COVID-19

Read our FAQs and discover resources available to faculty and staff.

Voluntary Savings Plans

The Voluntary Savings Plans, which are available to all staff members, include a Group Retirement Savings Plan (RSP), Group Retirement Savings Plan - Spousal and a Group Tax-Free Savings Account (TFSA).  Staff can enroll in either or both of these plans using the Workday platform:

How to enroll/or make changes in Workday

 
  1. Open the Benefits application on your Workday dashboard (available as of August 4, 2020)
  2. Click Benefits.
  3. Select the Benefit Event Type “Group RSP Opt-In/Opt-Out or TFSA Opt-In/Opt-Out”.
  4. Enter the Benefit Event Date (represents the effective date of your benefit election change).
  5. Review the Submit Elections By date.
  6. Review the Enrollment Offering Types (represent the benefit plans that you are permitted to change. If your enrollment offering types appear empty, you are not eligible to make any changes to your benefit elections).
  7. Click Submit.
  8. Click Open to access your Benefit Change task in your Workday inbox.
  9. Click Elect and Enter an Amount (Biweekly) in the employee contribution column.
  10. Click Continue
  11. Review all information on the Benefit Elections Review page.
  12. Review the Electronic Signature statement.
  13. Click the I Agree checkbox.
  14. Click Submit.
  15. Review the Submit Elections Confirmation page.
  16. Click Print > Click to Download to save a copy of your changes.
  17. Click Done.

Group Retirement Savings Plan (RSP) and GRSP - Spousal

Making Contributions and Contribution Limits

Contributions can be made two ways:

  • On a per-pay basis through Workday:  this option has the benefit of an immediate tax relief at source as contributions are deducted from your gross pay thereby reducing your taxable income.
  • By a one-time contribution:  To choose this option, fill out the:  PDF icon One-Time Contribution - GRSP or TFSA (G84 = Pension Plan for SEU; 729 = other)

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. Refer to your most recent Canada Revenue Agency "Notice of Assessment" for details.

You can contribute 18% of your prior year's earned income up to the CRA maximum of:

  • $27,230 in 2020
  • $27,830 in 2021

Investment Options

General

You have 2 approaches to investing:  "Help me do it" or "Let me do it".  Following transition, you'll have access to Morningstar - investment tools and information to help you save.  You'll have the option to elect automatic portfolio rebalancing whereby your investments are re-adjusted quarterly so that they match the future investment instructions on file.  

Help me do it

In the "Help me do it" approach, we point you towards an easy fund and you make one decision. 

Fund Category Fund name FMF*
Multi-Risk Target Date McGill VSP (2020-2065) Conservative Profile 0.27 - 0.29%
McGill VSP (2015-2065) Moderate Profile 0.26 - 0.29%
McGill VSP (2015-2065) Aggressive Profile 0.26 - 0.28%
Target Risk McGill VSP Conservative Profile 0.30%
McGill VSP Moderate Profile 0.29%
McGill VSP Aggressive Profile 0.29%

*FMF = fund management fees

Let me do it

In the "Let me do it" approach, you handle the investing using tools to help you make a decision. 

Fund category Fund name FMF*
Money market TDAM Emerald Canadian Short-Term Investment Fund 0.33%
Bond (fixed income) PH&N Bond Segregated Fund 0.31%
Canadian Equity TDAM Low Volatility Canadian Equity Fund 0.21%
US Equity TDAM US Market Index Segregated Fund 0.21%
International Equity TDAM International Equity Index Segregated Fund 0.22%

*FMF = fund management fees

 

      Beneficiary Designation

      You will need to name a beneficiary.  This is the person who receives your money when you pass away.  This is important and helps create a quick and easy way to give your money to those who matter most to you, making sure they’re looked after when you’re gone.

