{"id":1666,"date":"2024-01-17T13:38:10","date_gmt":"2024-01-17T20:38:10","guid":{"rendered":"https:\/\/vantageadvisory.ca\/?page_id=1666"},"modified":"2024-02-08T13:51:57","modified_gmt":"2024-02-08T20:51:57","slug":"group-rrsps","status":"publish","type":"page","link":"https:\/\/vantageadvisory.ca\/services\/group-rrsps\/","title":{"rendered":"Group RRSP’s"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.24.0″ _module_preset=”default” background_color=”#EDEDED” z_index=”3″ custom_margin=”-50px||||false|false” custom_padding=”150px||150px||true|false” custom_padding_tablet=”10%||10%||true|false” custom_padding_phone=”10%||10%||true|false” border_radii=”on|50px|50px|50px|50px” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row column_structure=”1_3,2_3″ make_equal=”on” _builder_version=”4.24.0″ _module_preset=”default” custom_css_after=”display: none;” global_colors_info=”{}” custom_css_main_element_last_edited=”on|tablet” custom_css_main_element_tablet=”display: flex;||flex-wrap: wrap;||justify-content: space-between;” custom_css_main_element_phone=”display: flex;||flex-wrap: wrap;||justify-content: space-between;” theme_builder_area=”post_content”][et_pb_column type=”1_3″ _builder_version=”4.23.4″ _module_preset=”default” global_colors_info=”{}” custom_css_main_element_last_edited=”on|tablet” custom_css_main_element_tablet=”flex: 0 0 100%;” custom_css_main_element_phone=”flex: 0 0 100%;” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n

What is a Group RRSP<\/strong><\/span>?<\/h2>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.23.4″ _module_preset=”default” global_colors_info=”{}” custom_css_main_element_last_edited=”on|tablet” custom_css_main_element_tablet=”flex: 0 0 100%;” custom_css_main_element_phone=”flex: 0 0 100%;” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n

A Group Registered Retirement Savings Plan (RRSP)<\/strong> is a collective retirement savings program<\/strong> offered by employers. It shares similarities with individual RRSPs, like tax-deductible<\/strong> contributions and tax-deferred<\/strong> investment returns. Contributions are based on the annual room provided in your Notice of Assessment from the Canada Revenue Agency (CRA). Some plans also offer a spousal RRSP option.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”#second” button_text=”Learn More” _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|tablet” disabled_on=”off|off|off” module_id=”second” _builder_version=”4.24.0″ _module_preset=”default” background_color=”#292A2D” z_index=”0″ overflow-x=”hidden” overflow-y=”hidden” custom_margin=”-50px||||false|false” custom_padding=”200px||200px||true|false” custom_padding_tablet=”15%||15%||true|false” custom_padding_phone=”20%||20%||true|false” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”1_2″ _builder_version=”4.23.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.24.0″ _module_preset=”a94a9d89-4202-4540-bfc9-64b3c52cfc69″ global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n

More about it<\/p>\n

[\/et_pb_text][et_pb_text _builder_version=”4.23.4″ _module_preset=”a94a9d89-4202-4540-bfc9-64b3c52cfc69″ header_2_font=”||||||||” header_2_text_color=”#FFFFFF” custom_margin=”25px||5px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n

Group RRSP<\/h2>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.24.0″ _module_preset=”default” custom_css_main_element=”display: flex;||justify-content: flex-end;” global_colors_info=”{}” custom_css_main_element_last_edited=”on|phone” custom_css_main_element_tablet=”display: flex;||justify-content: flex-start;” custom_css_main_element_phone=”display: flex;||justify-content: flex-start;” theme_builder_area=”post_content”][et_pb_button button_url=”\/contact\/#quote” button_text=”Get a Quote in 48hrs” _builder_version=”4.24.0″ _module_preset=”9b135920-e988-4471-a48e-d2c8a6e23720″ global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_button][et_pb_button button_url=”\/contact\/#chat” button_text=”Book a 10min Chat” _builder_version=”4.24.0″ _module_preset=”c0ccd6fe-6f60-4cb1-af9f-ff069c0a5001″ global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.24.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”3%|6%|5%|6%|false|true” custom_padding_tablet=”10%|5%||5%|false|true” custom_padding_phone=”16%|5%||5%|false|true” border_radii=”on|50px|50px|50px|50px” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_accordion open_toggle_background_color=”RGBA(255,255,255,0)” closed_toggle_background_color=”RGBA(255,255,255,0)” icon_color=”#D8B46F” _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_accordion_item title=”How Does a Group RRSP Function?” open=”on” _builder_version=”4.24.0″ _module_preset=”default” body_text_color=”#292A2D” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n

