Take advantage of lower fees in the Engineers Canada - sponsored Group Savings and Retirement Program to get more saving power and help you reach your goals sooner.
Save, achieve your goals and make sure the money you’ve worked hard for is now working for you.
An RRSP provides short- and long-term tax advantages that can help fund the retirement you want. It’s a tax-deferred savings plan that allows you to make tax-deductible contributions.
- Pay less tax now
- Keep more of your investments
- Help buy a first home or go to school
Grow your money for any goal with an NRSP. Contributions are not tax-deductible, and investment returns are not tax-sheltered. Savings can be accessed at any time.
- Grow your money
- Enjoy flexibility
- No contribution limits
A TFSA allows you to access your savings for what you want, when you need it. Contributions are not tax-deductible, and any amount contributed – as well as any income earned in the account – is generally tax-free.
- Versatile and flexible
- Access your money tax-free
- Get contribution room back
An RRIF turns the accumulated value of an RRSP into retirement income. It allows you to access your money when you need it, for whatever you need it for in retirement.
- Tax-efficient growth
- Invest how you like
- No maximum withdrawal
An LIF is a tax-sheltered account used to pay out the accumulated value of a locked-in RRSP, locked-in retirement account (LIRA) or locked-in amounts under a registered pension plan (RPP). LIFs offer flexible income for starting your next chapter after work.
- Estate preservation
- Flexible income with growth potential
- Only pay income tax on what you withdraw
Annuities allow you to turn a portion of your savings into regular income for a fixed period or the rest of your life. By providing an insurance company with a lump-sum payment from your defined contribution pension plan, RRSP, RRIF, LIF, LRIF, prescribed RRIF (PRRIF), deferred profit-sharing plan (DPSP) or non-registered savings, you’ll receive a guaranteed income stream.
- Steady income during retirement
- Cover basic living costs while still being able to invest
- Protection against outliving your savings
Explore and choose the right plan options for you to help maximize your savings and retirement income.
If you have questions about a specific plan or whether it’s right for you, our health and wealth consultants are here to help!
If you have money invested with other financial institutions, it can get complicated. Transferring your savings to the Group Savings and Retirement program can make tracking your fincances and budgeting simpler, while maximizing your group advantage.
With a regular savings plan in place, and an early start, you could be much further ahead when it’s time to consider retirement. That’s because the longer your money is invested, the more time it has to grow. When it comes to compounding returns, time is an advantage.
[MUSIC PLAYING]
Description: Tamira sits on her patio and opens her laptop.
Narrator: When it comes to saving
Description: Cut to view of laptop.
Narrator: Your contributions aren’t the only way your investments can grow.
Description: She reviews her group retirement and savings plan. The balance, contributions and growth are shown.
Narrator: You can also count on the returns on those contributions.
Description: Camera pans up to reveal a few bills of money as an initial contribution.
Narrator: Both your contributions and any earnings get reinvested.
Description: Camera zooms out. An arrow connects the bills to an investment graphic.
Narrator: Then anything you earn on that money is reinvested.
Description: A larger grouping of bills is connected to a second investment graphic.
Narrator: And anything you earn on that money is reinvested.
Description: A pile of money is connected. The pile is connected to the contribution. All graphics create a cycle.
Narrator: You’re making earnings on your earnings.
Description: Camera pans back to the initial bills shown. There is now a larger pile of money.
Narrator: This pattern is called compounding.
Description: The word “Compounding” appears onscreen.
Narrator: If you contribute to your savings monthly,
Description: Cut to bar graph showing yearly contributions over 5 years.
Narrator: watch how a 5% annual return on your investment
Description: 5% of earnings is added on top of each yearly contribution.
Narrator: will grow over 10, 15, 20 years and so on.
Description: Camera zooms out to as the graph extends to show contributions over 20 years.
Narrator: With compounding, you make so much more.
Description: 5% of earnings is added on top of each contribution from 6 to 20 years.
Narrator: The longer your money is invested, the more you earn over time.
Description: Camera pans to show total earnings of $203,729 over 20 years as a large number. Small text appears underneath: “$500 monthly with 5% annual earnings.”
