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Minimize turn-over rates and create a sense of long-term loyalty by helping your employees save for retirement.

Group retirement plans are designed to enhance the employee benefits package by helping employees save for retirement. These plans are some of the best saving vehicles and can provide significant benefits to employees while helping plan sponsors attract talent and retain employees. 

Read below to learn about the different types of group retirement plans available!

Registered Retirement Savings Plan (RRSP)

A group RRSP is a savings plan that is offered by an employer to help employees save for retirement. Each employee has their own account and can choose how to invest their money while attaining certain tax advantages as well. 

Benefits to employers: 

  • contributions are deductible from corporate income

  • provides an incentive for top talent to stay loyal to the company

  • simple and straightforward to set up and use

Benefits to employees:

  • impose discipline of saving

  • lower management fees

  • wide selection of investment choices generally not available on the retail level

  • employer contributions

A DPSP is an employer sponsored sharing plan that is registered with the Canadian Revenue Agency and is used for retirement. With a DPSP, only employers can contribute by sharing their profit with some or all employees.                                    

Benefits to employers: 

  • contributions are paid out of pre-tax business income and are tax deductible

  • provides an incentive for top talent to stay loyal to the company

  • employers can set a vesting period of up to 2 years

Benefits to employees:

  • contributions grow tax-free

  • entirely funded by employer contributions

  • terminated employees can withdraw the full vested amount subject to taxation

  • relatively short vesting period

Deferred Profit Sharing Plan (DPSP)
Registered Pension Plan

An RPP is an employer-based pension plan in which an employer establishes a plan with a financial institution of their choice so that employees can make contributions to a retirement fund with pre-tax income.                        

Benefits to employers: 

  • competitive compensation package for employees

  • employer contributions are tax deductible

  • have full choice when it comes to choosing institution and plan type


Benefits to employees:

  • contributions grow tax-free

  • contributions are deducted pre-tax by employer.

  • employer may match employee contributions

  • some RPPs guarantee a set pension amount in retirement

  • no yearly maximum contribution limit 

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