A Group Registered Retirement Savings Plan (RRSP) helps plan members save for retirement by deferring income tax on their contributions and savings growth. Employees’ contributions are deducted from their taxable income, reducing the income tax they pay. Income earned within a RRSP, including interest, dividends and capital gains, is not taxed until the money is withdrawn.
An RRSP is not subject to pension standards legislation; however, the plan must be registered with CRA.
A Manulife Group RRSP offers lower investment management fees (IMFs) than those of individual savings products. As well, Manulife offers access to leading fund managers not generally available to individual investors, plus a diversified fund line-up.