Group RRSPs & TFSAs
The benefits of group savings plans go further than just the investment.
Providing further benefit options to your employees can go a long way in showing them you value their efforts, and it can also attract skilled employees. A Group RRSP and/or a Group TFSA is a low-cost, highly effective way of supporting your employees’ efforts to increase retirement savings and wealth. As the employer, you pay no fees in establishing a Group RRSP and/or TFSA. The plan design can accommodate any number of participants and allow for various contribution levels and different investment profiles. Setting up a Group plan is very easy and simple to administer through payroll deductions. The employee’s contribution is withheld at source as a payroll deduction. You may top up this contribution with an employer contribution based on any incentive criteria (this contribution is completely optional, but is also a deductible expense for the company). Because the contributions are made regularly, the employee receives the related income tax deduction at the time of each contribution, instead of when filing a return at tax time. This results in a tax savings on each pay-cheque, which reduces the employee’s at-source deductions. We provide any ongoing support needed to ensure that your plan is operating efficiently. When employees join your Group RRSP and/or TFSA we are happy to offer free investment planning advice to help them achieve their retirement savings goals.
Contact us today to learn more about benefits products and services that fit the needs of your business.