What to expect from enrollment – Common Good Plan

How long does it take to enrol?

Enrolling in the Common Wealth Plan takes about 10 minutes and marks the beginning of your retirement planning journey. From any desktop or laptop, you can work through your enrollment, creating a “first draft” of your retirement plan and putting your savings to work. You have the option to save your progress and resume later, and a Common Wealth specialist is always available should you have any questions.

What will I need to enrol in the plan?

Information required to enrol in the plan...

Your Social Insurance Number (required by the Canada Revenue Agency). If you have forgotten your SIN, you can find it on your...
- - SIN card or confirmation of SIN letter
  - tax documents including your tax return, T4 slips, and other tax-related documents
  - Employment Records: Your employer’s records, such as pay stubs or employment contracts, often include your SIN
  - Or you can view it by signing in or registering for My Service Canada Account (MSCA)

Your approximate annual pre-tax income

The approximate amount of your existing savings for retirement

Your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) contribution room (the 2024 limits are $7,000 for a TFSA, and 18% of your salary in the previous year, up to a maximum of $31,560 for an RRSP. You may also have unused room from previous years.)

The transit, institution, and account numbers for your personal bank account if you are not contributing to your plan via payroll deduction

What happens in enrollment?

During enrollment, you will make a few key decisions, many of which can be changed after setup:

Set a target retirement age — this is one decision that cannot be edited after enrollment
Set a target for how much income you want to receive in retirement
Determine how you want to contribute to the plan: regular payroll cycle contributions from your paycheque through a participating employer and/or monthly contributions from your bank account. You also have the option to do a transfer of an existing TFSA, RRSP, or Registered Retirement Income Fund (RRIF), or a one-time contribution.
If applicable, choose how much of your monthly contributions, if you have selected this option, to allocate to your TFSA versus your RRSP account
Choose from one of ten investment options from the plan’s investment manager, BlackRock. Each option is a diversified target date fund based on its time horizon.

For each of these decisions, you will be provided with a default for your consideration, in case you are not sure which option to choose. Ultimately, the choices are yours to make, and the defaults are entirely voluntary.