Does Remote support RRSP in Canada?

Article author
Nneka

Remote Canada does not have a Group Registered Retirement Savings Plan (RRSP) set up yet, but can support an employee-owned RRSP. However, when an employee sets up an RRSP with a provider of their choice, we can deduct the agreed amount from every paycheck. In Canada, we pay employees twice a month, so the RRSP deductions are done semi-monthly. It’s not mandatory for customers to match the employee's contribution.

RRSP programs in Canada can be individual or group. Under an individual RRSP plan, the contributions are tax deductible for the employee. An advantage of the individually owned RRSP is that it is portable; should the employee change jobs, the RRSP goes with them and the employee can continue to receive tax advantaged contributions from their new employer. When the employee leaves the company, there's no need to set up a new account or transfer funds.

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