Group RRSP and TFSA programs

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RRSP

  • A group RRSP is a tax-assisted program that helps employees save for retirement. Contributions are tax-deductible to employees.

    Employers can match employees’ contributions to help them meet their retirement goals.

  • The RRSP contribution limit for 2023 is 18% of the previous year’s income up to $30,780

  • Investment fees typically range from 0.5% to 3% depending on fund selection

TFSA

  • Tax-free Savings Accounts (TFSA) offer employees a tax-preferred investment account that does not restrict the account holder on what the proceeds can be used for. Contributions are made with after-tax dollars, but investment earnings are non-taxable when withdrawn.

    Employers can match employees’ contributions to help them meet their savings goals.

  • The 2023 contribution limit is $6,500 with a cumulative maximum of $88,000.

  • Investment fees typically range from 0.5% to 3% depending on fund selection

Financial Planning

  • Benefy partners with some of Canada’s top Financial Planners to offer our clients and their employees individualized financial planning and financial literacy programs

  • Benefy’s partner Financial Planners can help business owners and employees with areas such as:

    • Insurance Planning

    • Investment Planning

    • Estate Planning

    • Wealth Management

  • Benefy’s Financial Planning partners do not charge consultation fees

Learn more

Group savings plans offer employers a great opportunity to reward employees and help them reach their retirement and savings goals. Group savings plans lower investment fees than many individual savings plans and employers can match employee contributions.