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Our RRSP category allows employees to prepare for retirement by investing their Wallet into a group Registered Retirement Savings Plan (RRSP).

Employees decide how much of their Wallet budget to invest, and employers decide if they want to match their employee’s contributions or make other contributions.

Why choose RRSPs?

RRSP quick hitters

Why choose RRSPs?

Grow tax-free

With your RRSP, the growth of your investments is tax-deferred, meaning you won't pay any taxes on the earnings within the account as they accumulate. When you eventually withdraw these funds in retirement, you'll likely be taxed at a lower rate.

Lower your taxable income

Contributions to your RRSP within the allowable limits directly reduce your taxable income for the year, offering you immediate tax relief. This reduction can lead to significant tax savings when you file your annual return.

Finance your home or education

You can access funds from your RRSP before retirement for specific purposes through Canada's Home Buyer's Plan (HBP) and the Lifelong Learning Plan (LLP) programs. These plans allow you to withdraw a predefined amount to finance your first home purchase or to pay for your or your spouse's education.

The HBP allows you to borrow up to $35,000 from your RRSP to buy or build a first home, repayable over 15 years. The LLP lets you withdraw up to $10,000 per calendar year for education, with a total limit of $20,000, repayable over 10 years. These withdrawals are not taxed at the time of withdrawal as long as they are repaid within the specified time frames, making them advantageous options for funding significant life events.

RRSP quick hitters

Maximize Your Contributions

For 2024, the RRSP annual contribution limit is $31,560, and any unused contribution room can be carried forward indefinitely, offering flexibility in your retirement planning.

Contribute Up to 18%

You're allowed to contribute up to 18% of your previous year's earned income to your RRSP, as long as it doesn't surpass the annual maximum limit, optimizing your tax benefits.

Invest From 18 to 71

You can open and contribute to an RRSP from age 18 until you reach 71, at which point your RRSP must be converted into a Registered Retirement Income Fund (RRIF).

Benefit From Unlimited Carry-Over

One of the significant advantages of RRSPs is the ability to carry forward unused contribution room indefinitely, ensuring you never lose the opportunity to maximize your tax-advantaged savings.


The As to your Qs

We know with implementing a new benefits plan, there are many questions that need to be asked about cost, coverage, how it differs from your current plan, and more. Well, we're here to help.

What's the process for setting up an RRSP?

When an employee allocates any of their Wallet to our RRSP category, our team determines their needs and appropriate risk portfolio and assists in completing their application. Once the application is finalized, our platform automatically withdraws the monthly contributions from the employer's business bank account and deducts the employee's Wallet budget.

Can employees link their existing RRSP with another provider?

Not currently, but we'll be launching this new feature in the second half of 2024!

Can employees put any of their unused budgets at the end of the year towards their RRSPs?

As per CRA regulations, employees can only set their contribution amounts at the beginning of their term or in January's first two weeks of the new year.

Do we, the business, provide pre-tax or post-tax dollars for the employee's contributions?

You would provide pre-tax dollars except you'd deduct CPP and EI.


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