Group RRSP

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Group RRSP


Group RRSPs (GRRSP) can be offered by organizations to employees as part of a competitive compensation package to aid employees with financial savings. Saving for retirement is a process that many employees put off, yet the earlier a person begins to save, the more retirement income those savings can produce. Offering a GRRSP means setting a corporate philosophy to help employees save which can help attract and maintain quality talent as employees are less likely to leave a company when they have access to a strong benefit and savings program.

GRRSPs can be set up in two ways:

  • Stand-alone savings vehicle for voluntary deposits
  • Set deposits, such as a percentage of an employee’s income

Organizations can also match an employee’s deposits up to a specified maximum.

Types of Savings Vehicles:


  • Group RRSP

    A registered savings vehicle where employee funds are deposited and grow tax-free and provide immediate tax relief each pay period. Employees are taxed upon withdrawals.

  • DPSP (Deferred Profit-Sharing Plan)

    A savings vehicle where company matching dollars can be deposited tax-free. Payroll tax does not apply.

  • TFSA’s

    Tax Free Savings Account, no immediate tax relief, no tax on withdrawals.

  • Individual Investments

    Within the above choices an employee may choose from, No Touch, Low Touch and High Touch funds depending on their investment experience

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What are the set-up costs for a GRRSP?

In many cases there are no set up fees. Most of the costs are borne by the IMF’s (Investment Management Fees) associated with the chosen funds within your GRRSP program. We typically work with GRRSP providers that offer institutional fees that are lower than retail fees offered through banks or private investments. These fees vary amongst different asset classes but remain some of the lowest in the industry.

For start-up companies that wish to offer a DPSP program with matching deposits, set-up fees are generally waived with a certain level of contribution annually. Without a DPSP there are no set-up costs.

FCA works with the best GRRSP providers in the business

FCA is dedicated to providing first rate service, education and advice for your company and employees. It is our pleasure to be your trusted advisor through the entire process of the initial consultation, the set-up of your programs and the ongoing evolution of your plan so you have confidence in the compensation package that you offer to your employees.

What companies should offer GRRSP:

Companies of any size that believe in contributing to employee satisfaction through strong compensation packages, should consider offering GRRSP:

  • Start-up – Turn key solutions are available with low or no set up fees
  • Growth – Benefit from reductions in investment management fees as your assets grows
  • Mature – Services and education are also available for retiring employees

FCA has been providing benefit solutions to Canadian Companies since 1919.

FCA takes pride in providing Canadian companies with the highest standards of service, advice and experience for their employees for their benefit and pension plans. One of our main goals is simplifying the process of creating sustainable programs that form a key piece of your employee’s compensation package.


A common formula is 2% employee deposit with a matching 2% deposit by the company. However, organizations can set funding formulas at their discretion. Organizations can also set up a DPSP (Deferred Profit-Sharing Plan) for the matching deposits as company dollars in this type of vehicle are considered a tax-free transaction. All deposits are withdrawn pre-payroll, so it minimizes payroll taxes for the employee and employer each pay period. Employees are more likely to participate in a voluntary GRRSP when the employer matches their deposits or combination GRRSP and DPSP.

Using the typical 2% matching example from above, the employee’s 2% is deducted from regular payroll and deposited prior to payroll expenses and typically the employer’s matching deposit would be deposited into a DPSP (Deferred Profit-Sharing Plan). The reason for the DPSP is because the employer’s deposits to an employee’s RRSP is considered a taxable benefit and must include payroll expenses whereas the DPSP is non-taxable and you can choose to include up to two years vesting on these deposits. This means that the deposits you make on behalf of your employees stays with the company for at least two years.

Contact FCA to get started. An FCA broker will provide you with options from multiple companies, comparing the fees and investment options and possible funding formulas for matching employee deposits.

When offering a retirement income program to your employees, the company and your advisor have a fiduciary duty to provide access to education for new employees, education updates for existing employees, sufficient investment options, clear communication of the options and a process for signing up for the program. It is also recommended to form a committee to review the performance of the investments, the fund managers and the plan options once a year and set an education strategy with the same cadence. Much of the education offerings can be done through the trustee of the program, that is the insurance company or bank providing the program. The FCA CapShield program provides a process to follow the CAP guidelines so that your program always meets employee needs and legislative requirements.

Why Choose FCA Benefits?

Manage Your Risk through our CapShield Program

Manages your liability when offering a Capital Accumulation Program

Years of Experience

Over 25 years of experience in the Retirement Income Business.

Compensation is what we do

GRRSP is one way to attract and maintain great employees and our expertise will guide you in setting up an optimal package for your employees.


Todd has been a great partner in navigating difficult benefits claims, and in working with our benefits provider to resolve time sensitive questions or issues. As the HR Specialist at StoreForce, I have valued the knowledge and expertise Todd provides, as it helps me better serve StoreForce employees. Todd has travelled to our office to provide benefit plan refresher presentations, and often reaches out to check-in and ensure StoreForce is happy with the services we receive. When needed, Todd researches and provides options to StoreForce that suits the current needs of the organization. We are happy with the level of service provided by Todd and the team at FCA Insurance Brokers.

Jenna, Mar 2021

Exceptional client service from FCA. Was able to assist us with a unique issue and was always very responsive.

Lauren, Jan 2020

FCA covers us for all our business requirements, from equipment to liability, property, builds, benefits and everything in-between.

Yellow Bean, Nov 2019

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