make contributions – the company does, from a portion of its profits.

When you leave your employer, your DPSP money can be transferred to an RRSP or RRIF, used to buy an annuity, or taken in cash (it will be taxed as income in the year you receive it).

Because companies often combine a DPSP with a pension plan or Group RRSP to provide retirement income for employees, speak to your employer to learn more about your plan rules.

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