Through our group RRSP, we offer four plans:
- Basic: This is an employee only contribution plan. Employees can make contributions towards this up to their individual Canada Revenue Agency (CRA) limit and there is no employer matching. Employees are responsible for monitoring their individual RSP limit as indicated on their notice of assessment provided by the CRA. Your RSP limit is inclusive of all retirement contributions made through your group plan and individual plans, if applicable.
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Standard: With this plan, an employee can make regular contributions up to 3% of their earnings and additional voluntary contributions up to their individual CRA limit. For such an employee, the employer will match their regular contributions up to a maximum of 3% of their earnings, subject to half of the current year's CRA limit.
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Plus: With this plan, an employee can make regular contributions up to 4% of their earnings and additional voluntary contributions up to their individual CRA limit. For such an employee, the employer will match their regular contributions up to a maximum of 4% of their earnings, subject to half of the current year's CRA limit.
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Premium: With this plan, an employee can make regular contributions up to 5% of their earnings and additional voluntary contributions up to their individual CRA limit. For such an employee, the employer will match their regular contributions up to a maximum of 5% of their earnings, subject to half of the current year's CRA limit.
See also: How to view a detailed breakdown of your RRSP plan
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