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Learn about the benefits of your group RRSP so you can grow your savings and pay less tax.
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.
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.
To lower your income tax for the 2024 tax year, contribute no later than March 3, 2025, at 11:59 P.M., Eastern time. Sign in to your secure site or Manulife Mobile app. Check the FAQ below for help if you need it.
Make your money go further, faster—learn the benefits of your group RRSP.
Benefit |
Individual RRSP |
Group RRSP |
|---|---|---|
Pay less tax on the money you make now |
Yes |
Yes |
Pay no tax on the money in the plan |
Yes |
Yes |
Pay less tax on the money you make later |
Yes |
Yes |
Pay less tax on the money you take out |
Yes |
Yes |
Pay yourself first |
No |
Yes |
Pay less tax when you get paid |
No |
Yes |
Pay competitive fees |
No |
Yes |
Save your employer’s money too |
No |
Yes |
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.
February 10, 2023
May 18, 2023
July 10, 2024
Contribute to your RRSP any time, but to lower your income tax for the 2024 tax year, contribute no later than:
November 7, 2022
July 10, 2024
What are the steps to make a lump-sum contribution to my group RRSP?
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.
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.
What's the difference between an RRSP and a TFSA?
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.
Are RRSP contributions tax deductible?
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.
Where and when do I get my group RRSP contribution receipts?
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.
What happens if I contribute too much to my RRSP?
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.
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?
What happens if I don't contribute the full amount?
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.
What kind of investments are available for RRSPs?
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.
Can I take money out of my Manulife group RRSP for the Home Buyers’ Plan?
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.
Does my group program offer spousal RRSPs?
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.
What happens to my group RRSP if I leave my workplace retirement program?
When you leave your workplace program, your group RRSP money leaves with you. Most plans allow you to:
Check your plan booklet for details.
What happens to my RRSP when I retire?
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.
