GRSP

Why Ontario Businesses Should Consider a Group RSP Plan :

Boost Retention, Morale, and Long-Term Wealth for Your Team

If you're an Ontario business owner with 10 to 60 employees, offering a Group Registered Retirement Savings Plan (GRSP) is one of the smartest ways to strengthen your workforce and help your employees build real, long-term wealth. A GRSP is easy to implement, cost-efficient, and highly valued by today’s employees.

1. Attract and Retain Top Talent

Nearly 69% of employees say they’d leave a job without a savings plan for one that offers a GRSP. Offering a plan shows your commitment to your team’s future and helps you compete for top-tier talent. It’s not just a perk – it’s a retention strategy.

2. Faster Retirement Savings

Employees with access to a GRSP are significantly more likely to save regularly. Sun Life’s 2021 report, based on 1.3 million plan participants, found that pooled plans with automatic payroll contributions and lower fees consistently lead to better retirement outcomes. In Ontario, the median RRSP contribution is $3,500 per year—the highest in Canada.

3. Stronger Financial Outcomes

Households with workplace retirement plans have 3 times the median net worth compared to those without ($210,600 vs. $64,000). Even when controlling for income, employer-sponsored savings drive higher overall wealth. Your GRSP can be a foundation for long-term financial wellness among your staff.

4. Cost-Effective for Employers

Unlike pensions, GRSPs are simple to administer and come with no long-term funding obligations. And when you work with us, we shop all the top providers in Ontario – who actively compete for our business – to secure the best plans, lowest fees, and widest investment choices.

5. Personalized Employee Support

I work directly with your employees – at no added cost – to help them understand their plan and build customized investment portfolios just for them. This added value ensures your team makes informed decisions and feels supported every step of the way. Payroll deduction also helps them stick to a savings plan with less effort. They will be set up to succeed!

Ongoing Review and Optimization

We don’t just set up a plan and walk away. We conduct quarterly reviews to ensure your GRSP is performing as it should and recommend tweaks when needed. This proactive service maximizes the benefit to both you and your team.

At Brewitt Financial, group benefits and GRSPs are a major part of what we do. Whether you’re starting from scratch or need a fresh review of your current plan, we’ll guide you through the process and make sure you’re getting the most value possible – no pressure, just straightforward advice.

Contact us today and let’s start the conversation!