Why a Group RRSP is the Right Solution for Your Business
Enhance financial wellness and employee retention with expert-managed, tailored Group RRSPs.
Retirement Solutions
Our consultants will work with you to find tailored Group RRSP solutions that suit your business needs.
Financial Wellness Focus
Promote financial wellness for your employees with employer matching and diverse investment options.
Easy Onboarding
What Is A Group RRSP?
A Group Registered Retirement Savings Plan (RRSP) is a retirement savings plan sponsored by an employer and designed to help employees save for their future.
Key Features of a Group RRSP:
- Tax Benefits – Contributions are made pre-tax, reducing the employee’s taxable income and allowing investments to grow tax-deferred until withdrawal.
- Employer Matching – Many companies offer matching contributions, typically around 3-6%, enhancing the employee’s savings and incentivizing participation.
- Diverse Investment Options – Employees have access to various investment options, enabling them to tailor their portfolios to meet their financial goals.
- Easy Administration – Contribution amounts are set up by the employer and then deducted from payroll, simplifying the process for employees and employers.
- Financial Wellness Support – Group RRSPs promote financial stability and education, contributing to higher employee retention and productivity.
How Group RRSPs Work
A Group RRSP simplifies retirement savings by deducting contributions from payroll, offering tax benefits and consistent savings growth.
- Employers typically match contributions at 3-6% of annual salary, encouraging employee participation.
- Employees can choose from a variety of investment options tailored to their goals and risk tolerance.
HFG ensures a smooth transition with comprehensive onboarding and ongoing support.
What is a Group DPSP?
A Group Deferred Profit Sharing Plan (DPSP) is an employer-sponsored retirement savings plan designed to distribute profits in years when the company earns them.
Key Features of a Group DPSP:
- Tax Benefits – Contributions are tax deductible and exempt from federal and provincial payroll taxes.
- Employer Contributions – The employer contributes to the plan based on the profits of the organization wherein they may or may not contribute in years where no profits are recorded. Employees are not contributors with this type of plan.
- Retain Top Talent – Benefit from a great total rewards plan with a vesting period to further motivate your employees to choose your company, everyday.
- Financial Wellness Support – Group DPSPs provide financial support and can be a fundamental part of the retirement planning process for employees.
- Diverse Investment Options – Employees have access to various investment options, enabling them to tailor their portfolios to meet their financial goals.
What is a Group RPP?
A Group Registered Pension Plan (RPP) is employer-sponsored and intended to provide the employee with retirement income.
Key Features of a Group RPP:
- Tax Benefits – Employee contributions are tax deductible and exempt from federal and provincial payroll taxes.
- Employer Contributions – The employer contributes to the plan on a mandatory basis. Employees may contribute as well depending on the plan setup.
- Retain Top Talent – Benefit from a great total rewards plan with a vesting period to further motivate your employees to choose your company, everyday.
- Financial Wellness Support – Group RPPs promote financial stability and help members with retirement planning.
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