Group Retirement Programs

A group Registered Retirement Savings Plan (RRSP) is an employer-sponsored retirement savings plan, similar to an individual RRSP, but administered on a group basis by the employer. Contributions are made by pay-roll deduction , on a pre-tax basis. Employee contributions are often matched by the employer (typically to a maximum of 3-5% of earnings). However, contributions by the employer are not mandatory. Contributions by the employer are taxable as income to the employee.
Advantages of a group RRSP compared to an individual RRSP:

  • Payroll Deductions method of employee contributions;
  • Immediate tax relief to employee;
  • Smaller or no administrative costs;
  • Minimal government reporting;
  • Not subject to provincial pension regulations, therefore flexible in terms of employee eligibility and contribution levels;
  • Lower minimum deposits;
  • Income splitting is available through spousal contributions;
  • May offer enhanced RRIF and annuity rates at retirement.
If you would like more information on our Group RSP Programs, please contact MEBA for a no obligation quotation for your firm.