Group Benefits

Group Registered Retirement Savings Plans

The group registered retirement savings plan – or group RRSP – is employer sponsored retirement plan which not only allows your employees to save for their retirement, but helps to reduce their tax burden in the process.

RRSP contributions are deducted at source, and the contributor won’t be taxed on these contributions. This gives your employees the incentive of an immediate tax deduction.

Employer can choose to further encourage employee contributions to the RRSP by matching a per cent value (such as five, ten or fifteen per cent) of each contribution. As a result, employees will receive immediate, measurable increases in their retirement fund, like seeing the interest in a savings account accumulate in an instant.

Most plans allow for spousal contributions, benefitting employees’ partners as well.

When you provide an RRSP for your employees and help them out by contributing to it, you increase your employee retention and morale with minimal effort and cost on your part.

As an employer, unless you choose to offer contributions to the RRSP, you don’t have to put any money into the benefit whatsoever.

With a group RRSP, you aren’t liable for the provision of money and funds to your employees upon their retirement, nor do you have to carry out administrative work, the bulk of which is performed by the RRSP provider.

Pension Plans

Does your company offer a Group Retirement or Pension Plan as part of the overall compensation arrangement or simply a convenient way to save in a voluntary way.

Group Savings plans offer lower management fees than individual retirement savings plans and ensures everyone has a chance to save in an easy way.

In many cases an employer will match the employee’s contribution up to a certain level – but even a simple voluntary plan is a well received.

Group RRSP’s offer all the flexibility of an individual RRSP with the advantage of lower Investment Management Fees (IMF’s) as the funds are priced on the total group savings.

Available Group Savings and Pension Plan Structures:

  • Registered Retirement Savings Plan – RRSP
  • Deferred Profit Sharing Plan – DPSP
  • Defined Benefit Plan – DB Plan
  • Defined Contribution Plan – DC Plan
  • * Pooled Registered Pension Plan – *PRPP*

The advantage of a Group Savings Plan instead of an individual RRSP?

  • Contribution is deducted through payroll.
  • Employees get immediate tax relief.
  • Lower administrative costs and Investment Management Fee’s
  • Help your employees – many people have the best intentions but never get started on their own – when it comes off their paycheque… they adapt.
  • Group Retirement Options

Investment decisions are made by each individual employee based on their individual needs (age, risk tolerance, investment knowledge).

Investment Choices can include:

  • Guaranteed Income Funds
  • Target Date Funds
  • Asset Allocation Funds
  • Bond Funds
  • Dividend Funds
  • Equity Funds
    *Typically individual securities are not permitted inside the group structure.

If you want to start a new program or would like an audit to check your current advisor’s performance we can help.

Contact us today for a quick chat with an advisor. +1 647 389-5105​