Registered Retirement Savings Plan (RRSP)
As part of their overall benefit package, the BeniPlus Wallet allows employees to prepare for retirement by investing some of their benefit dollars into a group Registered Retirement Savings Plan (RRSP).
Employees decide how much of their benefit credits they want to put into the plan, employers decide if they want to match their employee’s contributions or make other contributions. Using the Co-Operators platform, employees will then be free to invest their RRSP savings in a way that best fits their situation.
According to the Canadian Revenue Agency (CRA), a Registered Retirement Savings Plan (RRSP) is a CRA-registered, retirement savings plan that you establish and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your taxable income. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive money from the plan.