Your group Registered Retirement Savings Plan (RRSP)

Learn about the benefits of your group RRSP so you can grow your savings and pay less tax.

What’s a group RRSP?

A group RRSP is an investment account you join through your organization. It’s registered with the Canadian government to grant you specific tax benefits while you save for retirement. Your Manulife group RRSP combines the benefits of an individual RRSP with the benefits of your group retirement program to supercharge both your tax savings and your retirement savings.

How to join

Note your RRSP access code (and maybe policy number) from the guide or website you were given to help you join your program, then follow the link below.

How to contribute

To lower your income tax for the 2023 tax year, contribute no later than February 29, 2024. Sign in to your secure site or Manulife Mobile app. Check the FAQ below for help if you need it.

RRSP benefits—individual vs. group

Make your money go further, faster—learn the benefits of your group RRSP.


Individual RRSP

Group RRSP

Pay less tax on the money you make now
The money you put in can lower the tax you have to pay when you file your return.



Pay no tax on the money in the plan
You don’t pay tax on growth in the plan until you take it out.



Pay less tax on the money you make later
Use your contribution room when your income is higher to help lower your taxable income.



Pay less tax on the money you take out
Your income is likely to be lower in retirement, which means you’ll be taxed at a lower rate than today.



Pay yourself first
Automatic contributions coming straight off your pay mean you don’t have to remind yourself to save.



Pay less tax when you get paid
Automatic contributions are taken before tax is calculated, giving you an immediate tax break.



Pay competitive fees
Paying typically lower fees compared to an individual plan means more money invested for your future.



Save your employer’s money too
Many employers put money in your plan every time you do—the perfect way to supercharge your savings.



How RRSPs work

For most Canadians, having an RRSP is one of the best ways to save for retirement. Take a few minutes to learn more about what an RRSP is and how much you can contribute.

What’s an RRSP?

Putting money aside in an RRSP can mean more money in your pocket now and when you retire. Learn about the benefits of an RRSP and a group RRSP, and how either one can help you pay less tax while growing your retirement savings.
Read more

What’s the RRSP contribution deadline?

Contribute to your RRSP any time, but to lower your income tax for the 2023 tax year, contribute no later than:

February 29, 2024

Related viewpoints


Have you given us your banking information yet? If not, sign in to your online account to add your banking info before you begin the steps below.

  1. Sign in to the Manulife Mobile app and choose your Group Retirement account.
  2. Tap Transactions at the bottom of your screen, then tap Lump Sum Contribution.
  3. Confirm your identity with a one-time code, if asked.
  4. Enter your contribution details and bank details then tap Next.  
  5. Review your contribution request and tap Submit.
  6. Save your confirmation number in case you want to ask us about this contribution later.

If you’d rather contribute using the secure member site, follow the steps under How do I … put money in my plan in our FAQs.

The major difference between RRSPs and tax-free savings accounts (TFSAs) is how they shelter your money from tax. RRSP contributions are tax deductible, meaning they reduce the amount of money you pay taxes on, which doesn’t happen for the money you put in your TFSA. Withdrawals from your RRSP are taxed at your applicable tax rate, while withdrawals from your TFSA aren't taxed at all.

Yes. You can deduct the money you put into your RRSP from your taxable income, which may reduce the amount of tax you have to pay when you file your return. You also get an immediate tax break when you have your contributions taken straight off your pay.

We issue a tax receipt for the total of any contributions you make to the plan. You get two receipts for each tax year: one for contributions made from March to December, and another for the first 60 days of the calendar year that follows. Visit our tax receipts and slips page for more information. 

 If you overcontribute to your RRSP, it means you’ve put in more than your deduction limit, plus your unused contribution amount, plus $2,000. Everyone has a lifetime buffer of $2,000.

  • If you exceed your limit by $2,000 or less, you don’t have to do anything about it, but you can’t use the extra money to lower your taxable income.
  • If you exceed your limit by more than $2,000, you need to take the excess money out or you’ll be charged a monthly 1% penalty on it. The good news is that you won’t need to pay withholding tax on the money you take out as long as you do it within one year of going over your limit.

Most people find out they’ve overcontributed when they check their Notice of Assessment and see that their available contribution room is negative. For more information about your limits, check out What’s your RRSP contribution limit?

Your unused contribution amount is the total of any contributions you could have made in the past but didn’t. It becomes part of the calculation for your available contribution room for the year ahead.

For example, if your available contribution room for a certain year is $10,000, but you only contribute $9,000, your unused contribution amount is $1,000. If the same thing happens the next year, your unused contribution amount is $2,000—the total of the first year and the next.


An RRSP has many different options for investing. Members of Manulife group plans can choose their own investment style and fund allocations for their RRSPs. Sign in to the app or the secure member site to see the funds available to you.

The short answer is, usually. Some plan sponsors restrict RRSP withdrawals but usually allow exceptions for the Home Buyers’ Plan and Lifelong Learning Plan. Check your plan booklet for details.

It might. If you’re the higher earner, contributing to a spousal or common-law partner RRSP can give you a tax break now, as well as when the money is paid out. Check your plan booklet to find out whether adding a spousal RRSP is an option for you.

When you leave your workplace program, your group RRSP money leaves with you. Most plans allow you to:

  • Take your money out by cheque or direct deposit
  • Move your money to a new group retirement plan if you have one
  • Move your money to an individual retirement plan
  • Move your money to a group plan you can join on your own—something like the Manulife Personal PlanTM

Check your plan booklet for details.

Nothing has to happen to the money in your RRSP when you retire. As long as you have available contribution room, you can keep putting money in your RRSP until December 31 of the year you turn 71. At that point, you’ll have to transfer your money out of your RRSP and into a retirement income plan so you can start using your savings as income.