The benefits of a group savings plan – Canada Life
Find out how to plan for your future with a group savings plan (RSP). Go to www.mycanadalifeatwork.com to get started or learn more from our tools and resources at www.canlife.co/wellbeing.
Video transcript:
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.”
Video transcript:
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.”