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Click on a subject below for answers to frequently asked questions. You may also call Manulife at 1-800-242-1704 to speak with one of our Group Savings & Retirement representatives for more information.
 Address Change
- How do I advise Manulife of my new address?
You can modify your address, email and phone number(s) online by accessing the Personal data page under Manage your plans. You may access this page directly by clicking on the address link appearing in the top menu. Should you prefer, call Manulife at 1-800-242-1704 or use the Miscellaneous Changes form located in the Helpful information section.
Beneficiaries (Naming a beneficiary)
- How can I verify who I named as beneficiary
and maybe change it?
The names of your designated beneficiaries can be found on the Beneficiaries page, under Manage your plans. This information also appears on the first page of your Member Statement.
To change your beneficiaries, print out the
Miscellaneous Changes form located on the
Beneficiaries page. Complete Section I, sign the form
and return it to your Human Resources department,
keeping a copy for your records.
- What is the difference between a revocable
and an irrevocable beneficiary?
Revocable means you can change your beneficiary at any time without your beneficiary's consent. Irrevocable means you can change your beneficiary at any time BUT only if your beneficiary has agreed to this in writing. Naming an irrevocable beneficiary means you will have less flexibility in managing your plan, as beneficiary authorization is often required.
- Can I name anyone as a beneficiary?
Anyone can be a designated beneficiary for registered
plans. However, if you name a minor (age of majority
varies by province), it is recommended you name a
trustee to receive the funds for that minor, and that
the trustee be properly instructed as to how to use the
plan proceeds on the minor’s behalf.
Note: if you participate in a Registered Pension Plan, legislation requires that your spouse or common-law spouse/partner receive some or all of the benefits payable upon your death, unless they have signed a waiver.
- What if I choose estate rather than naming a
beneficiary?
The value of your Manulife group plan, upon
your death, is pooled with your other assets and is
then reduced by the applicable probate fees, taxes,
debts, funeral costs, etc. The balance is what becomes
available for your heirs.
- What if I don’t designate a beneficiary?
If you don’t have an eligible spouse, common-law
spouse/partner, dependent children or a designated
beneficiary, upon death, any benefits will be payable
to your estate.
- What if my beneficiary dies before me?
You may designate another beneficiary whether
or not the deceased was a revocable or irrevocable
beneficiary. Manulife will pay the benefits from
your group plan to any surviving beneficiary or, if
none, to your estate.
- What will my beneficiary actually receive upon
my death, considering tax implications?
The amount of death benefits and taxes payable (where applicable) will depend on the type of plan you have, who you named as beneficiary, as well as applicable pension and income tax legislation.
Note: It may be advantageous for tax reasons to designate your spouse, common-law spouse/partner or a dependent child as beneficiary.
Customization of Home page
- What changes can I make to my Home page?
You can modify the layout and the content of your Home page by:
- clicking on the heading of the box you wish to move and dragging it to a new location
- minimizing/maximizing or closing a box by clicking on the corresponding icon in the heading, when applicable
- accessing the Customize feature that appears in the top menu, checkmarking the sections and features you wish to display and clicking on the Save button
- I've made changes to my Home page. How can I apply its original settings?
Access the Customize feature that appears in the top menu, click on the "Apply original settings" button and save, by clicking on the corresponding button located at the bottom of the screen.
Divorce and Bankruptcies
- If I get divorced, can I transfer funds from my Manulife group plan to my spouse?
Yes, registered plan funds may be transferred to your spouse's RRSP without any tax penalty. Note that the amount that can be transferred may also be restricted by legislation. Please contact your legal advisor for more information.
- Will my Manulife group plan be seized if I go bankrupt?
Generally, a registered plan provided under an insurance company policy is exempt from seizure if the named beneficiary is your spouse, child, grandchild, or parent. However, there are numerous exceptions to this rule. Please contact your legal advisor for more information.
FATCA
- What is FATCA?
FATCA stands for Foreign Account Tax Compliance Act. The goal of this American legislation is to help identify US persons who may be holding assets and income abroad. It was enacted in the US in 2010.
