Wealthsimple Work

The smart way to offer Group RRSPs

Low fees and intelligent portfolios make Wealthsimple Work the retirement benefit your people will actually use.

Backed by Nobel Prize-winning research

Research has proven that passive investing — tracking the market over time using a diversified portfolio — is the most reliable way to grow your money over the long term.

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Help employees save smarter

Low fees

Employees keep more of every contribution. Group retirement plans typically carry fees in the 1.5–2.5% range. Wealthsimple charges 0.4–0.5%.

Smart investing

Retire with more. We offer globally diversified portfolios that mirror market growth, instead of active mutual funds that often underperform it.

Tax deductible contributions

Help your employees reduce income tax on every paycheque vs. waiting for a tax time reimbursement

Take the guesswork — and paperwork — out of group retirement

Hassle-free digital onboarding

Get started in minutes with a simple, online process that helps employees choose the right portfolio.

Effortless transfers

Existing GRSP program? Our simple transfer process takes the heavy lifting off your plate.

Easy access for employees

Boost enrollment and engagement with our award-winning website and mobile app.

Easy admin for employers

Update employee info and manage your plan in just a few clicks.

Powerful financial tools with friendly human help

Inclusive options

Support D&I efforts by offering value-driven options, like Socially Responsible Investing (SRI) and Halal portfolios.

On-call experts

Get advice when you need it from money experts who keep it simple.

1.5 million Canadians and counting

Partner with the investing platform your people already know and love.

Human-friendly resources

Learn more about retirement or finance with helpful guides written for humans.

Getting started is simple

Tell us about your company and your team, and we’ll be in touch.

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Learn more about group retirement

FAQ

A Group RRSP (sometimes referred to as a Group Retirement Savings Plan, GRRSP or GRSP) is similar to an individual RRSP, except that it’s set up by the employer as a workplace benefit – part of the overall compensation package for employees. You can choose to offer a base contribution (i.e. a dollar amount regardless of whether employees contribute anything) and/or a matching contribution (e.g. if an employee contributes 3% of their salary, you’ll also kick in 3%). Or, you can offer it without either of these contributions but instead as an easier way to automate your own contributions, steadily grow your future savings and enjoy immediate tax benefits.

If you’re familiar with workplace retirement savings in the U.S, a Group RRSP is the equivalent of a 401(k) in Canada.

We don’t require any minimum contributions or minimum number of employees to get started with Wealthsimple Work. Employers of all sizes offer our group RRSPs, whether they have 2 employees or 2,000.

For employees: Just like Wealthsimple Invest, we offer low fees for our Group RRSP (GRRSP or GRSP) offering. Employees pay fees of 0.5% for portfolios under $100,000 and 0.4% for portfolios over $100,000, plus a Management Expense Ratio (MER) from the underlying ETFs we invest in, which averages out to about 0.15%

In comparison, traditional GRRSPs with actively managed mutual funds can cost your employees anywhere from 1.5–2.5% of their contributions. That’s a lot of lost earnings — especially considering compound interest over 20, 30, 40 years.

For employers: On the employer side, we charge a low monthly software fee — no hidden, transfer or withdrawal fees. For more details, book a chat with our team.

Once you’ve decided on Wealthsimple as your partner for group retirement services, we send over an agreement via Docusign. Once that’s signed, your admin team will go through a comprehensive training session. Our Wealthsimple Work team will walk you through the platform, teaching you how to set up, access, and update employee information. As soon as you’re comfortable using the platform, we’ll invite the rest of your organization to join your Wealthsimple group Group RRSP (GRSP).

If any of your employees are already Wealthsimple clients, they can connect their new GRRSP plan to an existing account. For those new to Wealthsimple, they’ll need to answer a brief questionnaire (less than 10 minutes) to best assess which portfolio matches their needs.

Based on your initial questionnaire, you would have been placed into a portfolio type based on your risk tolerance level (Growth, Balanced or Conservative) and preferred theme (Standard, Social Responsible Investing or Halal). You can view the performance history of these portfolios below.

Very! We do this all the time.

To transfer an existing Group RRSP, just send a termination notice to your current provider (cc’ing w4w@wealthsimple.com). Our team will take it from there, coordinating with your provider to transfer your plans over to Wealthsimple. This process can take anywhere from 4 to 6 weeks depending on the provider.

Wealthsimple offers a variety of resources to help educate your team on the fundamentals of investing — and we’re working hard to add more resources regularly. Just let us know if there’s something you’d like to see!

For a great place to start, check out this article that answers what is a GRSP and how it works.

Learn More