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- Group RRSPs
Group Registered Retirement Savings Plans (RRSPs)
Saving for retirement should not be an afterthought. Monthly contribution is one of the best ways to ensure saving for retirement is not left to the last minute. A simple and effective solution is regular payments throughout the year through a company Group RRSP.
What makes this so simple? Financial contributions are made as a deduction off the employees pay cheque automatically each pay period and they are directed to a plan your company has set up. In many cases, companies will also contribute. The form and type of employer contribution can vary. For example, the employer can pay a certain percentage of contributions based on the length of employment or the contribution limit may change annually based on the company performance. Even if you can only contribute $20 per week, a $20 match is a welcome bonus to employees!
Advantages for the Employer
Establishing a Group RRSP is a benefit that attracts and retains employees, even more so if you contribute as a bonus to your employees. The group RRSP has advantages over a formal pension plan in terms of cost and administration, or it can complement it. It is good to note as well, you as the employer are not liable for guaranteeing a specific amount of income when an employee retires. They are easy to set up and administer as the bulk of the work is carried out by the Group RRSP provider.
Advantages for the Employee
As an employee you want to sign up for the Group RRSP offering. Group RRSP contributions are deducted at source and you are NOT taxed on these contributions. In other words, you get an immediate tax deduction! As well the deduction from your pay cheque is immediate and you have no worries of managing that piece of your finances. Most employees claim they don’t even feel the deduction on their pocket book.
Your employers may also contribute to the group RRSP by matching contributions by a certain percentage. This earns you an additional percent on your investments and much appreciated bonus! There may also be the option for spousal contributions. When you make a contribution to the Group RRSP there is no question about who owns the contribution. You own it and you can do whatever you want with it – transfer it, redeem it, add to it. Most companies have a lower minimum contribution limit for their group plans than individual plans, some as low as $25 per pay.
At Hubbard Insurance Group, we have the skills and knowledge to advise you on your Employee Benefit Program, keeping you informed of changes in government policies and regulations as well as changes in the insurance marketplace. We take this all into consideration to optimize the use of your benefit program dollars.
View a list of all our Benefit Providers.
Contact one of our Benefits Specialists today and let’s get working with you! Email us at better@hubbardinsurance.com or call 905.696.9090 where you’ll be “Well Advised. Well ProtectedTM.”
Alternatively fill out the Get a Quote form and we will contact you as soon as possible.
Fill out our Get A Quote form and we will begin working on it right away!
Other Insurance Coverage to Consider
GENERAL BUSINESS INSURANCE
Protect your business property and assets as well as your reputation from lawsuits, accidents and more.
DIRECTORS & OFFICERS INSURANCE
Coverage for Directors & Officers protecting themselves and their organizations reputations from allegations of negligent acts.
EMPLOYEE BENEFITS
You want more than just drug and dental benefits coverage. We offer you more unique tailored benefits for your business and employees.
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Group Benefits/Life Insurance
Call Toll Free 1-800-900-2009