July 2, 2026
Karis has an RRSP program that adds money to your retirement as a benefit for part-time and full-time employees. Karis budgets to match your employee contribution as follows:
As an example, a DSP working 40 hours per week will contribute 1%, which is about $10 a week. Karis will give you an additional $10 to match your contribution! This means $20 a week goes into your RRSP. It is a program that doubles your money!
As mentioned in a previous On the Horizon article, Canadian Pension Plan (CPP) and other government programs are designed to cover about 25% of your financial needs during retirement. The main features of RRSP are:
- These contributions are tax deductible.
- You do not need to pay tax* on the growth of your RRSP funds generated from successful investments while it is in your RRSP.
*Please note that you will still need to pay taxes, such as income tax, when you withdraw money from your RRSP. However, this is to your benefit, as you would withdraw this money in retirement, when you are likely in a lower income-tax bracket.
Contributions to your RRSP are made directly from your pay. The amount you contribute reduces your taxable income immediately. This means that less tax is taken off each pay cheque, so you get the benefit sooner instead of waiting for a tax refund later.
To invest in your RRSP, you need to select a fund(s), through Canada Life. There are different kinds of funds, and the default plan is called “CADENCE,” which will automatically rebalance your investments to be more conservative as you get closer to your retirement date goal. As a member of the Karis Group RRSP plan, you access our group fund management fee rates. A typical mutual fund investment fee in the private sector is around 1.8% to 2%; however, the Cadence funds are 0.664%. This allows you to keep more of your RRSP investment growth.
Canada Life offers a free RRSP retirement savings calculator. This estimates your potential retirement savings based on factors such as when you start contributing, how much and how often you contribute, and your expected annual investment growth rate. It is important to note that RRSPs do come with some restrictions. In the Karis RRSP program, you can only withdraw contributions you make voluntarily. While you are an employee, you cannot withdraw contributions that are part of the employer matching program.
To take advantage of the Karis retirement savings program you need to enroll in our RRSP plan. You can find the online enrollment guide and contribution request form here on CHConnect Registered Retirement Savings Plan. For more information, contact benefits@karis.org.
Nicholas Cormier, Human Resources Associate, HR Systems