Group Savings Plan
A group savings plan is a key benefit to keep your employees around longer
You’ve done everything else. You want your job offer to be the most attractive, you want your employees to be happy and you want them to stay with you for a long time.
Since employee turnover is very expensive (valued at between 50% and 250% of their annual salary, depending on attracting and training difficulty), you want to increase the time your employees remain with you.
Group savings plans come in many different forms. We’ll work with you to figure out the best fit for your needs, goals and budget. A good savings plan will lower the costs of running your business.
- Employees save the taxes associated with their deposit immediately as deposits are deducted as part of each pay. Normally, when people make RSP deposits, they pay their full income tax, then claim those deposits back when they file their taxes.
In a group savings plan, the average immediate tax savings is about 30%
- Group savings plans have lower management fees compared to going to the bank.
While all investments have management fees, most are hidden. We expose them for you.
If you already have a group savings plan, when did you last evaluate your fees?
- Group savings plans advance your employees’ education about retirement saving.
- Employees can attend our educations sessions. They often thank us after because they finally understand how RSPs and TFSAs work.
- The plan can include features to keep your matches when an employee leaves too soon.