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Group RRSP's
Group RRSP’s have become popular in recent years as more and more employers make them available to their employees. They can have all the same investment options as the other types of plans. An individual account is maintained within the group RRSP for each participating employee. Contributions to a group RRSP by an employer form part of the employee’s deduction limit. Contributions to group RRSP’s by employers and employees are usually voluntary. If employees contribute through payroll deduction, the income tax deducted from their pay cheque is reduced at the same time, recognizing the reduction in their taxable income. |
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