          GRSP - Spousal

          You may choose to contribute on behalf of your spouse by enrolling in the GRSP - Spousal through Workday. It is important to note that any contributions directed to the Group RSP - Spousal belong to your spouse but reduce YOUR contribution room. Refer to your most recent Canada Revenue Agency "Notice of Assessment" for more information.  In addition to setting up your contributions in Workday, you will also need to complete and return the PDF icon RSP - Spousal Form to Sun Life.  Failure to return this form will result in contributions being rejected (Sun Life Financial Group Retirement Services - PO Box 6029, Station D, Montreal, QC H3C 3A7).

              Fees

              • 2020 Annual Record Keeping Fee:  $60.00*
              • Withdrawal/Transfer Fee prior to termination:  $25 per transaction
              • Withdrawal/Transfer Fee at termination or retirement:  $75 per transaction
              • Fund Management Fees:  Refer to investment section above or to Morningstar®

              * withdrawn from your account on a quarterly basis and is subject to an annual adjustment.

                  Tax Slips

                  Tax slips will be issued twice a year:

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

                  Tax slips will be available online via the Sun Life secure site.

                  For more information

                  For more information on the Group RSP, please refer to:

                   

                   

                  Group Tax-Free Savings Account (TFSA)

                  The Group TFSA is a way for employees who are 18 and older to set money aside tax-free throughout their lifetime.  Contributions to a TFSA are not deductible for income tax purposes.  Any amount contributed as well as any income earned is tax-free, even when it is withdrawn.

                  Making Contributions and Contribution Limits

                  Contributions can be made two ways:

                  It is your responsibility to ensure that you do not exceed your TFSA contribution room limit. Exceeding set contribution limits may entail adverse tax implications for you and require you to take remedial action with regulators. Your TFSA contribution room limit can be found using one of the following services of the Canada Revenue Agency: "My Account", "MyCRA", or contact the CRA directly at 1-800-267-6999.

                  • Annual TFSA limit for 2019: $6,000
                  • Annual TFSA limit for 2020: $6,000

                  Investment Options

                  General

                  You have 2 approaches to investing:  "Help me do it" or "Let me do it".  You'll have access to Morningstar® - investment tools and information to help you save.  You'll have the option to elect automatic portfolio rebalancing whereby your investments are re-adjusted quarterly so that they match the future investment instructions on file.  

                  Help me do it

                  In the "Help me do it" approach, we point you towards an easy fund and you make one decision. You also have the option of quarterly rebalancing.

                  Fund Category Fund name FMF*
                  Multi-Risk Target Date McGill VSP (2020-2065) Conservative Profile 0.27 - 0.29%
                  McGill VSP (2015-2065) Moderate Profile 0.26 - 0.29%
                  McGill VSP (2015-2065) Aggressive Profile 0.26 - 0.28%
                  Target Risk McGill VSP Conservative Profile 0.30%
                  McGill VSP Moderate Profile 0.29%
                  McGill VSP Aggressive Profile 0.29%

                  *FMF = fund management fees

                  Let me do it

                  In the "Let me do it" approach, you handle the investing using tools to help you make a decision. 

                  Fund category Fund name FMF*
                  Money market TDAM Emerald Canadian Short-Term Investment Fund 0.33%
                  Bond (fixed income) PH&N Bond Segregated Fund 0.31%
                  Canadian Equity TDAM Low Volatility Canadian Equity Fund 0.21%
                  US Equity TDAM US Market Index Segregated Fund 0.21%
                  International Equity TDAM International Equity Index Segregated Fund 0.22%

                  *FMF = fund management fees

                   

                      Fees

                      • 2020 Annual Record Keeping Fee: $60.00*
                      • Withdrawal/Transfer Fee prior to termination: $25 per transaction
                      • Withdrawal/Transfer Fee at termination or retirement: $75 per transaction
                      • Fund Management Fees: Refer to investment section above or to Morningstar®

                      * withdrawn from your account on a quarterly basis and is subject to an annual adjustment.

                      For more information

                       

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