WHAT IS A GROUP RRSP?
A Group RRSP is a savings plan offered through your employer. It's similar to an individual RRSP, but with the added benefit of allowing you to have a set amount deducted from your pay cheque and (in most cases) an amount contributed on your behalf by your employer.
WHAT ARE THE BENEFITS OF JOINING THIS PLAN?
Securing your future is important and an RRSP is a critical part of that. Here are some of the reasons you should be excited about contributing to the plan:
- Start saving now so that your RRSP has plenty of time to grow
- Regular, planned contributions add up over the long run
- Carry your plan with you among MERIT employers enrolled in the Group RRSP
- Pay lower fees than you would pay with private providers
- Leverage the tax savings of RRSP contributions
ARE THERE ANY TAX SAVINGS FOR ME?
Contributing to an RRSP gives you immediate tax savings, as shown in this example:
AM I REQUIRED TO JOIN THIS PLAN?
Participation is determined by your employer. Please speak to them to understand their company policy in the Group RRSP.
HOW MUCH DO I HAVE TO CONTRIBUTE?
Each employer will have different contribution levels as defined by their policy. Check with your employer to get the information that applies to you.
WHAT HAPPENS TO MY RRSP IF I LEAVE MY EMPLOYER?
Like the Hour Bank plan, the MERIT Ontario Group RRSP is portable among Merit Ontario employers that enroll in the plan. If you are enrolled in the Group RRSP, leave your employer, and then go to work for another Merit Ontario employer participating in the plan, you will not have to re-enroll and your investments will seamlessly follow you. This will help prevent you from having multiple RRSP plans from various employers when it comes time to retire.
Merit Ontario is a leading voice for an equitable and competitive marketplace for construction contractors in Ontario. Our mission is to represent and support the growth of open shop construction by encouraging sound business practices and ensuring a fair and competitive marketplace for construction in Ontario.