Group RRSP Nova Scotia
Financial Planning for the future.
What is a Group RRSP?
A group Registered Retirement Savings Plan (GRRSP) is a collection of individual RRSP’s setup by the employer while also being administered by the employer on a group basis typically through an insurance provider (Sun Life, Manulife etc.). Contributions are made through payroll deduction with before tax dollars, the key component to a group RRSP is the matching component. In most structures the employer will match a percentage of the employee’s salary to a maximum amount. For example, an employer may match up to 5% of your salary, if you were making $80,000 and contributed the maximum amount to your group RRSP you would contribute $4,000 and your employer would contribute $4,000, thus creating a 100% rate of return before the money starts earning interest.
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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?
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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.
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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.
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Build your own Portfolio – A variety of market based funds available for more experienced investors.
GROUP RRSP HALIFAX FAQ
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Proudly Serving all areas of NS and Atlantic Canada
Amherst / Antigonish / Bedford / Bridgewater / Chester / Coleharbor / Dartmouth / Digby / East Hants / Halifax / Liverpool / New Glasgow / New Minas / Port Hawkesbury / Sackville / Sydney / Truro / West Hants / Yarmouth