Group RRSP FAQs

How many employees do I have to have in the plan to get started?

All you need are 2 employees enrolled to set up the plan.

What fees do I pay for being part of the MERIT Group RRSP?

There are no fees when the plan minimum of $10,000 in yearly contributions is met.

Do both employer and employee contribute?

Yes, in a typical plan the employee’s contribution is matched by the employer. 2% to 5% of gross earnings is a good starting point.

Is the plan mandatory for all employees?

The plan is 100% voluntary, but a vesting period is recommended for employer contributions.

Can I transfer an existing RRSP?

Yes, your existing plan contributions can be transferred at any time once the group is enrolled.

Are there withdrawal rules?

The employer can restrict withdrawals to the home buyers plan or life learning plan.

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