Group RRSP Nova Scotia

Financial Planning for the future.

What is a Group RRSP?

A Group Registered Retirement Plan (GRSP) is a type of employer-sponsored retirement savings plan that allows employees to contribute a percentage of their income to a personal account, which is invested in various products according to their preferences and risk tolerance. The employer may also contribute to the employee’s account, up to a certain limit. The contributions and the investment returns are tax-deferred until the employee withdraws the money from the account, usually after retirement. A GRSP can help employees save for their retirement goals and benefit from the employer’s support.

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Advantages for Employee’s

Tax Break – RRSP contributions reduce the income tax you pay and contributing through payroll deduction your contributions are pre-tax and tax savings are instant.
Forced Savings – group RRSP are a great way to consistently save each month for retirement, taking the guess work out of when and how much I should contribute.
Employer Matching – If the matching component is offered by your employer this is a no brainer to invest. You are doubling your money immediately before the money is being invested.

Advantages for Employer’s

Employee Retention.
Attracting the best talent.
Financial security for employees and their families.
No setup fee’s

What funds are offered?

Retirement date funds – Excellent option for employee’s who prefer not to regularly review their investments. Target Date Funds are a series of pre determined maturity dates matching when an employee wants to retire.
Asset Allocation Funds – These fund offerings are designed for employee’s who want to manage a portion of their portfolio based on there risk tolerance.
Build your own Portfolio – A variety of market based funds available for more experienced investors.

GROUP RRSP HALIFAX FAQ

The difference between a Group RRSP and an Individual RRSP
A group RRSP is a type of retirement savings plan that is offered by an employer to their employees. An individual RRSP is a personal investment account that anyone can open and contribute to. Some of the main differences between a group RRSP and an individual RRSP are:
- A group RRSP may have lower fees and more investment options than an individual RRSP, depending on the plan provider and the size of the group.
- A group RRSP may allow for employer matching contributions, which can boost the savings of the employees. An individual RRSP does not have this feature.
- A group RRSP may have automatic payroll deductions, which can make saving easier and more convenient. An individual RRSP requires the investor to make their own contributions.
- A group RRSP may have immediate tax savings, as the contributions are deducted from the pre-tax income of the employees. An individual RRSP requires the investor to claim their contributions on their tax return and receive a refund later.
What is a typical matching percentage for an employer?
Does my money vest immediately as an employee?
What are my options when i leave the plan or retire?
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