Group RRSP

Attract & keep top talent. Strengthen your bottom line.

Why Group RRSPs?

A Group RRSP offers a simple and efficient retirement savings plan, benefiting both employees and employers by providing a clear path to secure retirement savings.

How It Supports Your Business

Employees can make contributions directly through payroll deductions, gaining tax benefits while building their savings. Employers may also choose to match these contributions, providing additional tax advantages for the business.

Who Can Benefit

Employees will be given the convenience of automatic savings with the added perk of employer-matched contributions. For employers, this plan helps create an attractive benefits package, which is key to recruiting and retaining skilled talent.

Key features of a
Group RRSP

A well-designed Group RRSP creates a win-win: employees save automatically with tax advantages, and employers deliver a competitive benefit with clear, controllable costs.

01 Employee Satisfaction

Including a Group RRSP in your benefits package is an effective way to attract and retain top talent. Employees appreciate the opportunity to save for retirement, particularly when employer-matching contributions enhance their savings.

02 Immediate Tax Savings

Employees can enjoy immediate tax savings through payroll deductions. Contributions are made pre-tax, lowering taxable income and providing an instant benefit at tax time, making retirement savings both easier and more appealing.

03 Cost-Effective for Employers

Employer contributions to a Group RRSP are tax-deductible, helping businesses lower their overall tax liability. This allows employers to offer a valuable benefit to employees without placing undue financial strain on the company, making it a smart strategy for growing businesses.

04 Retirement Readiness

A Group RRSP makes retirement savings easy for employees through automatic payroll deductions, ensuring regular contributions to their retirement funds. With additional contributions from employers, employees are better positioned to achieve long-term financial security and a comfortable retirement.

Set up your Group RRSP

Reach out to get started today

Speak to an advisor

Frequently Asked Questions

How does a Group RRSP compare to a pension plan?

Unlike pension plans, which often require mandatory contributions, Group RRSPs give employees flexibility to contribute according to their financial situation and retirement goals.

Can employees access their funds before retirement?

Yes. Employees can make early withdrawals, though these are generally taxable. Certain programs, like the Home Buyers’ Plan (HBP) and Lifelong Learning Plan (LLP), allow for tax-free withdrawals under specific conditions.

Are employer contributions mandatory?

No. Employer contributions are optional, but many companies choose to match employee contributions to encourage participation and help employees grow their retirement savings faster.

What happens if an employee leaves the company?

Employees can transfer their Group RRSP funds to another registered account without penalties, ensuring they retain control of their retirement savings even after changing employers.