Group RRSP Plans (GRRSP)
- Enhance Employee Financial Well-being
- Attractive Alternative to Salary Increases
- Employee Attraction and Loyalty
Investing in Your Employees' Retirement Starts Today
Key Benefits of Group RRSPs:
Employers often match a portion of contributions, accelerating savings growth.
Contributions reduce your taxable income, and investments grow tax-free until withdrawal.
Group RRSPs typically offer lower management fees than individual RRSPs, meaning more money goes toward your retirement.
Automatic deductions ensure consistent saving, with tax benefits upfront on each paycheck.
What is a Group RRSP plan?
Simply put, a Group RRSP is a tax-deferred savings plan offered by employers to help their employees save for retirement. Contributions are made through payroll deductions, which means saving is automatic and hassle-free. Plus, the amount you contribute lowers your taxable income, giving you an immediate tax benefit!
Questions on Your Mind?
Looking for same-day answers? Email us or schedule a call with one of our benefits specialists.
Best Suited For
For company’s looking for an easy & flexible: An easy, flexible retirement plan with minimal administration.
Employees Wanting Tax-Efficient Savings: Hands-off, automated savings with potential employer contributions.
Employers Seeking to Retain Talent: Enhances benefit offerings and supports long-term employee financial well-being.
Why is a Group Plan important
Implementing a group RRSP account is vital for helping employees save for retirement in a structured way. It offers tax advantages for both the employer and employees, fostering a culture of financial wellness. By providing matching contributions or other incentives, companies can enhance employee engagement and loyalty.
A group RRSP also simplifies the savings process, making it easier for employees to contribute regularly. Overall, it positions the organization as a supportive employer that values long-term financial security for its workforce
FAQ
What is a Group RRSP?
A Group RRSP is a retirement savings plan sponsored by an employer, allowing both employer and employee contributions.
How does a Group RRSP work?
Employees contribute via payroll deductions, often with employers matching up to a specific limit.
What are the benefits of a Group RRSP?
Benefits include tax savings, employer matching, and automatic savings to help employees prepare for retirement.
How is a Group RRSP different from an individual RRSP?
The employer manages a Group RRSP and may include matching contributions, while the employee fully controls an individual RRSP.
What happens to my Group RRSP if I leave my job?
You keep your RRSP savings, but employer contributions may have vesting rules. You can transfer your RRSP to another plan or leave it as is.