Narrator: The key is to start saving early and maintain a long-term focus.
Description: The total moves over to the left side of the frame.
Narrator: An extra five years of saving and earning can make a big difference
Description: On the right, total earnings of $294,060 over 25 years is compared.
Narrator: So start investing now through your group retirement and savings plan.
Description: Cut to Tamira 5 years later, sitting on the patio of a coffee shop, looking at her phone.
Narrator: Make regular contributions and avoid taking money out.
Description: She receives a notification from her banking application that $500 has been sent to her savings plan.
Narrator: Then watch compounding help your money grow
Description: Cut to close up of her phone. Her overall investment growth is shown on a line graph.
Narrator: It’s an easy and powerful way to save for your future.
Description: Cut back to Tamira, talking to her partner on the patio.
Narrator: Sign into GRS Access at canadalife.com
Description: Text “Sign into GRS Access at canadalife.com” appears with Canada Life logo and legal line: Canada Life and design are trademarks of The Canada Life Assurance Company. canadalife.com 1-800-724-3402.
[MUSIC PLAYING]
Description: Tamira sits on her patio and opens her laptop.
Narrator: When it comes to saving
Description: Cut to view of laptop.
Narrator: Your contributions aren’t the only way your investments can grow.
Description: She reviews her group retirement and savings plan. The balance, contributions and growth are shown.
Narrator: You can also count on the returns on those contributions.
Description: Camera pans up to reveal a few bills of money as an initial contribution.
Narrator: Both your contributions and any earnings get reinvested.
Description: Camera zooms out. An arrow connects the bills to an investment graphic.
Narrator: Then anything you earn on that money is reinvested.
Description: A larger grouping of bills is connected to a second investment graphic.
Narrator: And anything you earn on that money is reinvested.
Description: A pile of money is connected. The pile is connected to the contribution. All graphics create a cycle.
Narrator: You’re making earnings on your earnings.
Description: Camera pans back to the initial bills shown. There is now a larger pile of money.
Narrator: This pattern is called compounding.
Description: The word “Compounding” appears onscreen.
Narrator: If you contribute to your savings monthly,
Description: Cut to bar graph showing yearly contributions over 5 years.
Narrator: watch how a 5% annual return on your investment
Description: 5% of earnings is added on top of each yearly contribution.
Narrator: will grow over 10, 15, 20 years and so on.
Description: Camera zooms out to as the graph extends to show contributions over 20 years.
Narrator: With compounding, you make so much more.
Description: 5% of earnings is added on top of each contribution from 6 to 20 years.
Narrator: The longer your money is invested, the more you earn over time.
Description: Camera pans to show total earnings of $203,729 over 20 years as a large number. Small text appears underneath: “$500 monthly with 5% annual earnings.”
Narrator: The key is to start saving early and maintain a long-term focus.
Description: The total moves over to the left side of the frame.
Narrator: An extra five years of saving and earning can make a big difference
Description: On the right, total earnings of $294,060 over 25 years is compared.
Narrator: So start investing now through your group retirement and savings plan.
Description: Cut to Tamira 5 years later, sitting on the patio of a coffee shop, looking at her phone.
Narrator: Make regular contributions and avoid taking money out.
Description: She receives a notification from her banking application that $500 has been sent to her savings plan.
Narrator: Then watch compounding help your money grow
Description: Cut to close up of her phone. Her overall investment growth is shown on a line graph.
Narrator: It’s an easy and powerful way to save for your future.
Description: Cut back to Tamira, talking to her partner on the patio.
Narrator: Sign into GRS Access at canadalife.com
Description: Text “Sign into GRS Access at canadalife.com” appears with Canada Life logo and legal line: Canada Life and design are trademarks of The Canada Life Assurance Company. canadalife.com 1-800-724-3402.
When you join the program, you can get the help of a dedicated investment and retirement specialist to plan your savings goals, invest wisely and retire confidently.
The Engineers Canada-sponsored Group Savings and Retirement Program is offered in partnership with Canada Life exclusively to engineers, geoscientists, students, and their families, across Canada.