The Company offers multiple ways to save for the future through convenient payroll deductions.
You and the Company may contribute to your account, giving your savings the potential to grow over time. Available plans include:
The Company will automatically contribute 4% of your earnings to your DCPP. You can also choose to contribute a percentage of your pay, and the Company will match 100% of your contributions up to the first 3% — a valuable way to boost your savings. Note: You must complete registration and select your contributions to receive a match.
Tune in: Get the Most from Your Sun Life Plan
Saving through a Company plan could help you save more, faster. Join a session to find out more.
New to the Company?
You’ll be able to register for your Sun Life account on MySunLife.ca within two weeks of your start date. Once your account is ready, you’ll receive an email with instructions on how to create your login and get started. After you’ve created your account, you will be able to select your contributions and add beneficiary information.
Plan for the Future
If you are enroled in a Company medical plan, you also access to Pre-Retirement Planning through Life Smart Coaching from Employee and Family Assistance Program provider Homewood Health. Coaches can help you set goals and plan ahead for a satisfying, productive retirement.
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DCPP |
RRSP |
TFSA |
NREG |
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Am I required to enrol? |
Yes. Participation is mandatory. |
No. Participation is voluntary. |
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Can I make one-time contributions? |
One-time contributions are not allowed. |
Yes, you can make one-time contributions online at mysunlife.ca. |
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Can I bring in my savings from somewhere else? |
Contact Sun Life for more information. |
Yes. Move money from other financial institutions into your workplace plan. It can make taking care of your savings easier and you could save on fees, too. |
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Am I taxed when I withdraw money? |
Yes. Withdrawals are considered taxable income and tax will be withheld from withdrawal amounts. |
Yes. Contributions are before-tax. This means you’ll get an immediate tax break when you make a contribution from your pay. But generally, withdrawals are considered taxable income and tax will be withheld from withdrawal amounts (unless it’s for the Home Buyers’ Plan or the Lifelong Learning Plan and you pay the amount back). |
No. Contributions are after-tax and any withdrawals you make are tax-free. |
No. Contributions are after-tax. This means you won’t be taxed when you withdraw from your NREG. But keep in mind that although withdrawals are not considered taxable income, they may result in a taxable capital gain or loss. |
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Do I pay tax on what my investments earn? |
Any investment growth is tax-deferred in the DCPP until you use the money for a retirement income. |
Any investment growth is tax-deferred in the RRSP until you take the money out in cash. |
Any investment growth is tax-free. |
You’ll be taxed each year on any investment income and capital gains.* |
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Are there any age limits? |
Yes, you must stop contributing and move your money out of your DCPP by December 31 of the year you turn 71. |
Yes, you must stop contributing to your RRSP by December 31 of the year you turn 71. (Or the year your spouse turns 71 for a spousal RRSP.) |
Yes, you need to be at least 18 to contribute to a TFSA. But you can continue to invest in TFSAs at any age after that. |
There’s no age limit with the NREG. |
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How can I use this product in retirement? |
You generally can’t add any more money to a DCPP in retirement. You have to use it to buy a retirement income product by the end of the year you turn 71. |
You generally can’t add any more money to an RRSP in retirement. More specifically, you have to withdraw it or use it to buy a retirement income product by the end of the year you turn 71. |
You can continue adding money to a TFSA during retirement. Use the money you’ve saved whenever you want, including when you’re retired. |
You can continue adding money and saving with an NREG during retirement. Use the money you’ve saved whenever you want, including when you’re retired. |
If you are a full-time employee, you are eligible to join immediately. Membership is mandatory. For additional details on benefit eligibility, please refer to the applicable member booklet.
You don’t have to contribute to the plan, but if you choose to, you can contribute 1%, 2%, or 3% of your earnings. The Company will automatically contribute 4% of your earnings, no matter what. And if you do make contributions, the Company will match them, up to an additional 3%. That means you could get a total of up to 10% of your earnings going into your retirement savings!
You can find your current contribution room by logging into the CRA My Account website, or by reviewing your most recent Notice of Assessment.
If you are a full-time employee, you are eligible to enrol in the Group RRSP immediately. Membership is optional. For additional details on benefit eligibility, please refer to your applicable member booklet.
You can decide how much you want to contribute, if anything at all, through convenient payroll deductions. You can change or pause your contributions at your convenience through the member secure site mysunlife.ca or mobile app. One-time contributions can be made online or through the mobile app. For additional support, call Sun Life’s Client Care Centre at 1-866-896-6984.
Contributions are tax-deductible as long as you stay within the RRSP Contribution limits set by the Income Tax Act.
You can find your current contribution room by logging into the CRA My Account website, or by reviewing your most recent Notice of Assessment.
Keep in mind: You can withdraw from your RRSP at any time, but withholding tax will apply to any cash withdrawals.
As a Company employee, you are eligible to enrol in the Spousal RRSP immediately. Membership is optional. For additional details on benefit eligibility please refer to the applicable member booklet.
A Spousal RRSP lets you make contributions to an RRSP in your spouse’s name. You still get the tax deduction, but the account and any future withdrawals belong to your spouse.
Keep in mind: If your spouse takes money out of the account, and you made contributions in that year or the previous two calendar years, the withdrawal (up to the amount you contributed) may be taxed in your name instead of theirs.
The Spousal RRSP form is available for download on the member website under your Spousal Account section. You can make contributions through payroll deduction or by making a lump sum payment just like with your own RRSP.
As a Company employee, you are eligible to enroll in a Tax-Free Savings Account (TFSA) immediately upon hire. Membership is optional. For additional details on benefit eligibility please refer to the applicable member booklet.
The TFSA lets you grow your savings without paying tax on the investment earnings or gains. You contribute with after-tax dollars, but once your money’s in, it grows tax-free. You won’t be taxed when you take it out either.
Contributions can be made through payroll deductions. If you’d like to make a one-time contribution, you can send a cheque or contribute online. You can find your current contribution room by logging into the CRA My Account website, or by reviewing your most recent Notice of Assessment.
Contributions to the TFSA are not tax deductible. Withdrawals and transfers to another TFSA are permitted at any time. Any withdrawals you make each year will create contribution room for the following year instead of in the year of withdrawal. There is no withholding tax on withdrawals, and you will not receive any tax forms because this is a tax-free arrangement.
As a Company employee, you are eligible to enrol in a Non-Registered Savings Plan (NREG) immediately. Membership is optional. For additional details on benefit eligibility please refer to the applicable member booklet.
You decide how much you’d like to contribute through convenient payroll deductions. You can change, pause, or restart your contributions at any time by calling Sun Life’s Client Care Centre at 1-866-896-6984. You can also log into mysunlife.ca.
Because this is an after-tax plan, your contributions aren’t tax-deductible, but your investment earnings may be subject to tax. Withdrawals are allowed anytime, and while there’s no tax withheld when you take money out, you’ll need to report any gains or losses on your tax return.
The NREG gives you the flexibility to keep saving even after you’ve maxed out your registered plans.
It’s important to keep your beneficiary information up to date to ensure your benefits are distributed according to your wishes in a timely manner. Beneficiaries can be added and updated on mysunlife.ca or via the mobile app.
You can change your contributions easily using the Sun Life online portal. If changing contributions to registered products (DCPP, RRSP, and TFSA), check your current contribution room by logging into the CRA My Account website, or by reviewing your most recent Notice of Assessment.
Note: This is a good time to add or review your beneficiary information.
Did You Know?
Manage your contributions on the Sun Life mobile app, where you will also find:
