Saving For Retirement

It’s never too early to start saving and financially planning for retirement! 

Shannex offers retirement savings programs for all team members who meet the minimum part-time eligibility requirement. Depending on your employee group, this may be a pension or group RRSP. When you enrol in the group RRSP or pension plan and contribute, Shannex also contributes to your account. 

Contributing to an employer pension or retirement savings plan (RSP) has many advantages: 

• The longer you invest, the more interest it can earn over time. 
• Contributions are tax-free on your pay cheque; you pay tax when you withdraw the money during retirement. 
• Group plans typically have lower fees for plan management, meaning more of your money stays in your account.
• Contributions to a retirement savings or pension plan reduce your taxable income, which may lower your overall taxation rate. 

Shannex also provides Tax-Free Savings Accounts (TFSA) and Voluntary Retirement Savings Plans (RSP) in addition to its employer-matched programs. Also, contributions to an RRSP are eligible for the Canada Revenue Agency’s First Time Home-Buyer or Life-long Learning Program. For more information, contact the Great Rewards team at GreatRewards@shannex.com.