Frequently Asked Questions
Find clear answers to your questions about benefits, savings plans, insurance, and more.
Group Benefits & HSAs
What can group benefits coverage include?
Capital Planning designs group health and dental plans around the gaps left by Provincial health care plans. No two plans are the same: we customize coverage to match your company’s budget and your employees’ needs.
Health coverage includes:
- Prescription drugs
- Vision care (exams, glasses, and contacts)
- Paramedical services (massage, physiotherapy, chiropractic)
- Medical equipment
- Ambulance
- Emergency out-of-country coverage
Dental coverage includes:
- Preventive cleanings
- Basic fillings
- Major services (crowns, root canals)
- Optional orthodontics
Catastrophic coverage includes:
- Life Insurance
- Long Term Disability
- Short-Term Disability
- Accidental Death & Dismemberment
- Critical Illness Insurance
How can Health Spending Accounts (HSAs) work?
An HSA is an employer-funded account that reimburses employees for eligible medical expenses completely tax-free. The employer sets a fixed annual dollar amount per employee, which makes benefit costs predictable and easy to budget.
Why tax-free matters: Reimbursement through an HSA is far more efficient than paying out of pocket. Every dollar claimed through an HSA goes further than spending the same after-tax dollar yourself.
Eligible expenses include dental (no annual caps), vision (including laser eye surgery), paramedical services, and prescriptions (essentially anything eligible under CRA guidelines).
What are voluntary benefits and how can they work?
Because employees access coverage as part of a group, they often pay significantly less than they would for individual insurance.
Premiums are collected through payroll deductions. Common options include:
- Additional life insurance — top up your base coverage
- Critical illness insurance — a tax-free lump sum if diagnosed with a critical illness.
Voluntary Group Savings Plans (RRSP, TFSA, RESP) are offered as well.
How does the claims process typically work, and what if I have an issue?
Most health and dental claims are submitted directly to your insurance carrier through their online portal or mobile app. Many providers offer direct billing, which means your provider charges the insurer directly — you don’t pay upfront.
When there are questions about claims, or you need some help with the claims process, we’re there to support you and your team. We work with the carrier directly to resolve the issue.
RRSPs, TFSAs & RRIFs
How much can I contribute to my RRSP?
Your RRSP contribution limit is 18% of your previous year’s earned income, up to the annual dollar maximum set by the CRA. Unused room carries forward indefinitely, so if you haven’t maxed out in past years, that room is still available to use.
Key figures to know:
- Limit: 18% of previous year’s earned income (but previous years’ unused contribution room carries forward)
- Deadline: March 1st each year
Every dollar you contribute reduces your taxable income for the year. For someone earning $75,000, that translates to roughly $0.30–$0.36 back per dollar contributed.
TIP: Your personal RRSP room is printed on your Notice of Assessment from the CRA, or you can find it anytime in your CRA My Account.
What are the TFSA contribution limits and withdrawal rules?
Key figures:
- 2026 annual contribution limit: $7,000
- Total room since 2009 (if never used): ~$109,000
Unlike an RRSP, TFSA contributions are not tax-deductible. However, all growth and withdrawals are completely tax-free, making it ideal for long-term savings or as a flexible emergency fund.
Withdrawals: You can take money out anytime with no penalties. The amount you withdraw is added back to your contribution room on January 1st of the following year.
If you exceed your TFSA room, the CRA charges a 1% monthly penalty on the excess amount. The room doesn’t return until January 1st of the next year.
When do I need to convert my RRSP to a RRIF?
You must convert your RRSP to a Registered Retirement Income Fund (RRIF) by December 31st of the year you turn 71. At that point, your savings shift from accumulating to paying you a regular retirement income.
Key numbers:
- Conversion deadline: December 31st of the year you turn 71
- Minimum annual withdrawal: ~5.28% at age 71
Your investments continue to grow tax-deferred inside the RRIF. You are only taxed when funds are withdrawn as income. Capital Planning offers Group RRIFs that keep you connected to institutional fund managers through this transition.
How does employer matching work in group RRSPs?
Employer matching means your company contributes to your RRSP when you do, effectively giving you free money to accelerate your savings. A typical arrangement might see an employer match 50–100% of your contributions, up to a set percentage of your salary.
TIP: If your employer offers matching, contributing at least enough to get the full match is one of the highest-return financial decisions you can make.
Investment options: Through our group programs, members access approximately 32 funds from 70+ leading fund companies — covering Balanced, Canadian Equity, U.S. Equity, Global Equity, and Target-Date Funds. You can rebalance anytime through the GRS portal with no transaction fees.
ATA & ASBE Members
Who is eligible for ATA voluntary benefits?
All Alberta Teachers’ Association (ATA) members are eligible for exclusive voluntary benefits, including group RRSPs, TFSAs, RESPs, and insurance products.
Capital Planning is the only approved provider of ATA voluntary benefits in Alberta.
Who is eligible for ASBE voluntary benefits?
ASBE (Alberta School Board Employees) voluntary benefit eligibility covers a broad range of school board support staff, including:
- Educational assistants
- Custodians
- Administrative personnel
- Transportation workers
Casual and part-time employees are eligible if employed by a participating school board.
How can ASBE differ from ATA?
The programs are essentially the same — same benefits, same institutional fund access, same exclusive group rates, and the same access to Capital Planning’s in-house advisors. The only difference is which member association you belong to.
Can my family member(s) join my ATA or ASBE group program?
