Group Retirement Plans in Ontario
Help your team save for the future and reward them for staying. We connect Ontario employers with licensed advisors who set up group RRSPs, DPSPs and group TFSAs.
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Group Retirement Plans for Ontario Employers
A group retirement plan helps employees save through payroll, often with an employer contribution. It is one of the most valued benefits for mid-career employees and a strong retention tool, since matching contributions reward people for staying.
Plans are flexible. You can start with a simple group RRSP and add employer matching through a DPSP as the business grows.
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We are not an insurer or an advisor. We find you the right one.
Matched by need
We connect you with an advisor who works with businesses and families like yours.
Licensed life and health advisors
Life and health insurance advisors in Ontario are licensed by the Financial Services Regulatory Authority of Ontario (FSRA).
Fast follow up
Once we receive your information, a professional in our network will connect with you within 24 hours.
No cost to be matched
Our referral service is free. You deal directly with the advisor for quotes and coverage.
Common group retirement plans
Most small and mid-sized employers use one or a combination of these.
Group RRSP
Employees contribute through payroll deduction, which can reduce the tax withheld from each pay. Employer contributions to a group RRSP are taxable income to the employee.
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Deferred profit sharing plan (DPSP)
Only the employer contributes. Contributions are not taxable to the employee until withdrawn, and you can require employees to stay a period of time, up to two years, before contributions vest.
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Group TFSA
Employees save after tax dollars through payroll, and growth and withdrawals are tax free. It suits shorter term goals and lower income employees.
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Designing a matching program
A simple matching formula encourages participation.
Set the match
For example, match a percentage of what employees contribute, up to a cap.
Choose the vehicle
Matching through a DPSP keeps employer contributions tax deferred and can include vesting.
Keep it simple
A small menu of diversified funds and good education lifts participation.
Group Retirement Plan FAQs
What is the difference between a group RRSP and a DPSP?
In a group RRSP, employees and employers can contribute, and employer contributions are taxable income. In a DPSP, only the employer contributes and contributions are tax deferred until withdrawal.
Do group retirement plans cost the employer anything?
The main cost is any matching contribution you choose to make. Administration is usually paid through fund management fees, which your advisor can explain.
Can small businesses offer a group RRSP?
Yes. Group RRSPs are available to small businesses, sometimes with just a few participants.
What to expect from a benefits advisor
A licensed advisor handles the details so you can make a clear decision.
1Discovery call
Share who needs coverage, what matters most and your budget. For businesses, bring your current plan and renewal if you have one.
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2Plan design
Your advisor recommends coverage levels and cost sharing that fit your needs, and explains the trade offs in plain language.
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3Compare insurers
Your advisor gathers quotes from multiple insurers and compares price, coverage and service side by side.
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4Enrol and support
Once you choose, your advisor handles the application and enrolment, and stays available for claims questions and renewals.
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