With RRSP Manulife, Manulife offers several types of RRSPs, depending on your needs. Our Group RRSP allows employees to contribute easily with payroll deductions through your employer-provided plan.
What is an RRSP?
If you’re looking to lower your income tax bill, saving to buy your first home, planning to pay for education, or building your retirement nest egg, an RRSP can help you get there faster.
An RRSP not only keeps more money in your pocket today by lowering your current income tax bill, but your RRSP savings grow faster because you only pay tax when you take the money out. Some programs, like the Home Buyers’ Plan, even allow tax-free withdrawals, provided you repay the money within a certain timeframe.
Unlike RRSPs you’d find elsewhere, a group RRSP can save you even more with easy payroll contributions which give you an immediate tax break, competitive fees on your savings, and, in some cases, company matching programs.
Make your money go further, faster – RRSP benefits
When you contribute to your RRSP, you benefit now—and in the future. It’s a win-win! Plus, saving in a Manulife Group RRSP means you enjoy competitive fees, a wide range of investment options, and the guidance and support of Manulife specialists.
Lower your taxes today
Every dollar you add to your own RRSP (or spousal RRSP) lowers your taxable income, so you pay less tax.
Invest for tomorrow
There are many ways to help your group RRSP savings grow, including access to a wide range of investment funds you might not get elsewhere.
Grow your money and defer taxes, too!
Savings inside an RRSP can grow faster because you only pay tax when you take the money out. Until then, they benefit from tax-deferred growth.
How RRSPs work
For most Canadians, having an RRSP is one of the best ways to save for retirement. Here’s what you need to know about how they work and how you benefit:How much can I contribute to my RRSP?
There is a limit to how much you can contribute to your RRSP each year. Check your most recent Notice of Assessment (NOA) from the Canada Revenue Agency (CRA) to confirm your maximum contribution limit. You can also view your deduction limit online when you register for CRA’s My Account.
Your contribution room for the current year includes:
- Any unused contribution room carried forward from previous years.
- 18% of your previous year’s earned income up to the maximum contribution limit for the current tax year. (For 2021, the maximum contribution limit is $27,830.)
Note: Any deposits you and/or your employer make into a pension plan will reduce your RRSP contribution room. Always check your personal contribution limit.
It’s easy to set up an RRSP online. You can make a one-time, lump-sum deposit or regular, automatic transfers to an individual RRSP. If you belong to a company-sponsored group RRSP, contributions are usually made directly from your employer’s payroll.
To get started, simply sign in to your account. Need help? For more information and instructions on how to start saving in your RRSP, visit the support page here.
Use online banking – available at most major banks (Select Manulife – Group RRSP Member as a payee).