Running with the Big Dogs: Adding a GRSP to Your Benefits, Even as a Small Business
If you’re running a small business, you’ve probably thought about how to attract and retain great employees without overextending your budget. Offering a competitive benefits package is one of the most effective ways to do just that.
While health and dental benefits are often the first step, more and more small businesses are exploring retirement savings options to round out their offering. A Group Registered Retirement Savings Plan (GRSP) is a practical and meaningful benefit, and if you’re a member of the Chambers Plan, adding one to your package is easier than you might expect.
A GRSP is a collection of individual RRSP accounts that employees contribute to through payroll deductions. As the employer, you can choose whether or not to match employee contributions. This flexibility makes it ideal for small businesses working within tight budgets. Employees benefit from immediate tax savings, and contributions grow tax-deferred until retirement. It’s a benefit that’s simple to explain, easy to use, and highly valued by employees.
There’s a common misconception that retirement savings plans are only feasible for larger companies, but the Chambers Plan is designed specifically for small to mid-sized businesses. Whether you have one employee or twenty, the plan gives you access to retirement savings tools that are typically reserved for bigger organizations. This helps you level the playing field when it comes to attracting and retaining talent in today’s competitive labour market, and it also helps you provide your employees security for their future.
One of the biggest advantages of adding a GRSP through the Chambers Plan is how streamlined the process is. You won’t need to become a financial expert overnight or spend hours figuring out administration. The Chambers Plan works with experienced investment partners to provide low-fee investment options, professional guidance, and user-friendly tools for both employers and employees. There’s also simple payroll integration and online account access, making ongoing management smooth and efficient.
Offering a GRSP not only supports your employees’ long-term financial health, it also sends a clear message that you care about their future. That kind of loyalty and goodwill can pay off in a big way; reduced turnover, stronger morale, a more committed team… the list goes on! Even if you’re just getting started with employee benefits, this can be a smart and sustainable addition to your overall package.
If you’re already a Chambers Plan member, adding a GRSP is just a conversation away. If you’re not part of the plan yet, this is one more reason to explore what it can offer. Retirement benefits are no longer just a “nice-to-have”; they’re becoming an expected part of the workplace experience, and the Chambers Plan helps small businesses meet that expectation without taking on extra stress.
At Bensol, we specialize in helping small business owners build benefits packages that are both affordable and impactful. We’d be happy to walk you through how Group RRSPs work, what your options are, and how you can tailor a plan to suit your team.
Your team works hard – help them make their money work harder. With a GRSP, you’re not just building a benefits plan, you’re building a company culture of wellbeing while your employees build their future.
