Whether you’re just starting to save for retirement or ready to retire, the Engineers Canada–sponsored Financial Security Program will help you turn your group savings into a steady stream of retirement income.
Countdown to retirement
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Three to five years before retirement |
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One year before retiring |
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Six months before retiring |
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You have access to a Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), and Life Income Fund (LIF), among other plans, as retirement income options while maintaining the same great fees and support you’re used to. If you want to read more about all the plan offerings available to you, check out the program offerings page.
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Plan |
Description |
|---|---|
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Registered retirement savings plan (RRSP) |
A tax-deferred savings plan that allows you to make tax-deductible contributions. |
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Registered retirement income fund (RRIF) |
A RRIF turns the accumulated value of an RRSP into retirement income. |
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Life income fund (LIF) |
A 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). |
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Tax Free Savings Account (TFSA) |
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 Any amount contributed, as well as any income earned in the account, is generally tax-free, even when it’s withdrawn. |
Learn how a group RRSP is different than an individual RRSP.
Narrator: Joining your group retirement and savings plan is an easy way to save.
Description: Jean relaxes in an armchair. Her piggy bank runs in from behind the chair and leans on her ankles.
Narrator: Your group retirement savings plan (RSP)
Description: Cut to Jean’s hand holding a coin. The coin is dropped into the piggy bank.
Narrator: can help you pay less income tax today because your contributions are tax deferred.
Description: The piggy runs out of frame and a paper with a percentage sign falls behind. A portion of the paper is cut with a scissors.
Narrator: That means you won’t pay tax on contributions
Description: The paper falls back into the piggy bank, followed by more coins. A clock moves into frame and time passes.
Narrator: until you take them out later in life when your income and tax rate will likely be much lower.
Description: Cut to line graph showing age from 20 to 90. Income rises until retirement at 65, then decreases afterwards.
Narrator: You’ll also usually pay lower investment management fees (services needed to manage the fund) than an individual plan.
Description: Cut to down arrow beside price tag with percentage sign. They separate to show one person.
Narrator: because they’re shared among a large group, instead of paying them on your own.
Description: One person is compared to a group with a bar graph. The individual has higher fees.
Narrator: Both of these benefits – tax deferral and lower fees,
Description: Cut to paper with percentage beside a price tag with percentage.
Narrator: help you make the most of your group retirement and savings plan.
Description: Return to Jean in armchair with piggy bank. She pets the bank as its tail wags.
Narrator: Get started today at GRS Access.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.
Narrator: Joining your group retirement and savings plan is an easy way to save.
Description: Jean relaxes in an armchair. Her piggy bank runs in from behind the chair and leans on her ankles.
Narrator: Your group retirement savings plan (RSP)
Description: Cut to Jean’s hand holding a coin. The coin is dropped into the piggy bank.
Narrator: can help you pay less income tax today because your contributions are tax deferred.
Description: The piggy runs out of frame and a paper with a percentage sign falls behind. A portion of the paper is cut with a scissors.
Narrator: That means you won’t pay tax on contributions
Description: The paper falls back into the piggy bank, followed by more coins. A clock moves into frame and time passes.
Narrator: until you take them out later in life when your income and tax rate will likely be much lower.
Description: Cut to line graph showing age from 20 to 90. Income rises until retirement at 65, then decreases afterwards.
Narrator: You’ll also usually pay lower investment management fees (services needed to manage the fund) than an individual plan.
Description: Cut to down arrow beside price tag with percentage sign. They separate to show one person.
Narrator: because they’re shared among a large group, instead of paying them on your own.
Description: One person is compared to a group with a bar graph. The individual has higher fees.
Narrator: Both of these benefits – tax deferral and lower fees,
Description: Cut to paper with percentage beside a price tag with percentage.
Narrator: help you make the most of your group retirement and savings plan.
Description: Return to Jean in armchair with piggy bank. She pets the bank as its tail wags.
Narrator: Get started today at GRS Access.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.
As a participant in the plan, you have access to Canada Life’s investment and retirement consultants who can help you:
- Understand investing before and after retirement
- Create an individual income strategy for your retirement
- Build a customized retirement income strategy
Check out our enrolment page for step-by-step instructions.