RRSP Season: The Perfect Time to Amplify Your Employee Benefits

RRSP season is here, and for many Canadians, it’s the time to start thinking seriously about retirement savings. But for employers, it’s more than just a tax season, it’s an opportunity to level up your benefits offering and make a lasting impact on your team’s financial well-being.

A Smart Move for Your Business

According to Sun Life Financial, approximately 25% of employers in Canada offer group RRSP plans, and this number continues to rise as more businesses recognize the value of supporting employees' financial futures. But it’s not just about offering RRSPs—it’s about offering a benefit that employees actually want and need. Employees are increasingly looking for their employer to help them build long-term financial security, and an RRSP is one of the best ways to do that.

Why Now?

RRSP season is the perfect reminder that now is the time to make that move. When you offer RRSPs, especially with matching contributions, you’re signaling that you care about your team’s financial health. You’re making it clear that you’re not just focused on the here and now but that you’re invested in their long-term success. This commitment to their future helps boost job satisfaction and engagement, while also providing financial security.

A Simple Way to Attract & Retain Talent

With so many companies competing for top talent, a strong benefits package is often what sets the best employers apart. RRSP contributions, especially with matching, give candidates one more reason to say “yes” to your job offer. In fact, a recent report from Benefits Canada showed that 70% of employees prioritize financial security when evaluating job offers. By providing RRSP options, your employer brand stands out, showing that you understand and support those priorities.

But it’s not just about attracting candidates—it’s about retaining them. According to PwC's Employee Financial Wellness Survey, 69% of employees report that they would stay longer with an employer who offers strong financial wellness benefits, including retirement savings plans. That means the better you help your employees prepare for their financial future, the more likely they are to stick around.

Keep Your Employees Healthy and Happy

Financial stress is a leading cause of anxiety, and employees who struggle with money worries are less productive, less engaged, and more likely to seek opportunities elsewhere.

Providing RRSP options is a simple but powerful way to reduce that stress and support your employees’ mental health. When employees feel secure about their financial future, they are more likely to be focused, engaged, and motivated to contribute to the success of the company.

Seize the Opportunity this RRSP Season

RRSP season may come around once a year, but the opportunity to offer this benefit lasts all year long. This is your moment to take action and provide your employees with the financial support they need to thrive—not just now, but for years to come. Offering RRSP options will help you attract top talent, retain your best employees, and demonstrate that you’re committed to their well-being and financial future.

So, as RRSP season heats up, consider making this simple yet impactful addition to your benefits package. It’s a win-win for both your employees and your business.