On February 5, 2014, Canada signed an inter-government agreement with the United States; its official name is the Canada US Enhanced Tax Information Exchange Agreement (the “Agreement”).
- Who is a US person under the Agreement?
Under US tax law, you are considered a US person if you are:
- A citizen of the US including an individual born in the US but resident of Canada who has not renounced US citizenship
- A lawful resident of the US (including a US green card holder)
- What does Canada's recent signing of the Agreement mean to you
It means that Canadian Financial Institutions are required to identify persons who hold investments at their institutions, and who are US persons for US tax purposes.
- What do you have to do?
If you are a US citizen, resident or taxpayer, you will be asked to provide your taxpayer identification number (TIN). You might also be requested to complete a Self-Certification Form. This information will be kept on file at Manulife and reported to Canada Revenue Agency (CRA).
- Which plans are affected?
Employee Profit Sharing Plans (EPSP)
Non-registered savings plans (NRSP)
Non-registered Stock plans (NOREG and EPSP)
Non-registered Investment Only plans (IO)
For more information on FATCA and how it affects you, visit:
Canada Revenue Agency (CRA) Q&A
IRS (Internal Revenue Service) for information about tax reporting
Financial Planning
- Where should I invest my money and how much should I contribute?
These are the most important questions to ask when planning for your retirement, and the answers depend on your specific circumstances. To assist you, use the Planning tools available under the Plan your financial future section.
To help you find out how much you should be saving to reach your retirement savings goals, you can download and complete our comprehensive Retirement Income Calculator. Should you prefer a quicker calculation, you can access our simplified retirement calculator questionnaire. You can also complete our Investor Profiler that provides sample investment combinations corresponding to different investor types and comfort levels in regards to risk. You may always contact a Manulife Group Savings & Retirement representative at 1-800-242-1704 who will be pleased to discuss your needs and the investment strategies best suited to your situation.
- How do I access the Financial Education Centre and who do I contact if I have any questions?
You may access the Financial Education Centre by going to Plan your financial future and clicking on the Planning link under The essentials section. Please contact Manulife at 1-800-242-1704 to speak with one of our Group Savings & Retirement representatives, should you have any questions.
Forms, Publications & Websites
- What type of information can I find in the Helpful information section?
A number of practical and frequently used forms and publications are available in the Helpful information section - accessible from the Home page and Plan your financial future. This section also provides links to useful Websites and various miscellaneous information. You may also call Manulife at 1-800-242-1704 should you require additional information.
Home Buyers' Plan
- What is the Home Buyers' Plan (HBP)?
The HBP lets you withdraw up to $25,000 from your RRSP to buy or build a qualifying home for yourself, a related disabled person, or to help such a person buy or build a qualifying home. Normally you have a period of up to 15 years to repay your RRSP withdrawals.
For more complete details, refer to the HBP guide in the Helpful information section - accessible from the Home page and Plan your financial future.
- How do I withdraw funds from my Manulife group plan to take advantage of the HBP?
Print out and complete Form T1036, available in the Helpful information section, and submit to your Human Resources or Employee Benefits department. You may call Manulife at 1-800-242-1704 if you have any questions.
- How do I make HBP repayments?
On your annual income tax return, you can claim RRSP contributions as HBP repayments made in the previous calendar year, as well as any contributions you made during the first 60 days of the next calendar year. Manulife mails out receipts semi-annually -- the first 60 days of each year, and the remaining 305 days. You may call Manulife at 1-800-242-1704 if you have any questions.
Investment Changes
- How do I change my investment instructions or reinvestment instructions?
You can change your investment instructions, for future deposits only, by accessing Investment instructions under Manage your plans. For each type of admissible account under a plan, you can select a new mix from the list of available funds (the total must always add up to 100%). Should you prefer, you may change your investment instructions by calling Manulife at 1-800-242-1704. You may also consult your reinvestment instructions under Manage your plans. Should you want to change them, please call Manulife at 1-800-242-1704.
- I made a payroll contribution yesterday. Why isn't it reflected in my Current balance yet?
