Financial Planning -> Pensions -> Group RRSPs
Group Registered Retirement Savings Plans (Group RRSPs):
 | These are not regulated by pension legislation, but are registered under and must comply with the Income Tax Act. |
| Both employer and employee may make contributions. |
| Employee's contributions are tax deductible. |
| Employer's contributions to the RRSP are included in the employee's income, but are then deducted as part of the RRSP contributions deduction. |
| Annual contribution limits (including employee and employer contributions) are the same as regular RRSPs - see our RRSP/RRIF page for annual limits. |
| Employee's plan can be split between employee and spouse, so that both will have retirement income from the plan. |
| These plans may allow members to choose their own investments. |
| When an employee leaves their job prior to retirement, their group RRSP can be cashed out (but the proceeds will be taxable), or transferred to another RRSP (tax-free). The RRSP will not be locked-in, as it would with transfers from a registered pension plan. |
Revised: January 03, 2025