Who can join the Common Good Plan?

This plan is meant for all! This means that anyone who works for a Canadian employer who has joined the plan is eligible to join as a member.

There is no maximum age limit to join the Common Good Plan, although members cannot contribute to a TFSA if they are under 18 years old. Members can contribute to an RRSP as long as they have available contribution deduction room or until December 31st of the year they turn age 71. 

Members must be Canadian residents for tax purposes in order to join the plan.

What is my role in supporting the Common Good Plan?

As the sponsor of a Common Good Plan, you would be responsible for: 

  • Supporting Common Wealth, the plan provider, with the distribution of plan materials
  • Working with Common Wealth to facilitate employee education sessions
  • Providing Common Wealth with an up-to-date file of eligible employees, including information to support payroll deduction processing
  • Providing Common Wealth with a payroll file that contains member and, if applicable, employer contribution details and remitting contributions to the custodian, Canadian Western Trust

How is this plan different from other options in the market?

The Common Good Plan is a portable savings program designed to make retirement easier and more affordable for Canadians, regardless of their age. By combining group purchasing power, digital technology, and world-class retirement research, the plan has the potential to deliver up to 3x the value for money of a typical individual approach to saving for retirement. 

While most investment options on the market focus on accumulation of assets, the approach for the Common Good Plan is based on monthly retirement income. The plan does all of this with lower fees and a legal duty to administer and manage the plan in the plan members’ best interests.