Contributions to a Group RRSP are typically made through payroll deductions, pooling your savings with other employees. This setup allows you to select investments matching your risk tolerance and retirement timeline. Besides regular contributions, you can also make lump-sum payments or transfer funds from an individual RRSP at another institution. It’s important to check if any transfer fees apply.<\/p>\n

[\/et_pb_accordion_item][et_pb_accordion_item title=”Benefits of Group RRSPs” _builder_version=”4.24.0″ _module_preset=”default” body_text_color=”#292A2D” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

Group RRSPs boast several advantages over individual RRSPs:<\/p>\n

    \n
  1. Lower Fees –<\/strong> Pooling contributions with colleagues enables your employer to negotiate lower investment management fees.<\/li>\n
  2. Tax Efficiency –<\/strong> Payroll deductions are made before income tax, offering immediate tax savings. For instance, a $25 contribution effectively costs just $15 net in a 40% tax bracket.<\/li>\n
  3. Employer Matching –<\/strong> Many employers match contributions, significantly enhancing your retirement savings.<\/li>\n
  4. Disciplined Saving & Dollar-Cost Averaging –<\/strong> Regular payroll deductions encourage consistent saving. This approach also leverages dollar-cost averaging, buying more units when prices are low and fewer when high, avoiding market timing pitfalls.<\/li>\n<\/ol>\n

    [\/et_pb_accordion_item][et_pb_accordion_item title=”Handling Group RRSPs Post-Employment” _builder_version=”4.24.0″ _module_preset=”default” body_text_color=”#292A2D” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

    Upon leaving an employer, options for your Group RRSP funds include:<\/p>\n

      \n
    1. Transferring to an individual RRSP.<\/li>\n
    2. Moving the funds to a Retirement Income Fund (RRIF).<\/li>\n
    3. Purchasing an annuity.<\/li>\n
    4. Withdrawing as cash (if not locked-in), though this will be taxed as income.<\/li>\n<\/ol>\n

      [\/et_pb_accordion_item][et_pb_accordion_item title=”Next Steps in Understanding Group RRSPs” _builder_version=”4.24.0″ _module_preset=”default” body_text_color=”#292A2D” global_colors_info=”{}” theme_builder_area=”post_content” open=”off”]<\/p>\n

      Now that you’re familiar with the workings and benefits of Group RRSPs, you’re better equipped to leverage this tool for your retirement planning. Whether it’s taking advantage of lower fees, enjoying the convenience of payroll deductions, or maximizing employer matching, Group RRSPs can be a powerful component of your financial strategy. Please reach out to us if you would like to discuss whether this type of program would suit the needs of your company.<\/p>\n

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      Your Benefits Journey, Your Way<\/p>\n

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      Benefits Made Easy for Everyone<\/h2>\n

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      We’ve blended the best of both worlds – tech and the personal touch.<\/span><\/strong> While we love our tech gadgets, we also cherish face-to-face connections. That’s why, when the time’s right, we’ll gladly treat you to a classic lunch or a friendly round of golf. It’s about building relationships<\/strong><\/span> as we build your group benefits plan.<\/p>\n

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      Join the Vantage Experience<\/h2>\n

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      Ready to experience group benefits in a whole new way? Let\u2019s chat! Discover how Vantage Advisory can help you secure the group benefits you need<\/strong> while keeping things simple and enjoyable. Don\u2019t worry, we\u2019ll never leave anyone behind on the tech train. Reach out to us today, and let\u2019s get started on your group benefits journey together<\/strong>!<\/p>\n

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      What is a Group RRSP?A Group Registered Retirement Savings Plan (RRSP) is a collective retirement savings program offered by employers. It shares similarities with individual RRSPs, like tax-deductible contributions and tax-deferred investment returns. Contributions are based on the annual room provided in your Notice of Assessment from the Canada Revenue Agency (CRA). Some plans also […]<\/p>\n","protected":false},"author":1,"featured_media":1936,"parent":566,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"acf":[],"_links":{"self":[{"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/pages\/1666"}],"collection":[{"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/comments?post=1666"}],"version-history":[{"count":4,"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/pages\/1666\/revisions"}],"predecessor-version":[{"id":1972,"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/pages\/1666\/revisions\/1972"}],"up":[{"embeddable":true,"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/pages\/566"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/media\/1936"}],"wp:attachment":[{"href":"https:\/\/vantageadvisory.ca\/wp-json\/wp\/v2\/media?parent=1666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}