For employees who want to save more once they’ve reached their RRSP or TFSA contribution limits, a Non-Registered Savings Plan (NRSP) offers an ideal solution. It provides investment flexibility and growth potential without the contribution caps of registered plans.
A Non-Registered Savings Plan (NRSP) is an investment account that allows employees to save and invest beyond registered plan limits (like RRSP or TFSA). Contributions are not tax-deductible, and income is taxable annually — but there are no contribution limits and full liquidity, making it a powerful complement to other savings programs.
By offering a Group NRSP, employers empower their teams to continue saving for retirement, education, or other personal goals — even after maximizing their registered contribution room.
At Workplace Benefits, we partner with Manulife, Sun Life, Canada Life, and Desjardins to create integrated NRSP solutions for organizations across **Alberta, British Columbia, and Ontario.
Why Group TFSAs Matter
For Employees
Continue saving once RRSP/TFSA limits are reached.
Enjoy unrestricted contribution flexibility.
Access funds anytime without withdrawal penalties.
Diversify investments with professional management.
For Employers
Offer a premium benefit for high-income earners.
Encourage financial wellness and wealth accumulation.
Strengthen retention with flexible savings options.
Integrate NRSPs seamlessly with other group retirement plans.
A Non-Registered Savings Plan completes a well-rounded financial benefits package — giving your employees total control over their savings strategy.
Types of NRSP Structures
Workplace Benefits helps you design NRSP programs that integrate seamlessly with your overall benefits offering:
Standalone NRSPs
Independent savings plans available to all employees.
Integrated NRSPs
Combine with Group RRSP, TFSA, or DCPP programs.
Employer-Contribution NRSPs
Employers contribute as an additional incentive.
Voluntary Employee Plans
Employees choose contribution amounts and frequency.
Every plan is customizable — from eligibility and contribution rules to investment selection and communication tools.
What’s Typically Included
A well-structured Group TFSA program may include:
No annual contribution limits
Employer and/or employee contributions
Access to a range of investment funds
Payroll deduction and automated investing
Online account access and financial tools
Integration with existing RRSP, TFSA, or DPSP plans
Full liquidity and withdrawal flexibility
Optional employer matching for top performers
Our advisors ensure your NRSP is transparent, well-communicated, and easy to manage.
How Workplace Benefits Works With Employers
Our four-step process ensures a seamless and compliant NRSP rollout:
Assess
Review your workforce and financial objectives.
1
Compare
Evaluate NRSP options from top Canadian carriers.
2
Customize
Build a savings plan tailored to your employees’ needs.
3
Support
Manage implementation, employee education, and ongoing plan servicing.
4
As an independent employee benefits broker, Workplace Benefits provides unbiased recommendations — always focused on maximizing participation and cost-efficiency.
Why Choose Workplace Benefits
Independent Expertise
Access to all major NRSP providers in Canada
Tailored Solutions
Expertise in group savings and retirement integration
Dedicated Support
Transparent guidance with no hidden fees or commissions
Cost Optimization
Seamless coordination with Group RRSP, TFSA, and DCPP programs
National Reach
End-to-end support across AB, BC, and ON
Frequently Asked Questions
Everything you need to know about employee health benefits
How is an NRSP different from an RRSP or TFSA?
Unlike RRSPs or TFSAs, NRSPs have no contribution limits and allow full access to funds anytime — but investment income is taxable annually.
Are NRSP contributions tax-deductible?
No, contributions are made with after-tax income, but there are no restrictions on how much employees can contribute.
Can employers contribute to an NRSP?
Yes, employers can make discretionary or matching contributions as part of a total rewards strategy.
Is investment income taxed?
Yes, interest, dividends, and capital gains are taxable in the year they’re earned.
Can NRSPs be integrated with other retirement plans?
Absolutely. Many organizations include NRSPs alongside RRSPs or DCPPs to provide complete financial flexibility.
Get Started with a Group NRSP Program
Give your employees greater freedom to save and invest beyond registered plan limits. Whether you’re adding an NRSP to complement your existing programs or launching a new savings initiative, Workplace Benefits will help you design a plan that enhances retention, flexibility, and financial well-being.
Workplace Benefits designs cost-effective employee benefits & retirement plans across Alberta, BC & Ontario—helping businesses protect teams, control costs, and retain top talent.
.png)
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)