A more cost-effective way to save money for your retirement
A GRSP is a Retirement Savings Plan (RSP) that is administered by your employer on your (and your coworkers’) behalf. With a GRSP, you can contribute directly from your pay check using pre-tax dollars. GRSPs are similar to RRSPs in that they utilize your RRSP contribution limits and have the same tax advantages.
You can choose from a range of segregated funds, mutual funds, target-dated funds, as well as term investments, etc. As an employer who competes with many companies for talented employees, you try to offer your employees an attractive benefits package. A group retirement program has become an essential part of such a package.
Advantages– Group RRSP
Disadvantages – Group RRSP
Did You Know
50% - The percentage of working Canadians who are worried that they will not have enough money to live comfortably during retirement.
45% - The percentage who would feel more confident if money was deducted automatically from their paycheck.
89% - The percentage of Canadians who think workplace savings plans should be accessible to all Canadians.
Let’s talk about your Group RSPs with LifePlan Investments.
Our qualified consultants will take the time to review your current investment account and see if your investments holding have the right asset allocation and are managed according to your risk tolerance.