The Voluntary Savings Plans, which are available to all staff members,听include a Group Retirement Savings Plan (RSP), Group Retirement Savings Plan - Spousal and a Group Tax-Free Savings Account (TFSA).听 Staff can enroll in either or both of these plans by using Change Benefits in Workday.
Group Retirement Savings Plan (RSP) and GRSP - Spousal
Making Contributions and Contribution Limits
Contributions can be made two ways:
- On a per-pay basis through Workday:听 this option has the benefit of an immediate tax relief at source as contributions are deducted from your gross pay thereby reducing your taxable income.
- By a one-time contribution:听 To choose this option, fill out the:听
One-Time Contribution - GRSP or TFSA (G84 = Pension Plan for SEU; 729 = other)
It is your responsibility to ensure that you do not exceed your RSP contribution room. Exceeding set contribution limits may entail adverse tax implications for you and require you to take remedial action with regulators. Refer to your most recent Canada Revenue Agency "Notice of Assessment" for details.
You can contribute 18% of your prior year's earned income up to the of:
- $29,210 in 2022
- $30,780 in 2023
- $31,560 in 2024
- $32,490 in 2025
Investment Options
General
You have 2 approaches to investing:听 "Help me do it"听or "Let me do it".听 Following transition, you'll have access to Morningstar听- investment tools and information to help you save.听 You'll have the option to elect automatic portfolio rebalancing whereby your investments are re-adjusted quarterly so that they match the future investment instructions on file.听听
Help me do it
In the "Help me do it" approach, we point you towards an easy fund and you make one decision.听
| Fund Category | Fund name | FMF* |
|---|---|---|
| Multi-Risk Target Date | McGill VSP (2020-2065) Conservative Profile | 0.27 - 0.30% |
| McGill VSP (2015-2065) Moderate Profile | 0.27听- 0.30% | |
| McGill VSP (2015-2065) Aggressive Profile | 0.27听- 0.29% | |
| Target Risk | McGill VSP Conservative Profile | 0.30% |
| McGill VSP Moderate Profile | 0.30% | |
| McGill VSP Aggressive Profile | 0.29% |
*FMF = fund management fees (as of December 31, 2023)
Let me do it
In the "Let me do it" approach, you handle the investing using tools to help you make a decision.听
| Fund category | Fund name | FMF* |
|---|---|---|
| Money market | TDAM Canadian Short-Term Investment Fund | 0.31% |
| Bond (fixed income) | PH&N Bond Segregated Fund | 0.32% |
| Canadian Equity | TDAM Low Volatility Canadian Equity Fund | 0.36% |
| US Equity | TDAM US Market Index Segregated Fund | 0.22% |
| International Equity | TDAM International Equity Index Segregated Fund | 0.20% |
*FMF = fund management fees (as of December 31, 2023)
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Beneficiary Designation
You will need to name听a beneficiary.听 This is the person who receives your money when you pass away.听 This is important and听helps create a quick and easy way to give your money to those who matter most to you, making sure they鈥檙e looked after when you鈥檙e gone.
GRSP - Spousal
You may choose to contribute on behalf of your spouse by enrolling in the GRSP - Spousal through Workday. It is important to note that any contributions directed to the Group RSP - Spousal belong to your spouse but reduce YOUR contribution room. Refer to your most recent Canada Revenue Agency "Notice of Assessment"听for more information.听 In addition to setting up your contributions in Workday, you will also need to complete and return the听 RSP - Spousal Form to Sun Life.听 Failure to return this form will result in contributions being rejected (Sun Life Financial Group Retirement Services - PO Box 6029, Station D, Montreal, QC H3C 3A7).
Fees
- 2024听Annual Record Keeping Fee:听 $60.00*
- Withdrawal/Transfer Fee prior to termination:听 $25 per transaction
- Withdrawal/Transfer Fee at termination or retirement:听 $75听per transaction
- Fund Management Fees:听 Refer to investment section above or to Morningstar庐
* withdrawn from your account on a quarterly basis and is subject to an annual adjustment.
Tax Slips
Tax slips will be issued twice a year:
- In January each year, covering contributions remitted in March to December of the previous year.
- In March each year, covering contributions remitted in the first 60 days of that year.
Tax slips will be available online via the Sun Life secure site.
For more information
For more information on the Group RSP, please refer to:
- Group RSP Brochure - pending from SLF
- Group RSP - Plan Text
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Group Tax-Free Savings Account (TFSA)
The Group TFSA is a way for employees who are 18 and older to set money aside tax-free throughout their lifetime.听 Contributions to a TFSA are not deductible for income tax purposes.听 Any amount contributed as well as any income earned is tax-free, even when it is withdrawn.
Making Contributions and Contribution Limits
Contributions can be made two ways:
- On a per-pay basis through Workday
- By a one-time contribution: To choose this option, fill out the: One-Time Contribution - GRSP or TFSA (G84 = Pension Plan for SEU; 729 = other)
It is your responsibility to ensure that you do not exceed your . Exceeding set contribution limits may entail adverse tax implications for you and require you to take remedial action with regulators. Your TFSA contribution room limit can be found using one of the following services of the Canada Revenue Agency:听"My Account", "MyCRA", or contact the CRA directly at 1-800-267-6999.
- Annual TFSA limit from 2019 - 2022: $6,000/per year
- Annual TFSA limit 2023:听 $6,500
Investment Options
General
You have 2 approaches to investing:听 "Help me do it"听or "Let me do it".听 You'll have access to Morningstar庐 - investment tools and information to help you save.听 You'll have the option to elect automatic portfolio rebalancing whereby your investments are re-adjusted quarterly so that they match the future investment instructions on file.听听
Help me do it
In the "Help me do it" approach, we point you towards an easy fund and you make one decision. You also have the option of quarterly rebalancing.
| Fund Category | Fund name | FMF* |
|---|---|---|
| Multi-Risk Target Date | McGill VSP (2020-2065) Conservative Profile | 0.27 - 0.29% |
| McGill VSP (2015-2065) Moderate Profile | 0.26 - 0.29% | |
| McGill VSP (2015-2065) Aggressive Profile | 0.26 - 0.28% | |
| Target Risk | McGill VSP Conservative Profile | 0.30% |
| McGill VSP Moderate Profile | 0.29% | |
| McGill VSP Aggressive Profile | 0.29% |
*FMF = fund management fees
Let me do it
In the "Let me do it" approach, you handle the investing using tools to help you make a decision.听
| Fund category | Fund name | FMF* |
|---|---|---|
| Money market | TDAM Emerald Canadian Short-Term Investment Fund | 0.33% |
| Bond (fixed income) | PH&N Bond Segregated Fund | 0.31% |
| Canadian Equity | TDAM Low Volatility Canadian Equity Fund | 0.21% |
| US Equity | TDAM US Market Index Segregated Fund | 0.21% |
| International Equity | TDAM International Equity Index Segregated Fund | 0.22% |
*FMF = fund management fees
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Fees
- 2023听Annual Record Keeping Fee: $50.00*
- Withdrawal/Transfer Fee prior to termination: $25 per transaction
- Withdrawal/Transfer Fee at termination or retirement: $75听per transaction
- Fund Management Fees: Refer to investment section above or to Morningstar庐
* withdrawn from your account on a quarterly basis and is subject to an annual adjustment.
For more information
- Group TFSA Brochure - pending
- Group TFSA - Plan Text
