A group Registered Retirement Savings Plan (RRSP) is an employer-sponsored retirement savings plan, similar to an individual RRSP, but administered on a group basis by the employer. Contributions are made by pay-roll deduction , on a pre-tax basis, through a Group RRSP administrator.
Also, what is group RRSP RBC?
A GRSP is a collection of individual RRSP accounts administered by a company or organization (the plan “Sponsor”) on behalf of its employees (members). It allows employees to contribute directly from their payroll using pre-tax dollars. Call an RBC Group Advantage Specialist.
Hereof, how do I withdraw from RBC group RRSP?
Withdrawals
- Call us at 1-800-463-3863.
- Visit your branch. …
- If the money is held in an RRSP Savings Deposit or is available in a Guaranteed Investment Certificate (GIC), we can also process your withdrawal if you send a secure email with the details through the Online Banking Message Centre.
Can you lose money in a RRSP?
1. Withdrawing funds early. If possible, try not to withdraw funds from your RRSP before retirement. If you withdraw funds early, you lose that contribution room and the tax-deferred growth that comes with it.
What happens to my group RRSP when you quit?
Any money contributed to a RRSP account, whether it comes from the employee or the employer, is immediately vested. That means the money belongs to you from the moment it hits your account and, if you leave the plan, all of the money goes with you, none of it will be returned to the employer.
What is RBC group advantage?
With RBC Group Advantage™, your employees will have access to exclusive offers that will earn valuable RBC Reward points when they open an eligible banking package, credit card or mortgage.
What are the benefits of a group RRSP?
Along with the same tax advantages as a personal RRSP, group retirement plans offer the following benefits:
- Payroll deductions for immediate tax benefits.
- Employer contributions enhance your personal contribution amounts.
- Preferred management fees on pooled funds.
- Online account access.
- Friendly toll-free call centre.
Is a GRSP tax deductible?
A Group RRSP (sometimes referred to as a Group Retirement Savings Plan or GRSP) is similar to an individual RRSP, but set up by an employer for their employees as a workplace benefit. Employers offer the plan because their own contributions are tax-deductible, and the plan acts as an incentive for new hires.