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Group RRSPs

A Group RRSP plan is established by an employer for the benefit of its employees. The employees enroll individually within the Group RRSP and select the type of RRSP plan (Individual or Spousal). The guidelines and terms of the plan are identical to any Regular or Spousal RRSP.

A Group RRSP plan offers convenient payroll deductions to fund the individual’s RRSP contributions. The payroll-deducted contributions immediately lower the individual’s taxable income by deducting the contribution from the individual’s pay prior to the calculation and deduction of income tax.

The employee’s contributions may also be supplemented by contributions by the employer. This extra benefit would increase the amounts added to the RRSP. The employer’s contribution would be treated as earned income and taxed in the hands of the individual employee.

Group RRSP plans offer low minimum contribution limits making it more affordable for individuals to start an RRSP plan and save for their future retirement.

Group RRSP plans are registered in the individual employee’s name and are easily transferred out of the Group plan if the employee changes employers.


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