Winnipeg, MB (Sept. 2, 2020) \u2013 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\u2019s post-secondary education. Employers can show their support for working parents during this difficult time with Canada Life\u2019s new self-directed registered education savings plan (RESP) employee benefit.<\/p>\n
Not only do employees gain access to traditional RESP advantages like applicable government education grants and tax-sheltered earnings on contributions, they also enjoy Canada Life\u2019s low investment fees, convenient payroll deduction and ease of a fully digital experience.<\/p>\n
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 year.[1<\/a>]<\/sup> 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.[2<\/a>]<\/sup> And about half reported having education-related debt, owing on average $28,000.[2<\/a>]<\/sup><\/p>\n \u201cTuition and student debt are only going to go up,\u201d says Ryan Weiss, Vice-President Product and Experience, Group Customer, Canada Life. \u201cRESPs 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\u2019ve addressed this concern by making Canada Life\u2019s RESP conveniently available through the employee\u2019s workplace benefits and simplified the enrolment process with an online application.\u201d<\/p>\n The RESP complements Canada Life\u2019s student debt flexible savings program, which enables employers to support graduates in saving for retirement, even as they pay down student debt.<\/p>\n \u201cHelping 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,\u201d Weiss adds. \u201cThat includes our 11,000 employees across Canada, who were the very first to have access to this new employee benefit.\u201d<\/p>\n 1. Statistics Canada. Chart 1: Average undergraduate tuition fees for Canadian full-time students, by field of study, 2018\/2019<\/a><\/em>. 5 Sept 2018.<\/p>\n 2. 2018 Graduating Student Survey, Master Report 2018<\/a><\/em>. Canadian University Survey Consortium, June 2018.<\/p>\n 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\u2019ve made.<\/p>\n As of January 1, 2020, Great-West Life, London Life and Canada Life became one company \u2013 Canada Life. Today, we proudly serve more than 13 million customer relationships from coast to coast to coast. For more information, visit www.canadalife.com<\/a>.<\/p>\n Source: Canada Life<\/em><\/p>\n Tags: benefits<\/a>, Canada Life<\/a>, coronavirus<\/a>, epidemic<\/a>, industry first<\/a>, savings<\/a>, savings goals<\/a> First fully digital employer-sponsored RESP helps employees advance long-term savings goals during COVID-19 Winnipeg, MB (Sept. 2, 2020) \u2013 The back-to-school season may look a little different this year thanks to COVID-19, but some...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19438"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=19438"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19438\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=19438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=19438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=19438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How Canada Life\u2019s RESP works:<\/h4>\n
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Notes<\/h4>\n
About The Canada Life Assurance Company<\/b><\/h4>\n
\nRead the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"