Group Registered Retirement Savings Plans (RRSPs) are employer-sponsored retirement savings plan, similar to an individual RRSP, but administered on a group basis by the employer. Contributions are made by payroll deduction and grow tax-free until withdrawal. Employee contributions are often matched by the employer. However, contributions by the employer are not mandatory. Contributions by the employer are taxable as income to the employee.
The use of an RRSP is to help you achieve your retirement goals. Simply having money in an RRSP is not a guarantee that you may retire comfortably; however, it is a guarantee that the investments will compound without being taxed, as long as the funds are not withdrawn. At Thor, we will provide you an RRSP that will help with any financial risk that you may foresee during retirement.