Allows You to Build Additional Savings, Particularly in the Short Term
- Choose from the full range 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 plan 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 mycanadalifeatwork.com under Forms. This is required in order to comply with recent changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Withdrawals: 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. The withdrawal fee is $50.
Statements are available on My Canada Life At Work twice a year (June 30 and December 31). They show your account balance, current investment instructions, contribution information and your personal net rate of return. Members who prefer to receive these documents by mail can call Canada Life to make the arrangement.
RESOURCES
- Want to learn more about NRSPs and how to enroll? Call the Canada Life at 1-833-531-6418, Monday to Friday from 8 a.m. to 8 p.m. ET.
- Get all NRSP-related forms at mycanadalifeatwork.com > Sign in > Select Change your portfolio > Printable forms