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Group Savings Plans

A Group Savings plan does not have to be complicated and expensive for your employees to appreciate it.

89%
of Canadians want to see group savings plans offered to all workers.

56%
of employees who do not participate in a group savings plan showed an interest in joining this kind of plan, and the percentage is even higher among younger people (69% for those aged 18-29, and 68% for those aged 30-44).

41%
of workers would consider changing jobs to work for an employer that offers a group savings plan.

80%
of small and medium-sized businesses do not offer a group savings plan.

Advantages for the employer

  • Simple administration
  • Employer is not required to contribute
  • Employee salaries can be tax deductible depending on the savings plan
  • Flexibility in plan design

Advantages for the employee

  • Tax-sheltered contribution options
  • Contributions can be tax deductible depending on the savings plan
  • Immediate tax savings options available at source
  • Unused contribution amounts can be carried forward
  • Payroll deductions make saving easier
  • Contributions can be made in a spouse's name
  • Immediate vesting of employer contributions