Group Retirement Savings Plans

Support Employee Wellness

It is a commonly known fact today that financial wellness and personal wellness are closely connected.  Financially-well employees are more productive, absent from work less, and have a much more positive outlook on their lives and, as a result, their work. 80% of working Canadians don’t have enough money saved for retirement.  Employers that help employees save for their retirement attract and retain the best talent.

Group retirement savings plans provide a long-term connection with employees, by building a long-term partnership between employer and employee. This loyalty runs both ways and establishes strong a strong bond and a commitment to success between both parties.


In today’s economy, it’s not as hard to find people to fill positions as it once was, but employers report it is still difficult to find the highest calibre talent that they need to survive and thrive. Health Risk can show you how to set up a group retirement plan to help your business attract and retain the best people for your team.

Types of Group Retirement Savings Plans

Registered Retirement Savings Plans (RRSP)
With an RRSP, you can efficiently save for lifelong learning, employee education, or purchasing your first home.
Deferred Profit Sharing Plan (DPSP)
DPSP contribution is 18% of the employee's annual income, capped at $15,780.
Tax-Free Savings Account (TFSA)
For the TFSA, the maximum limit for 2023 is $6,500.
Non-Registered Savings Plan (NRSP)
Plan members can use the savings in an NRSP for any purpose, including supplementing their retirement savings.
Registered Pension Plan
Also known as "money purchase plans," which allow for a maximum contribution of 18% of annual pre-tax income or $31,560 in 2023, whichever is lower.

The Benefits of Group Retirement Plans for Employees

Increased Employee

A group retirement plan for employees will provide them with financial security and stability

Enhanced Employee

To reduce turnover rates and improve employee satisfaction, look no further than group retirement plans

Lower Administrative

Group retirement plans will lead to a cohesive and stable work environment, and lower administrative costs

Competitive Hiring

With group retirement plans, you will gain a competitive hiring advantage through peak engagement and employee satisfaction

Payroll Taxes

Group retirement plans can extend far beyond financial security and reduce payroll taxes


As a win-win solution for employers and employees, group retirement plans help improve tax benefits

Support the Financial Wellness of Your Team


Understanding Group Retirement Savings Plans (GRSP) is vital to your employee’s future. Employer contributions to an RRSP are considered taxable benefits, while employee contributions are deducted from pre-tax income. With an RRSP, you can efficiently save for lifelong learning, employee education, or purchasing your first home.

The Life Long Learning Plan enables you to withdraw up to $10,000 (with a maximum of $20,000) annually from your RRSP to fund education as a full-time student for yourself, your spouse, or common-law partner.

There is also the new First Home Savings Account (FHSA), effective April 1, 2023. This account offers a lifetime limit of $40,000 and an annual contribution cap of $8,000.

For 2023, the maximum DPSP contribution (employer only) is 18% of the employee’s annual income, capped at $15,780. RPP, also known as “money purchase plans,” allow for a maximum contribution of 18% of annual pre-tax income or $31,560 in 2023, whichever is lower.

As for the TFSA, the maximum limit for 2023 is $6,500.

Eligibility & Enrollment

Enrolling in a GRSP with Health Risk is a breeze thanks to our team of experts who have designed simple and efficient processes to guarantee a hassle-free experience. We understand that eligibility requirements can vary depending on the type of plan, which is why our team is dedicated to providing the assistance your employees need to get the most out of their retirement savings journey.


We strive to make the enrollment process as easy as possible, allowing you to focus on what truly matters: your employees’ financial well-being. Trust us to provide the professional guidance necessary to ensure a smooth transition and help your employees secure a comfortable and stress-free retirement. At Health Risk, our top priority is to align your business – and your employees – with a policy that doesn’t just cover your assets, but adheres to your budget as well.

Fees & Costs

At Health Risk, we understand that transparency is key to building trust with our clients. That’s why we take pride in our competitive fee structures, which are designed to deliver optimal value for your money. Our fee schedules are clear and easy to understand, so you can rest assured that there are no hidden costs associated with our services.


Whether you are a small business owner or a large corporation, we offer a range of insurance and retirement products that are tailored to meet your specific needs. Our goal is to help you build a secure financial future for your employees, and we are committed to providing the highest level of customer service in the industry. With Health Risk, our offerings are unique due to our customizable fees structure and our commitment to ensuring that you get a policy that suits your operations, your employee needs, and your budget. 

Stop Putting Off Employee Financial Security

Enrolling in a Group Retirement Savings Plan is a great way to secure the futures of your employees, your business, and increase retention in your staff.


A Group Retirement Savings Plan (or a GRSP) is a type of financial security program your employer administers on your and your coworkers’ behalf. You are required to pay your personally determined contribution of money through payroll deduction. The GRSP provides the benefit of dollar cost averaging by allowing your funds to start to work for you immediately rather than you saving and waiting to make a lump sum contribution at the end of a year. The GRSP provides the same great tax advantage of an RRSP in that your investment growth will be 100% tax-free until withdrawal!

Depending on whether you are the employee or the employer, the cost of a Group Retirement Savings Plan varies, as do the policies. However, there is a rough cost for employees, and it typically means you are getting 1.5%-2.5% off of each paycheck to contribute to your insurance policy.

Similar to an RRSP, Group Retirement Savings Plans offer a variety of benefits, and include a number of great features, including payroll dedications for immediate tax benefits, employer contributions that in turn enhance your personal contribution amounts, preferred management feeds on collected and pooled funds, and always-available toll-free call center services.