We will calculate your fees, issue you an invoice, and charge you following month-end processing. These amounts will be automatically withdrawn via Electronic Fund Transfer (EFT).
Members can see exactly how much they pay in fees by visiting the “My Contributions” section of their account.
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.
After five years, the employer fee will rise with inflation each year. This provision is included to ensure that the plan’s pricing stays constant relative to inflation over time. Low fees for both employers and employees are a key and core part of our philosophy and value. Any changes to the fees will be done openly and transparently, and with accessibility to employers and impact on members as our main focus and priority.
Low fees for members are a big part of what differentiates the Common Good Plan from others in the market. We have worked hard to offer such low rates, and have leveraged things like:
The fees negotiated for the Common Good Plan are considerably lower than average investment management fees that Canadian retail investors pay. According to the Investment Funds Institute of Canada, the average Canadian investment fund has fees of about 2.1% of assets. In contrast, the Common Good Plan provides investment management services, plus all other retirement services offered by the plan for its members, for a total of 0.6% of member assets and $10/month per member.
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These low fees are a big part of what makes the Common Good Plan different from others in the market and directly impact retirement outcomes for members. The high fees typical in Canada can eat up over half of long-term investment gains, and you can take a look at this tool to learn more.
No, provincial taxes will be charged on all fees based on your province of residence.
As an eligible employee of a participating employer, you pay a fee of 0.6% of assets. For comparison, the average mutual fund fee in Canada is over three times higher at more than 2% per year. This low fee for Common Good can make a dramatic difference in how much money you save for retirement.
These are all-in fees and cover:
Your employer, as the plan sponsor, pays a fee of $10/month for each employee who is enrolled in the plan. This fee covers:
If you join as an individual or leave your employer but remain in the plan, you pay a fee of 0.7% of assets and a $3/month membership fee.
Transaction and processing fees of $75 per transaction are charged for fund withdrawals or transfers out, and death and marriage breakdown processing. For non-sufficient funds (NSF) transactions, the fee is $40.
We don’t charge any fees to transfer existing RRSP or TFSA assets into the Common Good Plan, although the financial institution a member is transferring out from may have fees associated with the transfer of those funds.
You, as the plan sponsor, pay a fee of $10/month for each employee who is enrolled in the plan. This fee covers:
Members pay a fee of 0.6% of assets. For comparison, the average mutual fund fee in Canada is over three times higher at more than 2% per year. This low fee for the Common Good Plan can make a dramatic difference in how much money members save for retirement. These are all-in fees, which cover:
Members who join as individuals, or leave their employer but remain in the plan, pay a fee of 0.7% of assets and a $3/month membership fee.
Transaction and processing fees of $75 per transaction are charged for fund withdrawals or transfers out, and death and marriage breakdown processing. For non-sufficient funds (NSF) transactions, the fee is $40.
We don’t charge any fees to transfer existing RRSP or TFSA assets into the Common Good Plan, although the financial institution a member is transferring out from may have fees associated with the transfer of those funds.
