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ARTICLE · 02 JUNE 2016

Group RRSPs - Employer Duties And Best Practices

Miller Thomson
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Group RRSPs very similar to defined contribution pension plans.

CanadaEmployment and HR
Nicole Byres
Nicole Byres
Valerie Dixon
Valerie Dixon
M. Ashley Mitchell
M. Ashley Mitchell
Eric Ito
Eric Ito
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Group RRSPs: Employer Duties

  • Group RRSPs very similar to defined contribution pension plans.
  • Can be used in addition to or instead of pension plans.
  • Benefits to employees: pre-tax contributions directly from payroll deductions, lower commissions and admin fees paid by employer.
  • Not subject to pension legislation – reporting and admin requirements are not as extensive.
  • Employer duties:

    • Administrate: Make payroll deductions and remit to plan provider on time; complete and submit necessary documentation
    • Advise: educate, support and promote

Fiduciary Duty

  • Anyone who is responsible for managing the assets of another person is considered a fiduciary at common law.

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