Understanding your VESP group savings plan

The modernized VESP provides you with more investment options, as well as an optimized member experience thanks to iA Financial Group’s online and mobile tools.

In addition to a non-registered account, which is where your contributions are deposited, you can also take advantage of the fiscal benefits offered by the group tax-free savings account (TFSA) and the group registered retirement savings plan (RRSP) that are now available to you.

Here’s how it works

  1. You must enrol in the default non-registered account, which will trigger the transfer of your current VESP savings to the modernized VESP. As soon as you do, your new contributions will be deposited in this account.
    While enrolling to the default non-registered account, you will also be invited to enrol in your VESP group TFSA.
  2. Enrolling in your group RRSP is optional; you can choose to do so at a later date.
  3. At any time, you can transfer any amount from your non-registered account to your group TFSA or group RRSP (see below for an overview of the benefits of each plan) by logging into your secure account in My Client Space and making the transfer. You can also call our Customer Service agents and ask them to make the transfer for you (a fee of $25 applies in this case).

So first things first! To enrol, simply follow the instructions in the Benefits of enrolment tab.

Key features of the modernized VESP

  • More plan choices with tax-free savings
    Addition of a TFSA and an RRSP.
  • No restrictions
    No minimum balance and unlimited withdrawals.
  • More investment options
    Eight funds to choose from (only four in the old VESP).
  • Anticipated lower fees for similar funds in old VESP
    More money toward your savings.
  • More tools and resources
    Access to iA Financial Group’s mobile app,
    award-winning online tools and a secure member website.
  • Voluntary contributions
    Lump-sum deposits allowed in the TFSA and/or RRSP.

Benefits of your group TFSA

  • Investment income accumulates tax-free and does not affect benefits paid by federal programs
  • Money can be withdrawn tax-free and redeposited over the following years
  • Unused contributions can be carried forward
  • No age limit to make withdrawals

Benefits of your group RRSP

  • Tax-sheltered contributions and investment income until payout
  • Contributions are tax-deductible
  • Immediate tax savings at source
  • Unused contribution amounts can be carried forward