This is not an automatic function. Manulife must receive the deposit information from your employer before updating your account information which may take several days.
- How much can I invest in each investment fund?
You can invest any amount in any fund, subject to the contribution limit shown on your Notice of Assessment.
- How do I make transfers between my investment funds?
You can do this directly from the VIP Room via the Interfund transfer page, under Manage your plans. For each type of admissible account under a plan, you will be able to perform a transfer of assets from and to specific funds. Simply enter which funds you wish to "transfer from" (dollar amount or percentage) and indicate which funds you wish to "transfer to".
Note you can only submit one daily transfer (dollar amount or percentage) per account per plan. To transfer all the assets from a fund, simply indicate 100% in the percentage column. To transfer a dollar amount from any market-related fund in a single transaction, transfers of up to 90% of the dollar value are allowed, due to fluctuations in unit values. Transfers out of a guaranteed term fund are made on a first-in, first-out basis, and may be subject to a market value adjustment. Note your plan may also stipulate a minimum transfer amount.
- What impact will an interfund transfer have on my Manulife group plan?
It is important to bear in mind your retirement income objectives and investor profile before making transfers between funds because these adjustments can impact heavily on your plan's value. Use the tools found in the Plan your financial future section and do not hesitate to contact Manulife at 1-800-242-1704 to speak with a Group Savings & Retirement representative who can guide you in your investment decisions.
- How do I transfer funds from another institution to Manulife?
You can transfer funds to your Manulife group plan from any other savings and retirement plan you own, subject to your plan provisions. To transfer registered assets, you may use either the Manulife form or Government form (found in the Helpful information section) or simply call 1-800-242-1704 and a Manulife Group Savings & Retirement representative will do the paperwork for you and mail you the documents for your signature. If applicable, you may use the Online contribution feature, available under Manage your plans, to make a one-time lump sum deposit to your Manulife group plan by transferring money from a savings or chequing account held at another financial institution.
- Can I withdraw money from my Manulife Group plan?
Normally yes, but it will depend on the conditions of your group plan. We suggest you contact Manulife at 1-800-242-1704 before making your first withdrawal.
All withdrawals are subject to the government withholding tax in the year that they are taken out. There may also be a "market value adjustment" applied if you are taking the money out of guaranteed term funds.
Investment Holdings
- Do you use a colour-coding system to classify your investment funds?
It is important to periodically review your Manulife group plan to ensure the investment mix is appropriate considering the number of years until you retire, your risk tolerance and your financial needs. To assist you in this process, Manulife applies the following colour-coded categories throughout the VIP Room to classify investment funds.
Guaranteed Term Funds
Balanced/Diversified Funds
Fixed Income Funds
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Equity Funds
Specialty Funds
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Pressing on the "+" icon beside a fund name will provide you with a brief description of the category. As well, the pie chart icon on the Plan Summary page will give you a visual representation of your plan's fund mix. The pie chart displayed on the Home page, under Your assets - at a glance, represents the asset breakdown of your total Group Savings & Retirement holdings.
- How do I know when my guaranteed term funds will mature?
Refer to the Schedule of Maturities page under View your holdings and simply select the period you need for a listing of the maturity dates for your guaranteed term funds.
- How do I get details about the activity under my Manulife Group Savings & Retirement plan(s)?
The Current balance heading, available on the Home page under Your assets - at a glance, provides access to your plan summary, including account breakdowns, investment breakdowns and more. Click on the plan name and go straight to the breakdown by account for the plan in question.
The Latest transactions listed under the View your holdings section of the Home page represent the most recent activity under each of your plans. Click on the plan heading to obtain a complete listing of all transactions under the plan, over the last 12 months, including the total contributions made. Click on the transaction name in order to obtain more details. The transaction history feature is also accessible under View your holdings.
Investment Performance
- Where can I find out about the performance of my investments?
Under Consult investments, use the Download and Chart features to get precise details on the evolution of your investment funds for specific time periods. You may also print out the latest quarterly investment newsletter. From View your holdings, access Breakdown by account under your Plan Summary and click on the investment fund name in order to view and print its most recent quarterly review. You may also contact our Group Savings & Retirement representatives at 1-800-242-1704 who can guide you in your investment decisions.
