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.

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.

How will I know how much I have been charged?

You can log into your account and view past fees in your transaction history in the “My Contributions” section. Your account will show you exactly how much you’ve paid each month in fees.

Can I join the Common Good Plan if I’m over age 71?

Yes! The benefit of the Common Good Plan is that members have the option of contributing to a TFSA. There is no age restriction for contributing to a TFSA, which allows members over the age of 71 to contribute to the Common Good Plan. Even if employees are drawing down their RRIF contributions, they can still contribute to their TFSA. In addition, unlike RRIF requirements, there is no obligation to draw down TFSA funds.