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Group RRSP Planning

 

Group RRSP Planning

An employer arranges for the company's employees to make contributions in a group RRSP via payroll deductions. The level of contribution per year is decided by the employee, to be invested as specified by the administrator of the group RRSP account. The Group RRSP is managed according to investment selections, in individual employee accounts.

Instant Tax Savings

With a group plan the contributing employee gains similar benefits to a regular RRSP as contributions can be deducted from the employee's income, thus lowering his or her taxable income. A Group RRSP reduces taxes at source, allowing the employee to have a higher income issued by payroll.

Investment Options

Part of implementing an excellent Group RRSP plan is to have a wide selection of investments available for employees.

Fees

Group RRSP fees can be lessened because of the buying power of a group of investors, translating to better returns for the employee over time.

Administration

It is easy to add employees to a Group RRSP. If the company winds down the plan in the future, or if employees are terminated, they can move their money to their own individual RRSP plans. Conversely, pension rules are more strictly regulated.

Employee Vesting

Once the employee and/or additionally the employer makes contributions to an employee's plan, the ownership then is attributed to the employee.

This information is intended to general educative reference only. This group material is not a specific piece of advice for any one situation as every solution is different.

 

 

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Mutual Fund Disclaimer Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual Funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently and past performance may not be repeated. Investors should inform themselves regarding securities, taxation or applicable regulations/legislation, which may affect them personally. Investment products or strategies may not be suitable for all investors.

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