Group savings products like those offered through the Engineers Canada - sponsored Financial Security Program give you a real advantage. You’ll usually pay lower fees compared to individual investment options. This can add up to more savings and help you reach your goals sooner.
Let us help you find ways to save, achieve your goals and make sure the money you’ve worked hard for is now working for you.
To help maximize your savings and retirement income, you can choose from the plans below. Want more information? Check out the links below to read more about each product.
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A tax-deferred savings plan that allows you to make tax-deductible contributions. Read more about RRSPs Opens a new website in a new window |
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Contributions are not tax-deductible and investment returns are not tax-sheltered. Savings can be accessed at any time. Read more about NRSPsOpens a new website in a new window |
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Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed, as well as any income earned in the account, is generally tax-free, even when it’s withdrawn. Read more about TFSAsOpens a new website in a new window |
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An annuity is a simple way to turn a portion of your savings into regular income – for a fixed period or the rest of your life. It’s up to you. Read more about annuities on SmartPath.Opens a new website in a new window |
If you have money invested with other financial institutions, it can get complicated. When you transfer your savings to the financial security program, you maximize your group advantage. Plus, tracking your finances and budgeting will be much simpler.
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.
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.
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.