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Canada RRSP
Updated over a week ago

We are pleased to share that CANSR7 Pilot Inc will be giving customers the opportunity to offer a group RRSP to their employees. The plan will be administered by Canada Life in partnership with Sterling Capital Brokers (SCB).

Offering a group RRSP will allow employees to contribute to a RRSP via payroll deduction and allows employers to contribute to the RRSP on each employee’s behalf. Group RRSPs are a valuable benefit that will allow you to better attract and retain employees.

To further assist you in the decision-making process, there are four plan design options you can choose from to offer your employees.

Plan Design Options

Option 1: Voluntary only RRSP

Option 2: Employer match of 100% of the first 3% members contribute

Option 3: Employer match of 100% of the first 4% members contribute

Option 4: Employer match of 100% of the first 5% members contribute

If you have any questions or are interested in setting up a program, please email

Frequently asked questions

  • Can we offer a different employer matching?

    Yes, you have the flexibility to match a different amount. Most employer matching plans fall into the 3 to 5% range, and we offer the options as a guideline. Contributions are calculated from base salary.

  • Is participation mandatory?
    No, if you can’t decide if this is something you want to offer, you can consider joining at a later stage.

  • What is the cost?

    There is no cost for option 1 Voluntary only; the only cost to you would be the employer match. All other costs are built into the investment management fees on the investment lineup, and these are charged to members’ accounts.

  • Is there a contribution cap on employee contributions or matching contributions?

    Yes, employer contribution does count toward the annual limit. It is 18% of the employees’s earned income in the previous year or the annual RRSP limit. More information about the Annual RRSP limit can be found here.

  • How long does it take?

    If it’s your first employee in Canada and you decide to offer the RRSP, it takes 6 to 8 weeks to get the plan setup. Then, the employee will be able to start contributing through payroll once the plan is live.

  • Can we change the employer contribution later?

    Yes, you can decide to change the employer contribution later. However, please note that you can only increase the employer contribution and not lower it.

  • Is the contribution exempt from tax?

    Deductible RRSP contributions can be used to reduce employee’s tax. Contributions you make to your employee's RRSP are considered taxable benefit for the employee and has to be reported on the T4 slip.

  • Can we change the percentage the employer contributes from year to year?

    Yes, it is possible to change the employer contribution. If you are interested in changing the percentage, please reach out to

More details on RRSP can be found on the Canada Life website here.

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