Group Savings Plans

Help employees save for the future with a Group Savings Plan. A valuable complement to a group life and health insurance program is a Group Savings plan. A Group Savings Plan helps you to attract, keep and reward the great people that make up your organization.

At the Immix Group, our goal is to ensure that employers and employees receive proper education when it comes to their Groups Savings Plan, and that the implementation and management of your program is simple and easy.


At the Immix Group, we can help you to set up and manage a program that:

  • group savings plan


  • Assists employees in systematic, tax-advantaged saving 
  • Provides lower than retail fund fees
  • Provides access to professional advice
  • Potentially supplements savings with employer contributions
  • Helps retain and attract employees
  • Offers a competitive option for smaller businesses
  • Assists and rewards employees

Group Savings Plans don't have to be complicated.
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Group Savings Plans

  • Group Registered Retirement Savings Plan

    A Registered Retirement Savings Plan (RRSP) is a personal savings plan that is registered with the Canadian federal government allowing, individuals to save for the future on a tax-sheltered basis.
    The purpose of an RRSP is twofold; to reduce income taxes each year, and to defer tax on investment income until retirement, when ones tax rate is expected to be reduced. 

    • Employee contributions reduce taxable income
    • Employer contributions create a taxable benefit
    • The contribution limit is based on 18% of the previous years’ income, to an annual limit
    • Income earned within the RRSP is tax-deferred until withdrawal

    A Group RRSP is simply a RRSP set up through an employer, offering contributions by payroll deduction.

  • Deferred Profit-Sharing Plans

    A DPSP is an employer- sponsored registered plan and is often established in conjunction with a Group RRSP, to hold the Employer contribution portion. A DPSP offers:

    • Contributions are tax-deductible and do not generate payroll tax
    • Contributions create a pension adjustment for the employee
    • Contribution limit is half the Money Purchase limit
    • Income earned within a DPSP is tax-deferred until withdrawal
    • Ability to include vesting provision (up to 2 years)

    The purpose of a DPSP is to share profits with employees; contributions can be calculated based on profits, a percentage of employee salaries or another formula.


  • Registered Pension Plans

    A Registered Pension Plan is subject to stricter regulations than other group savings programs.

    • Contributions are locked-in
    • Employers must contribute, regardless of business profitability
    • Federal and provincial legislation applies
    • Additional government reporting, compared with other group savings programs.

    There are two main categories of pension plans:

    • Defined Contribution Plan; contribution levels are pre-determined and the pension amount payable in the future will depend on the performance of the account. Employees typically contribute a percentage of salary, which is matched by the employer.
    • Defined Benefit Plan; the pension amount payable in the future is determined based on a formula such as years of service. The plan is managed by the employer to ensure the guaranteed pension payouts can be made; employers and employees typically both contribute. 

  • Tax-Free Savings Accounts

    Deferred Profit Sharing Plan:

    A Tax-Free Savings Account (TFSA) is an account that accrues tax-free savings.

    • Contributions are not tax deductible to employee
    • Employer contributions create a taxable benefit
    • No tax payable on the income earned within the account
    • No tax payable at withdrawal of the funds.
    • Contribution limit adjusts each year, and accrues 

    While a TFSA does not provide the same tax advantages as a RRSP, employees can benefit through a consistent and systematic savings plan, and access to lower investment fees.



Group Savings Plan

Reasons to consider implementing a Groups Savings Plan:

  • Financial Literacy

  • Financial Well-being

Set yourself apart as an employer:
Offer your people the opportunity to save for their futures!

It gives your company a competitive edge.

Despite the process being simple and easy, most employers are not providing their teams with the opportunity to join an employer-sponsored group savings program such as a group RRSP, TFSA or DPSP. These employers aren’t taking advantage of this very simple, very meaningful way to help reward employees and cement their loyalty. Implementing a plan makes your company stand out—in a good way.

It’s part of a comprehensive benefits offering.

If you’ve already implemented a comprehensive health benefits program, and you’re paying competitive salaries within your industry and for your location, the next step is implementing a group savings program.

It’s cost-effective.

Generally speaking, other than a very small amount of administration time, the only cost to you as the employer is whatever you decide to contribute to your employees. If it’s just not in the budget, you can still set up a plan that is for voluntary employee contributions only.

Help your team to succeed.

Saving money is hard, and it’s stressful. Show your employees that you care about them and their future. Help them to save for their goals, whether it’s for a down payment or for retirement. Just as with employee health insurance plans, your team will truly appreciate a group savings program. These plans are highly valued, far beyond the dollar equivalent in a salary raise.

Affordable and innovatively structured employee benefit programs