Savings Plan Update - March 2023
In January 2020, Great-West Life and London Life became the The Canada Life Assurance Company.
Retirement income can be a reality. The Refrigeration Workers Group Retirement Accumulation Plan is designed so that members of UA Local 516 can look forward to having a financial cushion when they go to retire. The Plan is also designed so that each individual member can direct the investment of their funds according to their individual risk tolerances and investment goals. The purpose of the plan is to provide a means of retirement income, so unlike individual RRSP products available through banks and financial institutions, withdrawals and transfers from the Refrigeration Workers Group Retirement Accumulation Plan are subject to strict trust rules.
With RRSP contributions of up to $10.75 per hour, UA Local 516 members have the opportunity to retire when they choose, and the financial freedom to make the transition to retirement a lot easier.
Transfer In / Lump-Sum Contributions
Transfer funds from a registered plan or account at another financial institution to your Canada Life group registered retirement savings plan, or tax-free savings account.
Complete the RRSP transfer form or TFSA transfer form, print it, sign it and mail it to Canada Life. Canada Life will contact the institution that holds your savings to complete the transfer. You can also upload the completed form online at mycanadalifeatwork.com under Savings > Manage Portfolio > Upload Documents. Even if the savings are locked in, you may be able to move them into the group plan.
Lump-sum contributions can also be made via online banking and pre-authorized contributions to the RRSP and TFSA. Click here for details.
My Canada life at work
Visit mycanadalifeatwork.com today and login/register to access your personal page. Plan your retirement, review or redirect your investments, print duplicate tax receipts, and much more from your customizable page.
Tax-Free Savings Accounts
A benefit to membership in UA Local 516 is the ability to apply for Tax-Free Savings Account through Canada Life. These member-only TFSAs are completely voluntary, but take advantage of the same selection of investments available to the RRSP portion of the Refrigeration Workers Group Retirement Accumulation Plan.
If you're planning a vacation, minor or major purchase, the TFSA is a great way to get your money working for you in the meantime and any gains are tax free!
The smartPATH online learning resource is full of videos, interactive tools, games and informative articles to help you understand and make the most of your group plan. Check it out at www.smartpathnow.com.
Canada life HEALTH AND WEALTH consultants
Book a call with a health and wealth consultant at Canada life, a licensed professional, to get support and advise when you have questions, like:
- How much should I contribute to reach my goals?
- What investments are right for me?
- How can I get my information online?
Connect and get started on the path to reach your goals in every stage of life http://canlife.co/CRM
CANADA LIFE BLOG
Canada Life has many articles available regarding Investments, Savings, Spending, Markets, etc. Check out their website here.