A Group Savings plan does not have to be complicated and expensive for your employees to appreciate it.
of Canadians want to see group savings plans offered to all workers.
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).
of workers would consider changing jobs to work for an employer that offers a group savings plan.
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