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What is a Group RRSP?

A Group RRSP (Registered Retirement Savings Plan) is simply a collection of individual RRSPs offered to a group of employees. It can be offered to as few as two employees up to several thousand. Some plans have no set-up or annual administration fees but may require a minimum total annual plan contribution.

By establishing a Group RRSP in your workplace and restricting withdrawals for a certain period of time, an employer can help employees to save for their retirement goals. Combining this with education, complimentary personal planning and employer matches sends a strong message that you care about the future success of your employees and their families and builds a culture of loyalty.

What Are the Advantages of a Group RRSP?

  • The Employee’s contributions are made with pre-tax dollars reducing taxes paid each pay period. As an example, if we assume that the employee is in a 40% income tax bracket, a $25 RRSP contribution effectively only costs $15 net.

  • If the Employer chooses to do a partial or full match of the contribution, this is “free money” and will help to build savings even faster.

  • By investing on a continual basis, the employee reduces their investment risk and takes advantage of dollar cost averaging.

  • When contributions are automatically deducted, before being paid, the employee develops the savings habit and does not spend what they do not see.

  • By participating in a Group Plan, the administration of the plan is centralized resulting in lower management fees.

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