Group Retirement

Start a Group Registered Retirement Savings Plan at No Cost to You

HFG can help you start a group Registered Retirement Savings Plan (RRSP) to help your employees save for retirement – with no cost to you as the employer!

What Is a Group RRSP?

A group RRSP is just a collection of individual RRSPs that employees have access to through you, their sponsoring employer.

All contributions to individual RRSPs can be made by individual employees, with or without employer contribution.

Contributions to an RRSP are taken from the employee’s taxable income, which reduces the income tax they must pay. Income is not taxed in an RRSP until the money is withdrawn.

RRSPs are designed for providing retirement income; however, in some circumstances they can also be used for:

  • Purchasing a home
  • Funding post-secondary education

How Does the RRSP Work?

Employees have two choices for contributing to their RRSPs:

  • They can make regular payroll contributions and get immediate tax relief.
  • They can make lump sum contributions at any time.

Your employees will have access to an online portal, where they can manage their assets and accounts at their convenience.

With a group RRSP, your employees can easily start saving for the long term.

Our group plan also offers a wide variety of mutual fund investment choices and term deposits.

Contact HFG today to talk to an advisor about setting up a group RRSP for your employees.

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