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Group RRSP

Group Registered Retirement Savings Plans (Group RRSPs) are employee-sponsored retirement savings plan. That means, your employees have Registered Retirement Savings Plans that are administered by you on a group basis, and are looked after by insurance companies, mutual funds or banks.  You as an employer cover the plan management fees. 

  • Pacific Employee Benefits strives to get you the best providers. We look for product platforms that include outstanding investment options, and cutting edge online facilities. 
  • We facilitate product placement, pick the investment suite, and implement the plan. 
  • We have the expertise to help you make smart investment decisions. We provide individual investment advice to your employees, and on-going administrative support to you. 

How do Group RRSPs work?

Your employees build their savings by putting money into their RRSP account. The payroll department of your company withholds pre-tax money from the employees’ cheques, and sends it to an insurance company that provides Group RRSP. 

The beauty of payroll deduction is that your employees get immediate tax relief on the deduction.

This means that if employees contribute $100 into their Group RRSP, only $70 comes out of their cheque.  It is up to them to decide how they want to invest their money. We fully educate your people in the available options, and help them make smart investment decisions. 
To increase the potential of this plan, the employer can add a contribution to it. The contribution made by the employer is taxed, because it is rendered as employee income. 

Compared to Pension Plans, Group RRSPs are much easier for the employers. There is less red tape and you have the flexibility to plan according to your budget and goals. If your company has a challenging financial year, you have the option of cutting your contribution for that year. It is very difficult to do that with a Pension Plan. 

Advantages: 

  • immediate tax relief to employees
  • low administrative costs
  • less stringent compared to Pension Plans 
  • built-in flexibility for both the employer and the employees
  • income splitting is available through spousal contributions
  • if the employee leaves the employer, the contribution is not locked-in
Talk to our retirement savings advisors to learn more about Group RRSPs.

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