You can contact Common Wealth, the plan provider, at email@example.com for factual information about the plan, its products, and features.
How can I view and change my investment details?
You can log into your account and view your current holdings and transaction history in the “My Investments” section. You can also select a different target date fund here.
How can I view my transaction history?
You can log into your account and view your transaction history in the “My Contributions” section. You can view any upcoming or past transactions there, including withdrawals or fees.
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is no interruption in contributions, you should only close your existing account once contributions have started to be withdrawn from your new bank account.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 do you require my Social Insurance Number when I join?
The Canada Revenue Agency (CRA) requires this information to set up the TFSA and RRSP and to report on TFSA and RRSP contributions and withdrawals, as well as RRIF payments. This information is kept strictly confidential and not shared with any person not associated with the plan setup and administration.
Can you help me determine how much income I will need in retirement?
Common Good uses your current income to determine a target retirement income that will allow you to maintain your current standard of living as you enter retirement. We will help you understand how multiple sources of retirement income, including other savings, and eligibility for government benefits will help you reach that target. We then suggest a personalized savings plan to get you started today and stay on track over time (auto-escalation feature) in order to meet your retirement goals.