Product Description:
A GRRSP is a collection of individual RRSPs owned by certain designated employees &/or members of a sponsoring organization. Participation in a GRRSP usually depends on factors such as status and length of service, and formal provisions are in place to explain the handling of certain key issues as the amount of the organization's contributions, choice of investment options, withdrawal criteria, etc.
Product Benefits:
Notwithstanding the industry-wide promotion of RRSPs as a means of both deferring tax and saving for retirement, there are two further advantages to belonging to a GRRSP: [i] a participant's own contributions would be paid into the GRRSP by payroll deduction with immediate tax-relief consequences and, [ii] the range and underlying expenses of the plan's investment options would advantageously reflect the 'purchasing power' of the group.
Canadian Western Trust ["CWT"]:
In partnership with an independent record-keeper, CWT provides GRRSP services, as follows:
- Overall safekeeping of plan assets,
- Accepting contributions,
- Settling all purchases and / or redemptions,
- Processing dividends, interest payments etc,
- Processing withdrawals and plan transfers or closures,
- Issuing applicable tax receipts and other Canada Revenue Agency reporting.
Fees:
Fees are determined in accordance with the responsibilities outlined in the specific Plan Agreements.