Group Registered Retirement Savings Plan
A group RRSP is most attractive for smaller companies who want to avoid dealing with compliance requirements from provincial authorities and the Canada Revenue Agency.
Most plans are written with a requirement for the employee to contribute a percentage of their pay and for the employer to match the contribution. The employer contribution is added to the employees pay with a corresponding tax deduction.
Our team will help you design a plan which maximizes returns and minimize fees. Furthermore, the plan member will have the necessary tools to choose a portfolio that meets his/her retirement objectives and tolerance to risk.
Group Tax-Free Savings Account
The TFSA is a flexible, registered, general purpose savings vehicle that allows plan members to earn tax-free investment income. The TFSA complements existing registered savings plans.
Canadian residents age 18 or older can contribute up to $5,000 annually to a TFSA. Investment income earned in a TFSA, as well as withdrawals, are tax-free. However, contributions are not tax-deductible.
Full withdrawal amounts can be put back into the TFSA in future years.
As with RRSPs, the employee can choose from a wide range of investment options such as mutual funds, Guaranteed Investment Certificates, stocks and bonds.