Canada Life Introduces RESP for Group Plan Members

Canada Life Introduces RESP for Group Plan Members

Canadians want to give their children a better future and send them to post-secondary education; however, paying high tuition fees makes learning a privilege and put a lot of financial stress on families.

According to Statistics Canada 2019/2020 data, the average tuition cost for Canadian undergraduate programs was $6,463. This number is estimated to go up to $6,610 in 2020/2021. Families struggle to make ends meet and experience challenging times to reach their retirement goals.

 

RESP(Registered Education Savings Plan) is one of the most powerful savings tools available to families hoping to avoid or minimize student debt. As an employer, you can show support to your employees by adding Canada Life’s new self-directed registered education savings plan (RESP) to your existing Canada Life group benefits or retirement and savings plan with no cost to your business.

“ As of November 1, 2020, Canada Life’s first fully digital employer-sponsored RESP started helping employees advance their long-term savings goals! 

How Does Canada Life‘s Group Plan RESP Work?

The contributions are placed into a fund designed to lower the risk of a potential decrease in value as students get closer to starting post-secondary education.

In addition, contributions, potential investment growth and compound interest will grow tax-free until the beneficiary withdraws funds to register at a qualifying educational program.

When the time comes, filling up simple forms and a streamlined withdrawal process will release the funds to the beneficiary.

How Your Employees Will Benefit If You Decide to Add RESP to Your Existing Canada Life Group Benefits or Retirement Plan?

Many Canadians think an RESP is more complicated than coordinating after-school activities.

With Canada Life’s new self-directed registered education savings plan, your employees will;

  • Gain access to traditional RESP advantages like applicable government education grants and tax-sheltered earnings on contributions including Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB),
  • Benefit from Canada Life’s low investment fees,
  • Have convenient payroll deduction, pre-authorized debit or online banking bill payment,
  • Have the ease of fully digital experience,
  • Have the flexibility to choose either the family or individual plan,
  • Family and friends can also make direct contributions.

How to Add RESP to Your Existing Canada Life Group Benefits or Retirement plan?

If you are an employer or a Plan Administrator, please contact your Account Manager at Eagle Bay Financial Services and add the RESP option to your group benefits or retirement and savings plan.

The rest is simple; plan members need to sign up online, and they are all set!

 

When the time comes, it will be easy to withdraw the money for children’s education, and your employees will appreciate that you had the foresight to plan for their future.

This document is adapted from;

* Canada Life blog article “Canada Life’s new RESP employee benefit to help Canadians save for children’s post-secondary education” on October 15th, 2020.
** Canada Life’s email communication “Introducing registered education savings plans for group plan members” on September 14th, 2020.

Update on Operations at Eagle Bay Financial Services Ltd.

Update on Operations at Eagle Bay Financial Services Ltd.

EagleBay_Virtual_Staff_Meeting_Covid19

Earlier next week, we will surpass 1 month of altered operations and work from home.
We are pleased to report that all our clients remain in business and are continuing to operate, albeit in unusual circumstances.

 

We were quickly able to shift our service model and continue to interact and support our clients via email, telephone, Zoom conferencing and other media. Our switchboard is operating normally. You can also reach your support team directly on their mobile devices or by email. We are striving to prioritize and respond to your queries as quickly as possible. We continue to keep a close eye on financial markets and the operational changes that insurers are experiencing.

 

This week we have also welcomed the newest member of our team and we thank you all for your kind words of welcome to Kate Madden. We are so pleased to have her join our team.

 

We know that you provide vital services to your organization and to your community and we recognize that you all are experiencing unique challenges in navigating the pandemic.

 

Thank you for your continued support during COVID-19 & please “Stay Safe”.

 

Best Regards

Nick & Ida Calla and Eagle Bay Financial Services Ltd.Team

CINUP Partnership

Eagle Bay Financial Services Ltd. is proud and honored to announce that it has entered into an agency agreement with CINUP, as an authorized distributor in British Columbia.

CINUP is regarded as the premier multi-employer First Nations Benefit Plan in Canada. Because of its national scope and large scale operations, it enjoys preferred pricing and plan designs that meet the unique needs of its First Nations client base. This is one of the many reasons Eagle Bay has selected CINUP as one of its Group Benefits providers.

Eagle Bay and its First Nations clients in B.C. requires employee benefits with plan designs that meet ever-changing needs, such as the changes to the NIHB program delivered by First Nation Health Authority.

This means that Eagle Bay is now able to provide another solution or alternative to its First Nation clients by means of its access to the CINUP Benefits Plan.

This better allows Eagle Bay to deliver products and services that meet the needs of its First Nations client base.

Please contact us anytime to provide you more information and see how we can assist you with your needs. We are happy to assist.

Nick Calla

President/Owner

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