How can members check on the progress of their retirement plan?

Members can log into their account and view their progress in the “My Plan” section. On this dashboard, they can view the current value of their TFSA and RRSP and the total contributions into the plan. 

If a member is interested in seeing their progress towards their retirement income, they can click on the “This plan” section of the retirement income bar chart.

Members also receive an annual statement that is available online in their account, and they will receive an email notifying them when it becomes available.

What kind of support and guidance does Common Good offer for plan members?

Part of the value that the Common Good Plan can offer its members is in the education they can access through the plan. This ranges from planning suggestions during enrollment, to a library of educational articles, and education sessions with specialists from Common Wealth, the plan provider. All of these resources are aimed at equipping Common Good Plan members with more and better information on saving for their retirement, so they can make the right decisions for their savings goals. Members can also reach Common Wealth support staff via email or phone (admin@commongoodplan.ca). 

In addition to all of the above, you (as the employer and plan sponsor) can choose an enhanced onboarding package to give your team members access to a Common Wealth specialist to help set up their individual plan through a guided enrollment.

What are the contribution limits, and how much can members contribute to the Common Good Plan?

General contribution limits for RRSPs and TFSAs are set by the government and can be found here. Each person can view their individual contribution limits by logging into their CRA My Account or by looking on their latest notice of assessment under “Available contribution room for [YEAR].”

It is the responsibility of a member to ensure they do not exceed their limits under the Income Tax Act. Members will be solely responsible for any taxes or fines imposed if contributions exceed the RRSP or TFSA limits. We provide education to members about their limits as part of their account.

Members can set up a monthly savings plan, and make other contributions throughout the year as they would like. Monthly savings plans are pro-rated and capped at the annual contribution limits, but if members have more contribution room, they can make additional contributions as they wish. 

How do employees enroll in the Common Good Plan?

Employees will receive an email with a unique link that they can then use to enroll into the plan. This link cannot be shared with anyone else and can only be used once. 

If employees require additional assistance, they can contact a Common Wealth representative who can assist with any questions they may have at admin@commongoodplan.ca.

Who manages the investments for the Common Good Plan?

The investment manager for the Common Good Plan is BlackRock, the world’s largest asset manager. Founded in 1988, BlackRock has over $8.67 trillion USD in assets under management, including managing over C$200 billion in assets for Canadian clients. The firm pioneered target date funds in 1993 with the launch of LifePath Funds. BlackRock is the market leader in Canada for target date funds, with over C$30 billion in assets in its LifePath products, which have been serving Canadian investors since 2007. LifePath is used as the default investment option in some of Canada’s largest defined contribution plans.

Are the investments guaranteed?

Target date funds are not guaranteed at any time, including at the target date, and will fluctuate based on stock market performance.