Sherrett Insurance Agency Ltd.
Estate Planning, Corporate Benefits, Investments, Insurance, Retirement Planning
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- Protect you and your family. Ask about life insurance.
- Buying a home? Own a home? Ask about mortgage insurance.
- Planning for retirement? Ask about RRSPs.
- Company need stability? Ask about securing funding.
- Company growing? Ask about employee benefit plans.
- Want long-term prosperity? Ask about succession planning.
- Access medical claim forms and renewal forms.
- Book a meeting.
Group RRSP
Small and medium sized companies can rarely match the benefit plans offered by large organizations. But one benefit you can easily add is a group registered retirement savings plan (RRSP).
A Group RRSP is an employer-sponsored retirement savings plan, similar to an individual RRSP, but administered on a group basis by the employer. Employees contribute to the RRSP through payroll deductions, on a pre-tax basis, through a Group RRSP administrator. Although not mandatory, employee contributions are often matched by the employer (typically to a maximum of 3-5% of earnings). Contributions by the employer are taxable as income to the employee.
Why set-up a Group RRSP?
- They offer an effective way to save. it is often easier to have a small amount of money deducted from each pay cheques than it is to make a large payment once a year.
- They help your employees select the best investment options. Another advantage to the regular payments into an RRSP is that many plans will include individual consulting to determine the best investment options for each employee.
- They have immediate tax benefits. Rather than waiting for a refund tax return at the end of the year your employees will immediately stop paying tax on the amount of their pay that is invested in the RRSP.
- They are employee owned. The portion that the employee contributes is 100 per cent owned by the employee and he or she can do whatever they want with it, including taking it with them if they leave the employer.
Related Products:
- Employee Benefit Plans
- Health and Dental Insurance
- Life and Accidental Death and Dismemberment Benefits
- Pension Plans