Canada Retirement Plan

• Sun Life is the Retirement Plan provider.
• The Plan is a Defined Contribution Pension Plan (DCPP).
• Eligibility begins on date of hire.
• Vesting is immediate.
• Online enrollment tools will be available.

Defined Contribution Pension Plan

• The Plan document specifically defines base earnings, overtime, bonuses and commissions.
• Investments will be moved to the Sun Life funds that most closely match current selections.
• Member statements are provided semi-annually.
• The Sun Life site offers a variety of tools for managing your Plan account and participation.
• Once you have reached the Pension Plan contribution maximum set by Revenue Canada, you can direct your contribuitons to a Non-Registered savings account, and the employer match will stop.

Defined Contribution Pension Plan – Matching

If you are not currently participating you will be auto-enrolled at 2%.

Employee	Employer
2%	3%
3%	4%
4%	5%
5%	5.5%
6%	6%

Other Sources of Savings

You will also have the option to direct payroll contributions to any of the following:

• Registered Retirement Savings Plan (RRSP).
• Tax Free Savings Account (TFSA).
• Non-Registered Savings.

Flex Credits received from the Health/Vision and Dental plans can be directed to any of these accounts.

New Canadian Residents:

• RRSP: In order to participate in the RRSP, you must have reported prior year Canadian earnings to Revenue Canada by filing your first Canadian tax return.
• TFSA: Non-residents are not eligible to participate in the TFSA.
• NREG: Participation is available for all colleagues.

Product	Canadian Resident?	Working in Canada?	Paid by Canadian Employer?	Contributions allowed?	Comments
RRSP	Yes	Yes	Yes	Yes, as long as you have personable RRSP contribution room. To earn RRSP contribution room, you must have worked in Canada in a previous year. The amount of RRSP contribution room is subject to limits. Your personal contribution room can be found on your Notice of Assessment.	Permitted, as long as it is considered Canadian earned income and taxable in Canada. You must have filed your first Canadian tax return in order to receive a Notice of Assessment to determine your RRSP contribution room.
RRSP	Yes	No	Yes	Yes, as long as you have personable RRSP contribution room. To earn RRSP contribution room, you must have worked in Canada in a previous year. The amount of RRSP contribution room is subject to limits. Your personal contribution room can be found on your Notice of Assessment.	Permitted, as long as it is considered Canadian earned income and taxable in Canada. You must have filed your first Canadian tax return in order to receive a Notice of Assessment to determine your RRSP contribution room.
RRSP	No	Yes	Yes	Yes, as long as you have personable RRSP contribution room. To earn RRSP contribution room, you must have worked in Canada in a previous year. The amount of RRSP contribution room is subject to limits. Your personal contribution room can be found on your Notice of Assessment.	Permitted since member is receiving income for services rendered in Canada and the income is taxable in Canada. You must have filed your first Canadian tax return in order to receive a Notice of Assessment to determine your RRSP contribution room.
RRSP	Yes	No	No	No	Not permitted, since it would not be considered Canadian earned income. However, contributions could be made if the member has unused RRSP contribution room available even if the member does not have Canadian source income during the year, provided the member files a Canadian income tax return.
RRSP	No	No	Yes	No	Not permitted since service is not rendered in Canada. However, contributions could be made if the member has unused RRSP contribution room available even if the member does not have Canadian source income during the year, provided the member files a Canadian income tax return.
RRSP	No	No	No	No	Not permitted since service is not rendered in Canada. However, contributions could be made if the member has unused RRSP contribution room available even if the member does not have Canadian source income during the year, provided the member files a Canadian income tax return.
Product	Canadian Resident?	Working in Canada?	Paid by Canadian Employer?	Contributions allowed?	Comments
TFSA	Yes	Yes	Yes	Yes
TFSA	Yes	No	Yes	Yes	Permitted, as long as the income is taxable in Canada.
TFSA	No	Yes	Yes	No	A non-resident may enrol but there is no benefit because the contributions will be subject to the 1% monthly penalty tax. Non-residents will not accumulate any contribution room.
TFSA	Yes	No	No	Yes	Contributions could be made if the member has unused TFSA contribution room available even if the member does not have Canadian source income during the year, provided the member is considered a Canadian resident and files a Canadian income tax return.
TFSA	No	No	Yes	No	A non-resident may enrol but there is no benefit because the contributions will be subject to the 1% monthly penalty tax. Non-residents will not accumulate any contribution room.
TFSA	No	No	No	No	A non-resident may enrol but there is no benefit because the contributions will be subject to the 1% monthly penalty tax. Non-residents will not accumulate any contribution room.