Once you set up a monthly savings plan from your bank account, the plan will trigger a withdrawal from your account on the 15th of each month. Your first contribution will happen on the 15th of the month following the setup of your withdrawal. Within 2-3 business days of the money leaving your account, you will receive a confirmation that your contributions have been received. Due to processing time, there may be a delay of up to one week before you see your latest contribution reflected in your account balance.
Can I change my monthly savings plan?
Yes, but note there is a month-end cutoff to any changes you make. Transactions marked as pending in your “Upcoming Transactions” section of your “My Contributions” page can no longer be updated or changed.
What happens if I need to stop making contributions?
If you have a monthly savings plan, you can stop your upcoming contributions by logging into your account and clicking “Cancel” beside the monthly contribution amount on your dashboard. You will still be a member of the plan and can continue to make contributions or restart your monthly savings plan at any time. Note that there is a month-end cutoff for any changes to your monthly savings plan. During periods when you are no longer making contributions to the plan, you can still remain a member of the plan.
If my spouse is contributing to their TFSA and RRSP, does that have any impact on my contribution limits?
No. Under the TFSA and RRSP rules, each person has their own contribution limit and is tracked separately by CRA.
It is your spouse’s responsibility to ensure any contribution made does not exceed their limits under the Income Tax Act. Your spouse is solely responsible for any taxes or fines imposed if contributions exceed the TFSA or RRSP limits.
Can I make a one-time contribution at any time?
One-time contributions from your bank account can happen at any time that is convenient for you. These contributions should appear in your Common Good account in 7-10 business days.
Can I transfer in my existing TFSA, RRSP or RRIF funds to my Common Good Plan account?
Yes, you can transfer any existing TFSA, RRSP or RRIF funds into your Common Good Plan. Log into your account and initiate the transfer-in process, and our team will take care of the rest.
A transfer of your TFSA or RRSP does not affect your TFSA or RRSP contribution limit.
I already have a TFSA and/or RRSP. Does contributing to the Common Good Plan have any impact on my existing TFSA or RRSP?
The government allows you to hold multiple TFSA and RRSP accounts. This means that it’s up to you to determine what happens to any other TFSA or RRSP accounts you hold. You can choose to transfer all of your funds into your new Common Good account (done directly within the platform) or keep them where they are.
If you wish to consolidate your RRSP and TFSA savings in the Common Good Plan, you can initiate a transfer from your account, and our team will take care of the rest. A direct transfer has no impact on your contribution limits or tax implications.
Will my employer contribute on my behalf?
If you’re joining as part of a participating employer, your employer has the option to contribute on your behalf.
What are the contribution limits, and how much can I contribute to the Common Good Plan?
General contribution limits for RRSPs and TFSAs are set by the government and can be found here. You can view your individual contribution limits by logging into your CRA My Account or by looking at your latest notice of assessment under “Available contribution room for [YEAR].”
It is your responsibility as a member to ensure you do not exceed your limits under the Income Tax Act. You would be solely responsible for any taxes or fines imposed if contributions exceed the RRSP or TFSA limits.
You can set up a monthly savings plan, and make other contributions throughout the year as you would like. Monthly savings plans are pro-rated and capped at the annual contribution limits, but if you have more contribution room, you can make additional contributions as you wish.
How do I enroll in the Common Good Plan?
You will receive an email with a unique enrollment link to sign up for the plan. This link cannot be shared with anyone else or used more than once. Once you have verified your email address, you can begin enrollment and save your progress at any time. Note that your employer will provide the email address associated with your workplace, but you can change this once you have completed enrollment.
If you require any assistance, you can contact a specialist from Common Wealth, the plan provider, who can assist you with any questions you may have at admin@commongoodplan.ca.