Contributions

Your annual contribution limit for the Group RSP and personal RRSPs combined is equal to:

After you file your income tax return, the Canada Customs and Revenue Agency will send you your Notice of Assessment, which indicates your annual RRSP contribution room.

Your contributions will be made through payroll deductions.

Payroll deductions allow you to contribute smaller amounts frequently versus one large contribution during RRSP season, letting your money start to work for you sooner.

Also, payroll deductions could potentially offer you thousands of extra dollars at retirement through compounding dollars, since the longer and the more money you invest, the more money you will have at retirement.

Be sure to complete the Payroll deduction authorization form and return it to Canada Life.

In addition to payroll deductions, you can choose to make lump-sum deposits at any time, subject to the contribution limit.

To make lump-sum contributions, you must complete the Lump-sum deposit form and return it to Canada Life.

You can increase or decrease your contribution level at any time. To do so, simply complete Concordia's Change of contribution level form and send it to Benefits Services.

You can transfer amounts from your individual RRSPs to the Concordia Group RSP. If you consolidate your RRSP accounts by transferring other RRSP assets to the Concordia Group RSP, you will get just one detailed statement. This will allow you to conveniently manage your entire RRSP portfolio through Canada Life.

Here's what you need to do:

1. Complete form T2033 (which you may obtain from the Canada Customs and Revenue Agency, your financial institution or Canada Life by calling the Customer Care Centre at 1 800 387-2679).
2. Return the form to Canada Life, along with a copy of your most recent RRSP statement from your financial institution.