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Registered Retirement Savings Plans (RRSP) can help you grow your savings and pay less tax.

What is an RRSP?

A Registered Retirement Savings Plan (RRSP) is set up so Canadians can save for their retirement. This is a savings plan which you, your spouse, your common-law partner, or in the case of a Group RRSP, your employees, can contribute. You can reduce your tax with deductible RRSP contributions. As long as your funds remain in the plan, any money you earn in your RRSP is usually exempt from tax. You generally have to pay tax when you receive payments from the plan.

An RRSP can help you lower your income tax bill, pay for your education, buy your first home, or build a retirement nest egg.

An RRSP not only keeps more money in your pocket by lowering your income tax bill, but your RRSP savings grow faster because you only pay tax when you take the money out. Some plans like the Home Buyers’ Plan even allow tax-free withdrawals, as long as you repay the money within a certain timeframe.

Similarly, if you are looking for Group Retirement plans, a group RRSP can save you even more with easy payroll contributions which give you an immediate tax break, competitive fees on your savings, and sometimes even company matching programs.

How does an RRSP work?

Each year, there is a limit to how much you can contribute to your RRSP. Check your most recent Notice of Assessment (NOA) from the Canada Revenue Agency (CRA) to confirm your maximum contribution limit. You can also view your deduction limit online when you register for CRA’s My Account.

Setting up your RRSP online is simple. You can make a one-time, lump-sum deposit or regular, automatic transfers to an individual RRSP. If you belong to a company-sponsored group RRSP, contributions are usually made directly from your employer’s payroll.

Group RRSP vs Individual RRSP

To put it simply, a Group RRSP works the same way as an individual RRSP, but it is offered through your place of work. It features tax-deferred growth and tax-deductible contributions. The key difference in terms of advantages, is that your employer adds to the equation. Unlike an individual RRSP, members of a Group RRSP are generally not allowed to purchase individual securities.

Group plans can be very flexible in terms of how money is received at retirement. The policy member has the option of purchasing a fixed-term annuity or purchasing a Registered Retirement Income Fund (RRIF), purchasing a life annuity, or taking the money in cash.

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How to Save Money on an RRSP?

We want to help you save your money. The best way to save money on an RRSP is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.

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Hire More Employees

Your premiums will be lower with the more employees you have working at your company. This is due to risk being divided across a larger pool of people.

Reduce Average Employee Age

The younger your workforce is, the less your Group Benefits will cost.

Adjust Benefits

Business productivity and company morale are improved when you show your employees that you care about them. However, to save the most money, it’s best to make sure the benefits you provide are needed and remove any redundant coverage.

Adjust Cost Sharing

Employees are already likely to pay less for employer coverage than for individual plans. Adjust your cost sharing to a percentage that makes the most sense for your company.

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