A Group RRSP helps your employees save for retirement by contributing to their plan on a monthly basis. In addition to receiving a tax deduction for their contributions, plan holders do not pay tax on their earnings until the funds are withdrawn. At the same time, the employer may contribute to the employee’s plan if they so choose. Contributions may be as little as $50 per month.
Your employee can contribute to the Group RRSP from their monthly pay cheque. You as the employer, can also contribute on behalf your your employees if you so choose.
A Group RRSP is a great employee benefit you can offer. Whether you choose to contribute to your employee's RRSP or not, it shows you care about their future but offering a vehicle to ensure they have savings for their retirement.