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Group registered retirement savings plans (group RRSPs)

A group RRSP is like a collection of individual RRSPs to which contributions are generally made through payroll deductions. Its purpose is to facilitate contributions to individual RRSPs.

The employer determines who contributes to a group RRSP:

  • the employees only
  • the employer only, through a salary increase that is withheld and paid into the group RRSP
  • the employees and the employer.

Note that business owners and their relatives can contribute to a group RRSP if they are employees of the business and receive a salary.

If you contribute to a group RRSP, you get an immediate tax savings. In addition, if necessary, you can use amounts in a group RRSP for the Home Buyers' Plan (HBP) This link will open in a new window. and the Lifelong Learning Plan (LLP) This link will open in a new window..

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