Help Your Employees Save for Their Financial Goals

A GIA is a collection of individual investment accounts that employees can contribute to directly from their payroll, helping them save for a vacation, a down payment, home renovations and more.

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Is This Plan Right for You?

This plan may be an appropriate choice if you:

  • Are a business that wants to complement/provide more financial benefits on top of a GRSP/DPSP
  • Are looking to help employees save for short term goals

Key Features

  • Investment Options: Investment options are selected by employees based on choices available within the plan.
  • Spousal Plans: Only personal plans are allowed with a GIA.
  • Contribution Sources: Contributions can be made by both employees and/or employers.
  • Contribution Limits: There is no contribution limit for a GIA.
  • Sponsor Tax Implications: Employer contributions are considered part of an employee’s salary, are tax deductible as a salary expense and are subject to payroll taxes such as CPP and EI.
  • Member Tax Implications: Deductions are from after-tax dollars and no tax receipts are issued.
  • Regulation: CAP Guidelines define sponsor, member and administrator responsibilities.
  • Member Withdrawals: Funds can be withdrawn without tax implications.
  • Restrictions or Vesting: Vesting is not allowed for a GIA. However, the plan can be established with a notification of withdrawal, which is intended to inform the sponsor if an employee withdraws funds. Notification of withdrawal requires employees to complete a withdrawal form and have it signed by the sponsor prior to a withdrawal being made. Sponsors may choose to suspend matching contributions for a period of time if funds are withdrawn from the plan.
  • Termination and Retirement: Assets can be taken as a cash withdrawal.
  • Member Enrollment Materials: Here is an example of the types of materials your employees would be asked to complete in order to enrol for a GIA.

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A Capital Accumulation Plan (CAP) is a tax assisted investment or savings plan that permits the members of the CAP to make investment decisions in accordance with options offered within the plan. A Group Savings plan is considered a CAP. The Joint Forum of Financial Market Regulators issued the CAP guidelines to clearly outline the responsibilities of parties involved in a CAP and to ensure that members participating in a CAP were receiving the information and assistance they needed to make investment decisions.

RBC Royal Bank will work with you to ensure that your plan complies with the CAP guidelines.

See complete CAP Guidelines