Group RRSP: What to Know
Group RRSPs are a great way to save for retirement. If you’re part of a group of employees who want to join together to save for retirement, a group RRSP might be the right option for you. Often, group RRSPs are set up by an employer as a part of your employment benefits. Perhaps you’re here to learn more about how they work before enrolling. In this article, we’ll discuss what group RRSPs are and how they work. We’ll also look at some of the benefits of using a group RRSP. What is a group RRSP? A group Registered Retirement Savings Plan (RRSP) is a savings vehicle. It combines the experience of investing with your peers and the administrative ease of an employer-sponsored plan. It functions as an employer-sponsored retirement plan, allowing employees to jointly contribute and control their collective investment strategies to maximize their retirement income. The contributions are pre-tax, which means that tax deductions are immediate. Thereby allowing
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