Are your savings on track?
The Canadian Baptist Pension Plan (CBPP) and Group TFSA are an important and valuable part of your overall compensation, and are key tools to help you save for your future.
But it can be a challenge to understand how much you’ll need in retirement, and whether you’re on track to get there. One of the most important things you can do, while you’re still working, is to consider and plan for how you’d like to spend your retirement years.
Whether you’re just starting out, or getting closer to retiring, it’s never too early – or too late – to get your money working for you. But the sooner, the better.
Canada Life Health and Wealth Consultants can help
As part of the Retirement & Savings program, you can make an appointment with a Canada Life Health and Wealth Consultant, who can help you develop a plan to help ensure your money will last.
Some things to think about
Even if you’re already contributing to the CBPP, there are some other ways you may be able to make the most of the CBBenefits plans and the many great advantages.
- Additional voluntary contributions – If you can find a little extra to contribute (either regularly, or as a lump sum if your employer agrees), consider tucking it away in the CBPP so it can grow. Every little bit helps! You can start, change or stop making voluntary contributions at any time. > Watch the video, then talk to your Treasurer for more information.
- Open a CBBenefits Tax-Free Savings Account (TFSA) – TFSAs are great for long- or short-term savings, and you can deposit up to $6,000 every year and watch it grow, tax free. Your spouse and eligible family members can also open a TFSA so you can all benefit from the much lower fees and carefully selected fund options.
> See the TFSA Overview
> See Opening a TFSA - Transfer money in from another plan – You may want to take advantage of the CBPP’s easy investment options and very low fees by moving your assets from another registered pension arrangement (such as a Registered Pension Plan, an RRSP or Spousal RRSP) into the CBPP. Provided the prior plan allows for transfers, there’s usually just a form to fill out and sign.
- Life events – As you grow in your career and experience changes in your life, your financial picture can change over time. And you may want to change your contribution amount or investments to reflect that. Luckily, Target Date funds risk profile changes as you age, so you don’t need to worry about that, but it’s still a good idea to do a regular review.
A few things to consider:
- Have you had a salary increase (or decrease)?
- Did you get married, have kids, or other family changes?
- If you go on a leave, did you know you can choose whether to continue or pause your contributions?
- Do you need to start saving for university?
- Have you come into an inheritance?
Or, even something like this:
- If you’ve been paying to upgrade your benefits plan to include orthodontic coverage, but now your kid (or you) is finished with the braces, you may want to lower your benefits coverage at the next enrollment and put that money into your TFSA or CBPP instead.
To find Retirement & Savings forms:
Log in to My Canada Life at Work > Info centre > For Savings > Tools and Resources > Change your portfolio > Printable Forms > (Select dropdown for category: Request/change forms)
IMPORTANT NOTE about contribution limits:
In accordance with the Canadian Income Tax Act, the total of all contributions (including those made by your employer) to the DCPP in any year can’t exceed the lesser of 18% of your compensation and the money purchase limit for that calendar year. You and your employer are responsible for making sure your voluntary contributions don’t exceed the contribution limit. Unlike your basic contributions, voluntary contributions can be withdrawn at any time.
View your accounts
You can view your DCPP and/or TFSA accounts at any time. Simply log in to My Canada Life at Work!
It’s a convenient way to get the details you need 24/7!
