The myCoastal Retirement Plan offers a convenient way to invest consistently and build your retirement savings.
Who is eligible to join this plan?
Members of Coastal Community Credit Union.
When can I join?
Any time you wish – now or on a future date.
How much may I contribute?
You may contribute any amount you wish, subject to your personal Canada Revenue Agency (CRA) maximum contribution limit.
Neither Coastal Community Credit Union nor Manulife have information about your personal contribution limit. Please monitor your contributions and ensure you do not over contribute.
You can find information about RRSP contribution limits from the Canada Revenue Agency or by calling 1-800-959-8281.
Who decides how my contributions will be invested?
You do.
Can I transfer money into the plan?
Yes, you may transfer amounts from another registered plan.
Can I make additional one-time contributions?
Yes.
Can I take money out of the plan?
Yes, you are permitted to make withdrawals (subject to applicable withholding tax). The amount withdrawn may be taken in cash, transferred to another registered plan or used to participate in the Home Buyers' Plan or Lifelong Learning Plan. You can make one withdrawal free of charge each calendar year. All subsequent withdrawals will incur a charge of $25 per request, per year. This charge will be deducted directly from your myCoastal RRSP account.
Amounts withdrawn in cash are subject to immediate withholding tax. Withholding tax rates for residents of British Columbia are:
| Amount withdrawn | Tax withholding rate |
|---|---|
| $5,000 or less | 0.10% |
| $5,000.01 - $15,000 | 0.20% |
| $15,000.01 or more | 0.30% |
Please note: Tax withholding rates vary by province of residence and are subject to change without notice.
What happens if I leave Coastal Community?
The full value of your account belongs to you.
What happens if I retire?
The full value of your account belongs to you. Coastal Community representatives can provide information and advice about your options for converting your retirement savings into your retirement income.
What happens if I die while I’m a plan member?
Your beneficiary or beneficiaries will be entitled to the portion of your account that you have specified.
This website is designed to help you understand your plan and its benefits. This summary of the myCoastal Registered Retirement Savings Plan does not in any way confer contractual rights or obligations, nor does it constitute investment advice. You may wish to consult a qualified financial planner for personal investment advice. In addition, Coastal Community Representatives are available to further assist you on an individual basis.
The full provisions of the plan are contained in the official plan documents. If there are any discrepancies between the official documents and this website, the terms in the documents will apply in all cases. Coastal Community Credit Union reserves the right to change, amend or terminate this plan.
Who is eligible to join this plan?
Members of Coastal Community Credit Union.
When can I join?
Any time you wish – now or on a future date.
How much may I contribute?
You can contribute any amount you wish, subject to your personal Canada Revenue Agency (CRA) maximum contribution limit. To obtain your personal contribution limit, refer to the Notice of Assessment sent to you by CRA. To learn more, visit Canada Revenue Agency's website www.cra-arc.gc.ca.
Neither Coastal Community Credit Union nor Manulife have information about your personal contribution limit. Please monitor your contributions and ensure you do not over contribute.
Who decides how my contributions will be invested?
You do. You can select from a range of quality segregated funds and Guaranteed Interest Accounts (GIAs). For more information about these funds, see the 'Review your funds' section of this website.
Can I transfer money into the plan?
Yes, you may transfer amounts from other TFSA accounts.
Can I make additional one-time contributions?
Yes, provided that your contributions do not exceed your TFSA contribution limit.
Can I take money out of the plan?
Yes, you may withdraw your TFSA funds at any time. All withdrawals will incur a charge of $25 per request. This charge will be deducted directly from your account.
What happens if I leave Coastal Community?
The full value of your account belongs to you.
What happens if I retire?
The full value of your account belongs to you. Coastal Community representatives can provide information and advice about your options when you are considering retirement.
What happens if I die while I’m a member?
Your beneficiary or beneficiaries will be entitled to the portion of your account that you have specified.
This website is designed to help you understand your plan and its benefits. This summary of the my CoastalTax-free Savings Account does not in any way confer contractual rights or obligations, nor does it constitute investment advice. You may wish to consult a qualified financial planner for personal investment advice. In addition, Coastal Community Representatives are available to further assist you on an individual basis.
The full provisions of the plan are contained in the official plan documents. If there are any discrepancies between the official documents and this website, the terms in the documents will apply in all cases. Coastal Community Credit Union reserves the right to change, amend or terminate this plan.
Who is eligible to join this plan?
Members of Coastal Community Credit Union.
When can I join?
Any time you wish – now or on a future date.
How much do I contribute?
You may contribute any amount you wish. Contributions to this plan are not tax sheltered.
Each year, you will be mailed tax slips to report interest earned on Guaranteed Interest Accounts (GIAs) and investment income and capital gain/loss on the Market Based Fund(s) in your account. These slips are to be included when you file your Income Tax Return.
Who decides how my contributions will be invested?
You do.
Can I transfer money into the plan?
Yes, you may transfer amounts from another non-registered plan into this plan.
Can I make additional one-time contributions?
Yes.
Can I take money out of the plan?
Yes, you may withdraw your contributions in the Non-Registered Savings Plan at any time. The amount withdrawn may be taken in cash or transferred to another non-registered plan. Each calendar year your first withdrawal is free. Any subsequent withdrawals will incur a charge of $25 per request. This fee will be deducted from your withdrawal amount.
Please note: Making a withdrawal from the Non-Registered Savings Plan will trigger a taxable event. If this results in a capital gain, you may be required to pay tax on that amount when you file your Income Tax Return. Consult your tax specialist for more details.
What happens if I leave Coastal Community?
The full value of your account belongs to you.
What happens if I die while I’m a member?
Your beneficiary or beneficiaries will be entitled to the full value of your account.
This website is designed to help you understand your plan and its benefits. This summary of the myCoastal Non-Registered Savings Plan does not in any way confer contractual rights or obligations, nor does it constitute investment advice. You may wish to consult a qualified financial planner for personal investment advice. In addition, Coastal Community Representatives are available to further assist you on an individual basis.
The full provisions of the plan are contained in the official plan documents. If there are any discrepancies between the official documents and this website, the terms in the documents will apply in all cases. Coastal Community Credit Union reserves the right to change, amend or terminate this plan.
