A Group Registered Retirement Savings Plan (GRSP) is similar to an individual RRSP, but set up by an employer for their employees as a workplace benefit. Employers offer the plan because their own contributions are tax-deductible, and the plan acts as an incentive for new hires. Unlike a true pension fund, your employer doesn’t administer the plan, but outsources it to an insurance company or brokerage. Employees can put money in a range of preselected investments and an employer will often “top-up” contributions. If the employee approves of the investments on offer, it’s an effortless way to accumulate wealth for the long-term. If you leave your job and aren’t ready to retire yet, you can simply transfer the money to an individual RRSP.

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