In a post pandemic world, managing finances has taken on an even greater level of importance. How much are you saving each month, or even each year? Do you wish you were able to save more? What is preventing you from increasing your savings? These are important questions to consider. Taking the time to think about where you are now, versus where you’d like to be financially in years to come, will serve you well. The pandemic is an excellent example of something that can derail all sorts of plans, particularly financial ones. November is Financial Literacy month and there is no better way t ..read more

Shops are opening, families are reuniting and the little things of everyday life are slowly coming back. This gradual normalization throughout communities is now set to happen on a grander scale. This month, the world will reunite at the 23rd edition of the Summer Olympic games. It is fitting to hold this event, despite the lingering fears of a pandemic resurgence. In every Olympics, stories emerge of struggles, resilience, and triumphs. We could all use some inspiration given the last year and a half. One such story describes the life’s work of Dave Brailsford – the Performance Director f ..read more

Over the past forty years, organizations across Canada have taken steps to reduce their financial liability by capping and phasing out their defined benefit (DB) pension plans. Those plans had for generations provided millions of working Canadians, in both public and private sectors, with guaranteed income in retirement. CAPs – Defined Contribution Pension Plans The significant vacuum left by the decline of DB plans came to be filled by Capital Accumulation Plans (CAPs) such as defined contribution pension plans. Unlike DB plans which placed the investment risk on plan sponsors, CAPs shift ..read more

Group retirement plans for small businesses offer businesses a wide range of benefits, from increased efficiency and productivity to a more engaged workforce. Offering a group retirement plan for small businesses can be an important way to show your employees that you value their long-term security and future. Such group retirement plans offer several advantages for businesses, including tax breaks, simplified administration, and greater recruitment and retention potential. In this blog, we’ll take a look at some of the key benefits of group retirement plans for businesses. So, if you’re c ..read more

In the investment world, full fee disclosure tends to be a confusing subject to navigate. Naturally, with that confusion comes a slew of questions, most commonly: • What exactly am I paying for? • Are there any hidden fees? • How many layers of fees are there? At Open Access, we believe in complete transparency when it comes to fees, and that’s been our top priority since our inception. Unfortunately, until quite recently, full fee disclosure was not a mandatory practice within the industry, but with the recent implementation of CRM2 (an initiative by the Canadian Securities Administrator ..read more

In his latest episode of HBO’s Last Week Tonight, John Oliver wades through some of the major issues with retirement plans – one of them being the hidden and high fees inherent in many of these plans. Fees, says Oliver, are like termites ‘they infest your investments and eat away at your future, so buyers beware. Even though your returns may reap the benefits of compound interest, so do so-called advisors. Their fees grow along with your money, after all.’ Instead of focusing solely on performance for returns, fees can have a significant impact on your employee’s retirement savings. Even a ..read more

As part of an ongoing effort to prepare employees for life after work, employers across the country have made group RRSPs available to their staff. In theory, a group RRSP should play a key role in ensuring working Canadians are financially ready for retirement. And while group RRSPs are often immensely successful, reality shows that many Canadians approaching retirement have not yet built up adequate nest eggs. While there are many factors why this is the case, early RRSP withdrawals are undoubtedly one of the key causes. High withdrawals in group RRSPs are common because there are often no ..read more

Retirement planning is a crucial aspect of financial planning, and it’s never too early to start thinking about it. One of the best ways to save for retirement is through group retirement plans, which are offered by many Canadian employers. These retirement plans are designed to help you save for your retirement years in a more efficient and cost-effective way than traditional retirement savings options. At Open Access, we have been helping small to medium-sized businesses in Canada achieve their financial goals through group retirement plans for over 25 years. In this blog, we’ll explain wha ..read more

<div style="transition: opacity 1s ease-in-out 0s;" data-rss-type="text"> <h3> <span style="display: initial;"> Retirement planning is a crucial aspect of financial planning, and it’s never too early to start thinking about it. One of the best ways to save for retirement is through group retirement plans, which are offered by many Canadian employers. </span> </h3> </div> <div> <img src="https://irp.cdn-website.com/1b2d7e4e/dms3rep/multi/Blog2-305f7a0e.png" alt="Group Retirement Plan Canada"/> </div> <div style="transition: none 0s ease 0 ..read more

<div style="transition: opacity 1s ease-in-out 0s;" data-rss-type="text"> <h3 style="line-height: initial;"> <span style="display: initial;"> Group retirement plans for small businesses offer businesses a wide range of benefits, from increased efficiency and productivity to a more engaged workforce. </span> </h3> </div> <div> <img src="https://irp.cdn-website.com/1b2d7e4e/dms3rep/multi/The+benefits+of+group+retirement+plans+for+small+and+medium-sized+business-18a6eca8.png" alt="Group RRSP for Small Business"/> </div> <div style="transiti ..read more