What are some of the advantages of setting up a Group Registered Retirement Savings Plan (RRSP) for your employees?
- The group RRSP is a free benefit that you can provide to your employees.
- There are several advantages to a group RRSP over a formal pension plan in terms of cost and administration.
- If you currently have an existing formal pension plan, the group RRSP can complement it.
- If you contribute to the employee’s RRSP, this goes a long way towards attracting and retaining employees.
- The biggest advantage is the fact that you are not liable for guaranteeing a specific amount of income when an employee retires.
- The bulk of the administration is carried out by MDL Financial Group and the provider.
If you have questions regarding Group RRSPs, contact your MDL Advisor.