Group Registered Retirement Savings Plan
The smarter way to help your team save for their future.
What’s in it for your employees
A discount at tax time
Any money added to your employees’ RRSPs will be deducted from their annual income — meaning a nice discount or even money back when tax time rolls around.
A head start on future savings
The sooner your employees start adding to an RRSP, the more time their investments will have to grow, meaning more savings for their long-term goals or retirement.
Flexibility for their future
Employees can withdraw up to $60,000 from their RRSP under the government’s Home Buyers' Plan, or up to $10,000 per year under the Lifelong Learning Plan, without tax implications.
The Group RRSP by the numbers
$32,490
The annual contribution limit for 2025. Unused portions can carry forward to the following year, but if your contributions exceeds your limit by over $2,000, a 1% monthly penalty applies until you withdraw the excess funds.
18%
The percentage of last year’s income that plan members can contribute to their GRRSP, provided it doesn’t exceed the annual limit set by the government.
18-71
The age of eligibility to invest in a GRRSP. Once the account holder turns 71, their GRRSP will need to be converted to a RIF.
Unlimited carry-over
A big perk of a GRRSP is that unused contribution room carries over year after year, without expiring.
WHO SHOULD OPEN A GRRSP?
Generally, we recommend opening a GRRSP for those making over $50,000 who are comfortable putting money away for the long-term.
If you offer your employees a matching program, it’s always good idea for them to take advantage of it.
Compare our top group savings accounts
The Group RRSP and Group TFSA are two of the most common accounts used to save up for life’s big expenses.
Attribute | GRRSP | GTFSA |
|---|---|---|
| Helps you save for | Retirement | Big purchases or retirement |
| Eligibility | 18–71 years old | 18 or older |
| Annual contribution limit | 18% of previous year’s income, up to $32,490 | $7,000 |
| Tax impact on contributions | Deducted from taxable income | None |
| Tax impact on withdrawals | Taxed as income (with some exceptions) | Growth and withdrawals are tax-free |
| Contribution deadline | 60 days after December 31st | December 31st but can carry forward |
| Government benefits | Withdrawals may impact other government benefits based on income | No impact on other benefits |
| Withdrawal stipulations | Must withdraw to a Retirement Income Fund at 71 | None |
Why go with Wealthsimple
Easier plan management
With an intuitive and easy-to-use dashboard that integrates with most HR systems, onboarding is simple and your everyday admin is efficient and smooth.
Expert knowledge
From personalized advisor-managed portfolios to plan support whenever you need it, you and your employees are always in the best hands.
More savings
Most of your employees will pay less than 1% in management fees, meaning your team can reach their savings goals faster — while you’re saving, too.
Transferring your group plan is easy
Have an existing group plan with another provider? We’ll guide you through our seamless transfer process, and in most cases, reimburse any fees involved in transferring your accounts.
Group accounts for any savings goals
No two employees are the same — that’s why we offer a range of group account types to suit what they’re saving for.
Set your team up with more ways to save
Tell us about your company and we’ll be in touch to help you get started.