On March 21, 2012, Quebec became the first province to set up a detailed framework of provincial rules that will apply for PRPPs. If enacted, the VRSP (Quebec version of PRPPs) requirements will be implemented as of January 1, 2013. Employers will have until January 1, 2015, to comply with these requirements. After January 1, 2015, new employers will have one year to comply.
However, contrary to the PRPPs, the VRSP will be mandatory for some employers and the Quebec government has set a default employee contribution rate that will escalate automatically.
For more information, read my latest post on Slaw.
First Reference Human Resources and Compliance Managing Editor