Missing RRSP Matching and Other Employer Benefits?

A registered retirement savings plan (RRSP) is one of the most effective tools Canadians have to build a secure retirement, yet many people aren’t fully taking advantage of it. That often means missing out on employer matches, transfer incentives and other offers—essentially free money that can make a real difference over time. Financial advisors call this “leaving money on the table.”

One notable limited-time offer is Wealthsimple’s Big Winter Bundle promotion. For a short period, Wealthsimple is offering a 2% match on qualifying RRSP transfers of at least $15,000. The promotion also includes up to five Canadian lift passes that can be used at more than 50 mountains across the country. If you have eligible accounts to transfer, these kinds of incentives are a simple way to increase your retirement savings.

Failing to claim offers like these is similar to everyday missed savings, such as:

Not returning refundable containers to collect your deposit.
Forgetting to use a gift card or coupon before it expires.
Passing up a matched contribution or an employer perk.
Letting loyalty points vanish without redeeming them.

Why an RRSP matters

An RRSP can be a central part of a retirement plan because it offers meaningful tax and compounding advantages:

Contributions are tax-deductible. Money you contribute reduces your taxable income for the year, which can lower the taxes you owe or increase your refund.
Investment growth is tax-deferred. Interest, dividends and capital gains earned inside an RRSP compound without being taxed each year, allowing your savings to grow more efficiently.
Withdrawals are usually taxed at a lower rate. Most people withdraw in retirement when their taxable income is lower, which can reduce the overall tax paid on those funds.

3 ways to make the most of your RRSP

Here are three common ways Canadians leave value on the table—and how to avoid them.

1. Not using all of your RRSP contribution room

Many people don’t maximize their allowable RRSP contributions. To find your available contribution room, check your latest Canada Revenue Agency notice of assessment. The basic calculation for annual RRSP room is:

18% of the previous year’s earned income, up to the government’s annual maximum, plus any unused contribution room carried forward from prior years.

The annual maximum changes each year; room also carries forward indefinitely, so catching up when you can is worthwhile since compound growth rewards earlier contributions.

2. Not taking advantage of employer RRSP matching

If your workplace offers an RRSP or group RRSP matching program, enroll and contribute enough to get the full match. Employer matches are essentially an immediate return on your money and count toward your overall RRSP limit.

An example of RRSP matching (tap to open)

Example: Dani earns $100,000 annually. Her employer matches group RRSP contributions up to 4% of salary ($4,000). Dani contributes 5% of her salary ($5,000). Her employer matches $4,000, making the total contribution $9,000 for the year.

3. Not taking part in RRSP transfer incentives

Financial institutions often offer transfer bonuses to attract new clients. Moving an existing personal RRSP to a provider that offers an incentive can boost your balance without extra personal cost. For example, Wealthsimple’s Big Winter Bundle includes a 2% match on eligible RRSP transfers (minimum transfer amounts apply) and smaller matches on other account types. These offers are typically time-limited, so check the provider’s terms and deadlines before initiating a transfer.

Hit the slopes today and save for tomorrow

Balancing current lifestyle goals with long-term saving is a common challenge. According to a recent Wealthsimple survey of Canadians with at least $100,000 in investment savings, many use RRSPs for lifestyle goals like travel and sports: 41% reported saving for these activities through RRSPs, and skiing or snowboarding remains popular, with a significant portion spending up to $1,000 a year on those pursuits. Yet many people in this group do not budget ahead, which can force a trade-off between discretionary spending and retirement saving.

Offers that combine an RRSP match with lifestyle perks—such as lift passes—can help bridge that gap by rewarding transfers with both financial incentives and short-term benefits. Always review the full terms and conditions for any promotion, including eligibility rules and deadlines, before moving funds.

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This article is sponsored.

This is a paid post that highlights a client’s product or service. The content was produced by MoneySense with contributions from freelancers and reviewed with the client.