What is a Group RRSP?

A Group RRSP (sometimes referred to as a Group Retirement Savings Plan, GRRSP or GRSP) is similar to an individual RRSP, except it’s set up through your employer as a workplace benefit – part of your overall compensation package. Your employer may offer a base contribution (i.e. a dollar amount regardless of whether you contribute anything) and/or a matching contribution (e.g. if you contribute 3% of your salary, they’ll also kick in 3%). Or, they may just be giving you an easier way to automate your own contributions, steadily grow your future savings and enjoy immediate tax benefits.

Every pay period, these pre-tax earnings are automatically deposited into your Group RRSP account. If you leave your job and aren’t ready to retire yet, you can simply transfer the money from your GRSP account into an individual RRSP.

Check out this article on What is a GRSP?