What is a Group RRSP?
A Group RRSP is a company-sponsored retirement plan that the employer offers to all eligible employees. Each employee has their own RRSP account and can choose how to invest their money.
Options for all types of investors
A group plan can be customized for your business and provide you and your employees with ease knowing that when they are ready for retirement they are set up for that next stage in life.
Benefits For Your Business
Tailored to Your Organization
Depending on the size of your organization and business structure Group RRSPs can tailored to your businesses needs and are offered through multiple partners, Desjardins, Manulife, and Co-Operators.
Administration and Recruitment
A Group RRSP program may play an integral role in your organization’s talent recruitment and retention efforts. Many employers have seen reduced administration costs and time managing an established Group RRSP when compared to individual plans.
Contributions
Having a group RRSP plan for your organization allows the contributions that you make to your employees’ plan to be deducted from your organization or businesses taxable income.
Benefits For Employees
Convenience
Employees who may not have a natural inclination to save are effectively forced to do so through payroll deductions. Employees can make regular contributions to their plan instead of being limited to making one lump sum contribution each year.
Contributions
Contributors receive an immediate tax credit on their contribution as soon as it comes off their paycheque—meaning they don’t need to wait until they file their tax return to realise that benefit.
Retirement
Having contributions locked in until retirement ensures that your employees have dedicated funds available when they reach the age of retirement.
Ready to Chat
Book time with a Libro Wealth Strategies team to better understand Group Registered Retirement Savings Plans and options for your business.
Libro Wealth Strategies is a program provided by Aviso Insurance Inc. offering financial planning, life insurance and investments to members of credit unions and their communities. Trade-mark(s) of Libro Wealth Strategies are used under licence by Aviso Insurance Inc.