McGill University Group RSP

Eligibility and sign-up info

Members of the McGill University Pension Plan (MUPP) are eligible to join the McGill University Group RSP. 

To join, Login to the McGill University Savings Program website using your McGill username (firstname.lastname [at] mcgill.ca) and password.


Contributions

Contributions can be made in two ways:

  • On a per-pay basis. This option has the benefit of immediate tax relief at source as contributions are deducted from your gross pay thereby reducing your taxable income. Per-pay contributions are loaded to the McGill University payroll system on the 10th and 20th of the month and will appear on the following pay advice.
  • By lump-sum contributions. To choose this option, fill out the PDF icon GRSP - Lump Sum Contribution Form

Contribution amounts

You can contribute 18% of your prior year’s earned income up to a maximum of:

  • $25,370 in 2016
  • $26,010 in 2017
  • $26,230 in 2018

Refer to your Canada Revenue Agency (CRA) – Notice of Assessment.

It is your responsibility to ensure that you do not exceed your RSP contribution room. Exceeding set contribution limits may entail adverse tax implications for you and require you to take remedial action with regulators.


Investment options

Personalized Porfolio Option

Equity Pool: TD Asset Management:

Fixed Income Pool: 100% Bond Fund - Phillips, Hager and North as at March 31, 2018

Glide Path Option: An asset allocation or investment mix that is based on your risk tolerance and age, and for which the investment mix becomes more conservative over time.

Conservative Risk Profile

Age Mapping/Bands Age 66 and above Age 60 to 65 Age 50 to 59 Age 40 to 49 Age 30 to 39 Below age 30
Phillips, Hager & North Bond Fund 65% 65% 50% 40% 30% 20%
TD Emerald Low Volatility Canadian Equity Pooled Fund Trust (30%) 11% 11% 15% 18% 21% 24%
TD Emerald US Market Index Fund (40%) 14% 14% 20% 24% 28% 32%
TD Emerald International Equity Index Fund (30%) 11% 11% 15% 18% 21% 24%

Moderate Risk Profile

Age Mapping/Bands Age 66 and above Age 60 to 65 Age 50 to 59 Age 40 to 49 Age 30 to 39 Below age 30
Phillips, Hager & North Bond Fund 65% 50% 40% 30% 20% 10%
TD Emerald Low Volatility Canadian Equity Pooled Fund Trust (30%) 11% 15% 18% 21% 24% 27%
TD Emerald US Market Index Fund (40%) 14% 20% 24% 28% 32% 36%
TD Emerald International Equity Index Fund (30%) 11% 15% 18% 21% 24% 27%

Aggressive Risk Profile

Age Mapping/Bands Age 66 and above Age 60 to 65 Age 50 to 59 Age 40 to 49 Age 30 to 39 Below age 30
Phillips, Hager & North Bond Fund 50% 40% 30% 20% 10% 10%
TD Emerald Low Volatility Canadian Equity Pooled Fund Trust (30%) 15% 18% 21% 24% 27% 27%
TD Emerald US Market Index Fund (40%) 20% 24% 28% 32% 36% 36%
TD Emerald International Equity Index Fund (30%) 15% 18% 21% 24% 27% 27%

Beneficiaries

In Quebec, it is not possible to designate a beneficiary for your Group RRSP. Instead these assets are disposed of upon your death through a will or a marriage contract.


Spousal option

You may choose to contribute on behalf of your spouse. It is important to note that any contributions directed towards a spousal RSP belong to your spouse but reduce your RSP deduction limit.


Transfers and withdrawals

Withdrawals

You may withdraw or transfer funds from your GRSP at any time provided they are not locked-in. Cash withdrawals are subject to withholding taxes and a cheque issuance fee.

Transferring in and out

You may transfer existing RRSPs or LIRAs into or out of the GRSP/GLIRA. There are no receiving institution fees for transferring funds into the GRSP/GLIRA; however the relinquishing institution may levy a fee.

To make a transfer, please download the relevant form from our Forms page.


Fees

  • Record keeping fee: $56.51 per annum including taxes and indexation (2018)
  • Management Expense Ratio (MER): 0.20% - 0.30%
  • Cheque issuance fee for withdrawals: $20 per cheque

Converting your GRSP into retirement income

Under current CRA regulations, all holdings in registered plans (including all GRSP, GLIRA and pension plan holdings etc.) must be converted into a retirement income by the end of the year in which you turn 71.


Tax slips

Tax slips will be issued twice a year:

  1. In January of each year, covering contributions remitted from March to December of the previous year.
  2. In March of each year, covering contributions remitted in the first 60 days of that year.

Tax slips will also be available online.


The GRSP record keeper

The GRSP record keeper is Morneau Shepell.


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