How can I check on the progress of my retirement plan?

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

If you’re interested in seeing your progress towards your retirement income, you can click on the “This Plan” section of the retirement income bar chart.

You will also receive an annual statement. This statement will be available online, and you will receive an email when it becomes available in your account.

How do I change my bank account information?

You can update your bank account by logging into your account and selecting from the drop-down menu available at the top right of your screen. Note that there is a month-end cutoff for any changes to your monthly savings plan, including your bank account. To ensure there is no interruption in contributions, you should only close your existing account once contributions have started to be withdrawn from your new bank account.

What happens if there are insufficient funds in my bank account?

If an expected contribution is not received, you will be notified that the contribution did not get transferred from your bank account.

Your Common Good Plan account will also be charged a non-sufficient funds (NSF) fee of $40 to cover the processing costs.

What happens if I join the Common Good Plan but I am no longer a resident of Canada for tax purposes?

You can continue to participate in the Common Good Plan, but you are not allowed to make additional contributions into the plan while you are not paying taxes in Canada.

It is your responsibility to ensure that you accurately characterize your residency status for tax purposes. If you are unsure about your status, you should contact the CRA or seek advice from a qualified professional. For further information, refer to CRA’s RRSPs and Other Registered Plans for Retirement, Guide for Individuals (T4040) or CRA’s Tax-Free Savings Account (TFSA), Guide for Individuals (RC4466).

Why can’t I see my latest contribution in my account balance online?

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.