Over the last couple of years, the CEIRP membership has grown by 11%! This fantastic growth has made us a bit sentimental. So we looked through our archives and found some timely articles that you definitely can use right now! Enjoy!
Did you know? You can set up automatic transfers from your NRSP to your RRSP.
Transfer dates are usually around the end of March, June, September and December. Call the Canada Life call centre at 1-800-724-3402, from Monday to Friday, 8 a.m. to 8 p.m. to set it up either quarterly, bi-annually or annually. You can also use your online banking bill payment feature to set up more frequent transfers from your personal bank account to your RRSP. What could be easier? Click here to learn more.
It’s that time of year again when you start to wonder if you’ll need to make a lump sum contribution to your RRSP.
Do you find yourself running through different calculations in your head, trying to figure out how much you’ll need to contribute to avoid paying more taxes to the CRA. Or do you kick yourself for not having made arrangements for extra payroll deductions or regular contributions through your online banking earlier in the year. Just think: instead of worrying, you could be calmly going about your business, secure in the knowledge that you can now look forward to a nice little refund. A way to avoid this annual anxiety is to keep track of your contributions throughout the year. This will also help you to avoid over contributions. Refer to your most recent Notice of Assessment from the CRA to obtain your annual RRSP limit, which you can access online through your CRA “My Account”. If you think you are getting close to your limit, contact your plan administrator.
Now that tax time is just around the corner, make sure that Canada Life has your current address so that you receive your tax receipt on time.
You also have the option of printing a duplicate from your account on mycanadalifeatwork.com. Actually, are you aware of all things you can do through your account?
- Update your personal information including mailing address, telephone number and email address
- View your last statement
- Check your account activity
- Find out your personal rate of return
- Change your future investment instructions
- Check out the most recent fund review and reports
- Print off a forms to:
- Open a tax-free savings account
- Make a lump-sum RRSP contribution
- Change or update your beneficiary information
- Access iAquaint, other financial tools and resources through the Learning Centre. Don’t forget that you’ll need your access ID and password to do all of this. If you’ve forgotten your password, you can reset it online. If you don’t know your access ID, contact Canada Life at 1-800-724-3402, Monday to Friday, between 8 a.m. and 8 p.m. ET.
In case you forgot, your CEIRP plan isn’t just about retirement savings. You can also take advantage of other savings accounts to help you reach short, medium and even long-term goals.
For example, are you thinking about going back to school to upgrade your skills, but aren’t sure how you could swing it financially? Or, is this the time to stop renting and to buy a place, but you’re not sure how you’ll scrape together the down payment? Your CEIRP RRSP can help you achieve those goals by turning some of your savings into higher education or homeownership through the Canadian Government’s Life-Long Learning Plan (LLLP), which allows you to withdraw $10,000 per calendar year tax free and $35,000 tax free for the Home Buyer’s Plan (HBP). After you graduate or have settled into your new home, you’ll have 10 years to pay back the LLLP and 15 years to pay (HBP) it back. Think of it as an interest free loan you make to yourself. Click here to learn more.