Canada Life acquires Investment Planning Counsel – a leading independent wealth management firm – from IGM Financial
Acquisition aligns with Canada Life’s vision to establish a leadership position in the Canadian independent advisor wealth market.
September 2, 2020
Winnipeg, MB, September 2, 2020. . . The back-to-school season may look a little different this year thanks to COVID-19, but some things never change, like the need to save for children’s post-secondary education. Employers can show their support for working parents during this difficult time with Canada Life’s new self-directed registered education savings plan (RESP) employee benefit.
Not only do employees gain access to traditional RESP advantages like applicable government education grantsOpens in a new window - Opens in a new window and tax-sheltered earnings on contributions, they also enjoy Canada Life’s low investment fees, convenient payroll deduction and ease of a fully digital experience.
According to Statistics Canada, tuition for undergraduate programs for Canadian full-time students was, on average, $6,838 in 2018/2019, up 3.3% from the previous academic yearFootnote 1. More than half (57%) of students graduating from post-secondary studies in 2018 said they relied on financial support from parents, family or their spouse Footnote 2. And about half reported having education-related debt, owing on average $28,000 Footnote 3.
“Tuition and student debt are only going to go up,” says Ryan Weiss, Vice-President Product and Experience, Group Customer, Canada Life. “RESPs are without a doubt the best way to save for education, but many families who need it most are missing out on free education grant money, in part because they believe opening an RESP is a complex and daunting task. We’ve addressed this concern by making Canada Life’s RESP conveniently available through the employee’s workplace benefits and simplified the enrolment process with an online application.”
The RESP complements Canada Life’s student debt flexible savings program, which enables employers to support graduates in saving for retirement, even as they pay down student debt.
“Helping young Canadians afford post-secondary education and minimize student debt is exactly in line with our commitment to the financial, physical and mental well-being of all Canadians, not just at retirement, but across all life stages,” Weiss adds. “That includes our 11,000 employees across Canada, who were the very first to have access to this new employee benefit.”
Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For more than 170 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we’ve made.
As of January 1, 2020, Great-West Life, London Life and Canada Life became one company – Canada Life. Today, we proudly serve more than 13 million customer relationships from coast to coast to coast.
Liz Kulyk
Assistant Vice-President, Media & Public Affairs
The Canada Life Assurance Company
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Media.Relations@canadalife.com
Acquisition aligns with Canada Life’s vision to establish a leadership position in the Canadian independent advisor wealth market.
Canada Life Investment Management Ltd. announces changes to the investment strategies of Canada Life Global Multi-Sector Fixed Income Fund and Canada Life Pathways Global Multi Sector Bond Fund.