Tailored Retirement and Savings plans for bright futures

Support your employees’ future and financial well-being with tailored retirement and savings plans from Westland Benefits.

Future-ready retirement and savings plans

Helping your employees prepare for the future shows you care. Retirement and savings plans offer tax-advantaged solutions that build financial security while enhancing retention and attracting top talent.

Whether it’s a group RRSP, DPSP, pension plan, or TFSA, these savings vehicles give employees confidence in their long-term financial well-being. Providing education and financial guidance helps ensure employees maximize their savings opportunities.

More than just a perk, retirement and savings plans are a strategic investment in your team and your company’s future.

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Why choose Westland for your employee benefits

Our aim is to help you create comprehensive, sustainable and value - added retirement and savings plans within your benefits plan that helps set your employees up for their future.

Boutique, advisory culture

We act as an extension of your team and build long standing relationships that produce positive business and well-being outcomes. 

Access to markets

Our access to national and international resources guarantees a world class retirement program for your people. 

Industry expertise

We focus on understanding your needs and building a benefits plan that delivers real value—not just a product.

Data driven solutions

We benchmark your benefits against industry standards to reveal gaps and opportunities—so you can tailor your plan to your people.

Rollout support

We’ll help integrate your benefits plan into your company culture, supporting rollout with tools for ongoing employee education.

Communication

We’ll ensure you understand the full value of your offerings, are aware of pitfalls, and stay informed about changes impacting your retirement and savings plan.

Integrated offerings

Access a wider product choice through Westland Insurance, including integrated group benefits and business insurance solutions.

Award-winning service

Westland Insurance is Insurance Business Canada's 'Big Brokerage of the Year' 2023 award winner, and a 2023 5-star brokerage.

Driven by purpose

Since 1980, we've supported our local communities. Each year, we commit $1m+ into initiatives spanning DEI, food insecurity and more.

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Retirement and savings plans, explained

Westland group benefits offers multiple retirement and savings plan options to choose from.

An RRSP is a tax-advantaged savings plan designed to help Canadians save for retirement. Contributions are tax-deductible, reducing taxable income in the year of contribution, and investments grow tax-deferred until withdrawal. Withdrawals are taxed as income, making RRSPs particularly beneficial for those expecting to be in a lower tax bracket in retirement. Employers may offer group RRSPs with payroll deductions and matching contributions. Funds can also be used for the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP) under specific conditions.

Key benefits:

  • Tax-deductible contributions
  • Tax-deferred investment growth
  • Can be converted to a Registered Retirement Income Fund (RRIF) at retirement
  • Contribution limit is based on 18% of annual earned income (up to a maximum amount determined by CRA)

A DPSP is an employer-sponsored plan that is like a pension but more like an RRSP in its operation. Unlike other plans, employees cannot contribute to a DPSP, making it a complementary savings tool rather than a primary retirement plan. Employer contributions can be based on profits employee earnings, or a fixed amount per employee. Contributions are not a taxable benefit to the employee and are tax deferred until withdrawal.

Key benefits:

  • Employer contributions are tax-deductible
  • Employees defer tax on contributions until withdrawal
  • Employers can set vesting periods to encourage retention
  • Funds grow tax-free while in the plan

A TFSA is a flexible savings and investment vehicle that allows individuals to grow their money tax-free. Unlike RRSPs, TFSA contributions are not tax-deductible, but all withdrawals, including investment earnings, are completely tax-free. TFSAs can be used for retirement savings, emergency funds, or any financial goal, making them an essential part of a well-rounded savings strategy. Unused contribution room carries forward indefinitely.

Key benefits:

  • Tax-free growth on investments
  • No tax on withdrawals and the contribution room is restored in the following year
  • Contribution limits set annually by the government (unused room carries forward)
  • Can be used for short term needs but better suited for mid and long-term savings

A Defined Contribution (DC) Plan is a retirement savings plan where typically both the employer and employee contribute a fixed percentage of the employee’s earnings. Contributions are invested, and the final retirement payout depends on investment performance. Unlike a Defined Benefit (DB) Plan, there is no guaranteed income in retirement, employees bear the investment risk. DC plans are popular among employers as they provide predictable costs while still offering employees a structured way to save.

Key benefits:

  • Employer and employee contributions grow tax-free until withdrawal
  • Investment growth determines the potential retirement income
  • Funds are typically transferred to a Locked-In Retirement Account (LIRA) or Life Income Fund (LIF) at retirement
  • Employees have some control over investment choices

A Defined Benefit (DB) Plan provides employees with a guaranteed income in retirement, calculated based on salary history and years of service. Employers manage the investment risk and ensure payouts regardless of market performance. These plans offer financial security, but they are costly for employers, leading to a decline in private-sector DB plans in favour of DC plans.

Key benefits:

  • Predictable, stable income in retirement
  • Employer bears investment risk
  • Benefits often indexed to inflation
  • Encourages long-term employee retention

Retirement and savings plans FAQs

A Group RRSP offers flexibility with employee and employer contributions, while a pension plan provides structured, long-term retirement benefits with regulatory oversight and governance.

It depends on the plan. Some, like Defined Contribution Pension Plans (DCPP), require employer contributions, while others, like Group RRSPs, allow employers to contribute at their discretion.

Employees value financial security, and offering a competitive retirement plan can set your company apart, improving recruitment and long-term retention.

Yes, most plans allow employees to adjust their contributions, either increasing or decreasing them as needed, subject to plan limits.

Depending on the plan, employees may take their vested contributions with them, transfer funds to another registered account, or even withdraw the account value subject to withholding tax (not recommended).

Yes, employer contributions are typically tax-deductible, and employees benefit from tax-deferred growth on their savings.

Providing financial education, access to advisors, and regular plan updates can help employees make informed decisions about their savings.

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