What are the plan fees?

As an eligible employee of a participating employer, you pay a fee of 0.6% of assets. For comparison, the average mutual fund fee in Canada is over three times higher at more than 2% per year. This low fee for Common Good can make a dramatic difference in how much money you save for retirement.

These are all-in fees and cover: 

• Investment management 
• Plan administration
• Custodial fees and other costs associated with running the plan

Your employer, as the plan sponsor, pays a fee of $10/month for each employee who is enrolled in the plan. This fee covers: 

• Common Wealth’s digital retirement planning technology
• Employer service (e.g., onboarding, payroll deduction)
• Member service (e.g., inquiries, one-on-one member support)
• Education for you and your employees

If you join as an individual or leave your employer but remain in the plan, you pay a fee of 0.7% of assets and a $3/month membership fee.

Certain transactions will also incur fees. Transaction and processing fees of $35 per transaction are charged for partial fund withdrawals. Full fund withdrawals and all transfer-out transactions trigger a $75 per transaction fee. For non-sufficient funds (NSF) transactions, the fee is $40 per NSF failed withdrawal. 

We don’t charge any fees to transfer existing RRSP or TFSA assets into the plan, although the financial institution a member is transferring out from may have fees associated with the transfer of those funds. Processing fees do not apply during the drawdown period in retirement.