Non-Registered Savings Plans
Non-Registered Savings Plans are designed to help individuals save for short-term and/or long-term goals (such as education, vacation or purchasing a home) or to supplement retirement income.
What is a Group Non-Registered Savings Plan (NRSP)?
- An NRSP is usually offered to accommodate “excess” member contributions – those amounts above Canada Revenue Agency’s contribution limits to registered plans, such as an RPP or an RRSP.
- A Group NRSP is an easy way for plan members to continue to build savings for their retirement by contributing through payroll deductions or lump-sum contributions.
- Plan members are immediately entitled to all contributions in the plan.
- Plan sponsors can choose to contribute to an NRSP on an employee’s behalf.
- Contributions from a plan sponsor are considered taxable income for the member