Yes. Your spouse, children, and parents are all eligible to access the same group rates and programs available to you as a member. This extends the value of group pricing well beyond just yourself.
This applies to investment programs (RRSP, TFSA) as well as certain insurance products at group rates. Reach out today to set up family members under your group.
What is a GRS portfolio? How do I access mine?
The GRS (Group Retirement Services) portal is administered by Canada Life and gives you 24/7 access to your RRSP, TFSA, and RRIF accounts. You can view balances, transaction history, and investment performance from any browser or the Canada Life mobile app.
Login issues? Use the “Forgot Password” feature for a self-serve reset. If you’re still having trouble, Capital Planning’s in-house team can help you troubleshoot access directly.
Do I need an RRSP if I have a pension (ATRF or LAPP)?
Yes! Your ATRF or LAPP defined-benefit pension provides a reliable base income in retirement. An RRSP supplements this by creating additional, personally controlled retirement income, giving you more flexibility over how and when you draw funds.
This is especially useful for bridging income between early retirement and when pension or CPP payments begin, or for covering one-time expenses without affecting your pension stream.
For couples where only one partner has a pension, a spousal RRSP is a vital tool to ensure both individuals are building secure retirement savings together.
If you’d like to learn more, we present at the Alberta Teachers’ Convention annually and offer dedicated pre-retirement seminars covering pension integration and retirement income strategies.
Life & Critical Illness
How much life insurance coverage do I actually need?
A common starting point is 8–12 times your annual income. The right amount depends on your specific situation — mortgage balance, number of dependents, children’s education costs, and any other debts.
Key figures:
- General estimate: 8–12x your annual income
- Coverage analysis: Free — no obligation!
Rather than guessing, Capital Planning offers a complimentary coverage analysis to calculate the amount that’s right for your family’s actual situation.
Term vs. permanent life insurance — which should I choose?
Term Insurance
Best for: People looking for a simple, budget-friendly solution to protect their families
Coverage: A set period, typically 10 to 30 years
Premiums: Lower, making it affordable for most budgets
Ideal for: Mortgage protection, child-rearing years
Permanent Insurance
Best for: Estate planning, lifelong coverage needs
Coverage: Guaranteed for life
Premiums: Significantly higher
Also: Builds cash value over time
Think of term insurance like a rental. It keeps costs low, and provides you coverage when you need it. Permanent insurance is something you buy. You can pay it off over time (just like your mortgage). You get guaranteed rates for life!
Hybrid Insurance
Hybrid blends both of these strategies: You get some permanent coverage to pay for costs that will never go away, paid for life. Plus, you’ll also get term insurance for the higher, short-term coverage amounts, like mortgage and coverage for children.
Why is advisor-placed insurance better than bank mortgage insurance?
| Bank Mortgage Insurance | Advisor-Placed Insurance | |
| Who gets paid? | The lender | Your chosen beneficiaries |
| Coverage over time | Decreases as mortgage is paid off, even though your premium remains the same | Stays the same, regardless of mortgage balance |
| Portability | Tied to your specific lender and property | If you move, this coverage moves with you |
With advisor-placed insurance, your family receives the funds and can decide how to use them. Whether that’s paying off the mortgage, covering living expenses, or something else entirely.
What does critical illness insurance cover, and why does it matter?
Critical illness insurance pays a tax-free lump sum upon diagnosis of a covered condition. You decide how to use the funds, whether that’s covering treatment costs, replacing lost income, or funding experimental therapies not covered by your health plan.
Key figures:
- Covered conditions include cancer, heart attack, and stroke
- Payment: Tax-free lump sum. Use it however you need
IMPORTANT: Keep your beneficiaries current. Review your beneficiary designation after every major life event — marriage, divorce, or a new child. Outdated designations can mean your assets go through probate instead of directly to your family.
Account Management & Service
How do I update my beneficiary or change my investments?
Contact us for any changes to your plan, or you can follow one of the self-serve steps below.
Updating your beneficiary:
Download the Designation of Beneficiary form from our forms page, complete it, and return it by email or mail.
Changing your investments:
Log into the GRS portal anytime to rebalance your funds or adjust how contributions are allocated. There are no transaction fees. If you’d like guidance choosing funds that match your risk tolerance, our advisors are happy to help.
How do I access my account and view statements?
The GRS portal gives you 24/7 access to your account, including transactionhistory, investment growth, and fund performance. Log in through any browser or the Canada Life mobile app.
Statements are issued quarterly, with a comprehensive annual summary at year-end. If you need help interpreting your investment allocation or understanding your returns, our team is always available.
How do I schedule a consultation, and what do you charge?
You can schedule a consultation through our website or by calling our office. Initial consultations are FREE with no obligation and typically run 30–60 minutes.
Fee structure:
- Group benefits: Billed to the employer
- Individual insurance: Advisor compensation is built into the premium; there is no separate charge to you!
We are upfront about all costs before any work begins!
What areas do you serve beyond Alberta?
We are headquartered in Edmonton, with a physical office location in Calgary, serving clients across Canada. Virtual consultations are available everywhere we operate, so your location is never a barrier to getting the advice you need.
About Capital Planning
For more than 40 years, our local Alberta-based team has helped Canadian organizations feel more supported, more informed, and more confident in their future, whether they’re choosing plans for a team or planning for themselves.
We listen first, then we help. And when plans change or life gets complicated? We’re still here to help you adjust if needed.
Still Have Questions?
Send us a message! We’re happy to help.