Retirement Compensation Arrangement (RCA)

Service Package for Administration Services

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Westcoast Actuaries Inc. offers an attractive and convenient “RCA Service Package”, which is a flat annual fee arrangement for for all administration services necessary to implement and maintain an RCA on an on-going basis.  Please refer to the following sections for details:

• Amount of Annual Fees
• Payment of Annual Fees
• Services Covered by Annual Fees
• Additional Fees

Amount of Annual Fees

The annual fee under the Westcoast Actuaries Inc. "RCA Service Package" is the same as our standard annual fee for a one person IPP in B.C. The 2009 fee is $865 plus GST.

Payment of Annual Fees

Services Covered by Annual Fees

The services covered by the Westcoast Actuaries Inc. “RCA Service Package” for Administration Services are as follows:

Plan Implementation

Ø       Prepare the following documents:

o    Canada Revenue Agency (“CRA”) Application for a RCA Account
    Number form (T733 Form).
o  RCA Plan Text
o  RCA Trust Agreement

Ø       Remit 50% refundable tax on initial contribution to RCA.

Annual Administration

Ø   Remit 50% refundable tax on Company contributions to Canada Revenue Agency.

Ø   Remit withholding taxes on distributions (payments) from RCA.

Ø  Prepare and file T3-RCA tax returns and remit refundable tax, if any, on investment income to Canada Revenue Agency after end of year.

Ø  Prepare T735 – Application for a Remittance Number for Tax Withheld from a RCA and file with Canada Revenue Agency at benefit commencement.

Ø  Prepare and file T737 RCA Summary and Supplementary to report Company contributions.

Ø  Prepare and file T4A RCA to report benefits paid to RCA member.

Additional Fees

Please note that our annual fee covers a once per year remittance of refundable tax on contribution, and a once per year remittance of withholding tax on distribution.

Additional remittances will be invoiced on a fee-for-service basis of $50 per additional remittance.

 

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