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- Pay yourself first…sounds simple enough. But by the time you take care of taxes, the mortgage, utilities, car payments….there’s none left for you, right? Part of what you earn should be yours to keep. That’s why we’re here to talk about an easier way to pay yourself first and build a retirement nest egg for tomorrow…. A payroll-deducted investment program called a Group RRSP.
- Employer sponsored – Your employer automatically deducts your RRSP contribution for you; helping you to save for the future. Five members – With as few as five employees, we can set up a program individually tailored to each of you. Your account is yours – Should you decide to change employers, you can simply maintain your account with us and add to it as you wish. Flexible payroll deduction – I’ll work with you to help you determine how much and how often you can contribute. After that, your investment plan is on cruise control. Tax-deferral benefits – Not only do you reduce your annual tax bill through regular contributions, your investment grows “tax-deferred” until you need it.
- No up-front Costs – There are no up-front costs and you can start right now. Accelerate your plan – When your employment situation changes due to a promotion or well earned raise, I’ll help you adjust your plan – potentially by increasing contributions to your account. Instant Tax Reduction - Payroll-deducted RSP contributions allow for an immediate reduction of your income tax. Investment Control - YOU decide where your RRSP contributions will be invested. We offer a wide range of investments to suit your personal objectives, time horizon and comfort zone. Professional Management & Advice – As your Consultant, I will always be available to provide you with the same service we provide to nearly one million Canadians. Portability - Should you leave the company, you can continue your Investors Group plan as an individual RSP. Income Splitting - By establishing a Spousal RRSP account within the Group RRSP, you may reduce your taxes now and possibly at retirement by placing retirement funds in the hands of a lower-taxed spouse. Easy enrollment – In just a short meeting, we can get you on the right path.
- You’ve likely heard of the benefits of RRSPs in general. -tax saving today -tax-deferred growth -a better retirement Let me show you in more detail the benefit of contributing through a Group RRSP. Your employer is obligated to withhold income tax from your gross salary; however, this withholding amount may be reduced depending on the deductions and tax credits available to you. Your employer will be able to take into account your Group RRSP contributions when determining your income tax withholdings because the employer makes the contributions on your behalf. This is an example of how your income tax withholdings could be reduced and the cost of your RRSP contribution can go down by having your employer factor in Group RRSP contributions. (Take them through the example) At first glance it just looks like your net take home pay is less. But, take a closer look. Your $300 RRSP contribution only reduces your paycheque by $210. In this example, you can invest $90 more per month through a Group RRSP than if you contribute to an outside RRSP with net after tax dollars. Your retirement is more affordable than you think! In this example, we’ve used a 30% blended federal/provincial income tax rate. I will sit down with each of you to individually determine your savings using the federal and {insert your province name here} tax rate applicable to you.
- Note to Consultant: Delete this slide from the presentation if the employer does not select the restricted access feature. Your employer has elected a restricted access Group RRSP. This is a special plan type designed to work like a personal pension plan. It restricts your access to employer and/or employee contributions prior to the age 55, retirement or termination to better ensure the Group RRSP assets are available to provide a retirement income for you.
- (Minimum contribution is $50.00 per month per employee, for each fund in which they invest.)