NOTE: For general information on eligibility and how the DC pension plan and TFSA work, please refer to the Overview section.
How to enroll – DC pension plan
If you’re ready to enroll in the Canadian Baptist Pension Plan (CBPP), here’s what to do:
- Contact your Treasurer (or your local HR Representative) to start your enrollment.
- Your Treasurer (or your local HR Representative) will give you a Guest ID and password for My Canada Life at Work. Tip: You need to do this even if you’re already registered for your benefits plan.
- Log in to My Canada Life at Work.
- Create your own log in credentials.
- Access your new account.
If you have your benefits plan with Canada Life, your accounts will be tied when you log in, so you’ll be able to see and access both in the same place.
Additional voluntary contributions (AVCs)
Every little bit helps. You can make additional voluntary contributions by payroll deduction, in any amount you choose.
And, you can start, change or stop making additional voluntary contributions at any time. If your employer agrees, you may choose to contribute a lump sum amount instead of having monthly payroll deductions.
Talk to your Treasurer (or your local HR Representative) to learn how to set this up to increase your savings – and grow your retirement income in the future.
IMPORTANT NOTE about contribution limits:
In accordance with the Canadian Income Tax Act, the total of all contributions (including those made by your employer) to the DCPP in any year can’t exceed the lesser of 18% of your compensation and the money purchase limit for that calendar year.
You and your employer are responsible for making sure your voluntary contributions don’t exceed the contribution limit. Unlike your basic contributions, voluntary contributions can be withdrawn at any time.
Transfers from other plans
You may want to take advantage of the CBPP’s easy investment options and very low fees by moving your assets from a pension arrangement with a prior employer (such as another Registered Pension Plan, an RRSP or Spousal RRSP) into the CBPP.
Provided the prior plan allows for transfers, it’s usually just a form to fill out and sign.
Here’s how to find the form:
- Log in to My Canada Life at Work > Info centre > For Savings > Tools and Resources > Change your portfolio > Printable Forms > (Select dropdown for category: Request/change forms) > Transfer authorization for registered investments
You can also book a meeting with a Canada Life Health and Wealth Consultant if you want some help through the process.
The CBPP (Defined Contribution pension plan) makes investing easy through Target Date funds. When you enroll, your contributions will go into the Target Date fund that’s closest to your retirement date (age 65). For details, see the Target Date funds related resources.
For the TFSA, you can choose from the Target Date funds or funds offered from a variety of different asset classes. For details, see the TFSA Overview in related resources, or log in to My Canada Life at Work to view the fund options available.
Opening a Tax-Free Savings Account (TFSA)
To open a TFSA account and start contributing: Log in to My Canada Life at Work and complete the online enrollment process.
- Go to Manage Portfolio > Change Your Portfolio > Enrolment Express, then choose the TFSA option and complete the form.
For more information, refer to the related resources.