Whether you’re just starting to save for retirement or ready to retire, the Engineers Canada–sponsored Group Savings and Retirement 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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|---|---|
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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. 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. |
|
Registered retirement income fund (RRIF) |
A RRIF turns the accumulated value of an RRSP into retirement income. |
|
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). |
|
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 Any amount contributed, as well as any income earned in the account, is generally tax-free, even when it’s withdrawn.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.
[MUSIC PLAYING]
Description: This animated video uses a character, illustrations and graphs to show how to save with a group savings plan.
Narrator: Joining your group savings plan is an easy way to save for your future
Description: Brittany relaxes in an armchair, looking at a coin. She flips the coin in the air.
Narrator: and it can help you pay less income tax today.
Description: The coin lands beside a paper with a percentage sign.
Narrator: That’s because you won’t pay tax on your contributions until you take them out later in life
Description: A portion of the paper is cut with scissors. Narrator: when your income and tax rate will likely be lower.
Description: Cut to line graph showing age from 20 to 90. Income rises until retirement at 65, then decreases.
Narrator: By contributing through automatic payroll deduction, you can also benefit from dollar-cost averaging.
Description: A monthly calendar draws into the frame with a day to contribute marked with a dollar sign.
Narrator: That’s when you invest the same amount of money on a regular basis, helping to reduce the impact of market ups and downs.
Description: Cut to a line graph showing savings growing steadily with a monthly contribution of $100. A wavy line appears behind, illustrating the changes in the stock market.
Narrator: You can also make lump-sum contributions through online banking or regular pre-authorized contributions if your plan allows.
Description: Cut to a view of Brittany’s laptop, displaying the “Contributions” page of the My Canada Life at Work website.
Narrator: With a group savings plan, you’ll typically pay lower fees for services needed to manage the fund
Description: Cut to illustrations of a down arrow beside a price tag with a percentage sign. Narrator: than you would through a bank or other financial institution.
Description: They separate to show an illustration of a bank and commercial building with a line dividing them.
Narrator: The reason is those fees are shared among a large group, instead of paying them on your own.
Description: The line rotates to create a bar graph. An illustration of one person is compared to a group. The individual has higher fees.
Narrator: To learn how you make the most of your plan and save for the future that’s right for you,
Description: Return to Brittany in her armchair, tossing the coin in the air as she smiles.
Narrator: visit mycanadalifeatwork.com Description: Text “Visit mycanadalifeatwork.com today.” appears with the Canada Life logo and legal line: “Canada Life and design and My Canada Life at Work are trademarks of The Canada Life Assurance Company. mycanadalifeatwork.com 1-800-724-3402.”
[MUSIC PLAYING]
Description: This animated video uses a character, illustrations and graphs to show how to save with a group savings plan.
Narrator: Joining your group savings plan is an easy way to save for your future
Description: Brittany relaxes in an armchair, looking at a coin. She flips the coin in the air.
Narrator: and it can help you pay less income tax today.
Description: The coin lands beside a paper with a percentage sign.
Narrator: That’s because you won’t pay tax on your contributions until you take them out later in life
Description: A portion of the paper is cut with scissors. Narrator: when your income and tax rate will likely be lower.
Description: Cut to line graph showing age from 20 to 90. Income rises until retirement at 65, then decreases.
Narrator: By contributing through automatic payroll deduction, you can also benefit from dollar-cost averaging.
Description: A monthly calendar draws into the frame with a day to contribute marked with a dollar sign.
Narrator: That’s when you invest the same amount of money on a regular basis, helping to reduce the impact of market ups and downs.
Description: Cut to a line graph showing savings growing steadily with a monthly contribution of $100. A wavy line appears behind, illustrating the changes in the stock market.
Narrator: You can also make lump-sum contributions through online banking or regular pre-authorized contributions if your plan allows.
Description: Cut to a view of Brittany’s laptop, displaying the “Contributions” page of the My Canada Life at Work website.
Narrator: With a group savings plan, you’ll typically pay lower fees for services needed to manage the fund
Description: Cut to illustrations of a down arrow beside a price tag with a percentage sign. Narrator: than you would through a bank or other financial institution.
Description: They separate to show an illustration of a bank and commercial building with a line dividing them.
Narrator: The reason is those fees are shared among a large group, instead of paying them on your own.
Description: The line rotates to create a bar graph. An illustration of one person is compared to a group. The individual has higher fees.
Narrator: To learn how you make the most of your plan and save for the future that’s right for you,
Description: Return to Brittany in her armchair, tossing the coin in the air as she smiles.
Narrator: visit mycanadalifeatwork.com Description: Text “Visit mycanadalifeatwork.com today.” appears with the Canada Life logo and legal line: “Canada Life and design and My Canada Life at Work are trademarks of The Canada Life Assurance Company. mycanadalifeatwork.com 1-800-724-3402.”
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.
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.