NRSP (Non-Registered Savings Plan)
Allows you to build additional savings, particularly in the short term.
- Choose from the fullrange of low-cost investment options available within the plan.
- There are no restrictions on how much you put in.
- Potential for better returns on your money than a personal savings account at a bank.
- Contributions to the NRSP can be made through payroll deductions, or under certain circumstances that prevent you from contributing to an RRSP. This should be arranged with your administrator/payroll contact, as applicable.
How to contribute
To make a lump-sum contribution to the NRSP you must provide personal identification to an authorized agent of Canada Life or complete a separate identification package available at grsaccess.com under Forms. This is required in order to comply with recent changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
- A cornerstone of CEIRP is to help members save for retirement. One of the ways to accomplish this is to limit the ability to withdraw contributions. For more information, please refer to your enrolment booklet.
- You’re allowed one free withdrawal per year.
- $50 fee for any subsequent withdrawals within the same calendar year.
- Statements are mailed out by Canada Life twice a year (June 30 and Dec. 31).
- They show your account balance, current investment instructions, contribution information and your personal net rate of return.