- How do I find out what my Personalized Rate of Return (PRR) is?
See the Personalized rate of return page of Consult investments to determine the performance of your Manulife group plan for a specific time period. Note you must have participated in a Manulife plan for at least one year to request a PRR.
- What should I do if I cannot download the file for Rates and Closing Values in the Consult Investments section?
- Click on the indicated data file
- When the File Download menu appears, save the file to disk
- Once the download is complete, close the window
- Open the ".prn" file using your database software (e.g. Excel, Lotus, Access)
Example, using Excel:
- Open Excel and retrieve your saved ".prn" file. You must select All Files (*.*) for your search criteria.
- Select "Delimited" as your file type and click on Next
- Select the semicolon (;) as your delimiter
- Click on Finish
Printing Issues
- I’m having trouble with the Print function, can you help?
To view and print the PDF documents on the VIP Room Web site, we recommend you use Adobe Acrobat Reader version 6.0 or higher. If you don't have this software, you may download the most current version, free of charge. For utmost efficiency, we also suggest you integrate Acrobat Reader within your browser. Should you continue having printing problems, please refer to Adobe.
RRSP Rules
(Refer to the RRSPs and other Registered Plans for Retirement guide in the Helpful information section - accessible from the Home page and the Plan your financial future page)
- Is there a maximum age for contributing to my RRSP?
You can make tax-deductible RRSP contributions until the end of the year in which you turn 71. You can also contribute to your spouse's RRSP until the end of the year in which he/she reaches 71.
- When can I claim RRSP contributions?
On your annual income tax return, you can claim RRSP contributions made in the previous calendar year, as well as any contributions you made during the first 60 days of the current calendar year. Manulife mails out receipts semi-annually -- the first 60 days of each year, and the remaining 305 days. You may also access them from the RRSP contributions page, under View your holdings.
- What is the maximum amount I can put in my RRSP?
The maximum annual contribution towards an RRSP allowed by the Income Tax Act must not exceed the lesser of the following amounts:
18% of the previous year's earned income less the pension adjustment (PA shown on your T4 slip) for the previous year, plus the pension adjustment reversal (PAR), if applicable.
OR
Pre-established government maximums:
| 2011 |
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$22,450 |
| 2012 |
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$22,970 |
| 2013 |
= |
$23,820 |
| 2014 |
= |
$24,270 |
| 2015 |
= |
$24,930 |
| 2016 |
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$25,370 |
| 2017 |
= |
$26,010 |
| 2018 |
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$26,230 |
| 2019 |
= |
$26,500 |
| 2020 |
= |
$27,230 |
| 2021 and afterward |
= |
Indexed |
In addition to these maximums, unused amounts from previous years since 1991 can be added to the maximum you can contribute to your RRSP in a given year. Your Notice of Assessment indicates your maximum eligible RRSP contribution amount including the unused portion.
- What is the pension adjustment reversal (PAR)?
The PAR re-establishes lost RRSP contribution room for individuals that change jobs or move in and out of the workforce. It is calculated for all members who cease to participate in a Registered Pension Plan or a Deferred Profit Sharing Plan and for whom a benefit was paid before retirement (through a transfer or reimbursement).
For more complete details, refer to the Pension adjustment reversal (PAR) guide in the Helpful information section - accessible from the Home page and the Plan your financial future page.
- What is a Spousal RRSP?
This is an RRSP you take out in your spouse's name. Your spouse is the owner of the plan, but any contributions you make are tax-deductible for you in the year you make the contribution. Note the combined amount you contribute to both plans must not be higher than the RRSP maximum shown on your Notice of Assessment issued by the Canada Revenue Agency.
Setting up a spousal plan is beneficial when your spouse is in a lower tax bracket than you at the time the funds are withdrawn, since your spouse will pay the tax on the amount withdrawn from their plan.
- Can my unused contributions be carried forward?
Yes, until the end of the year you turn 71. The exact amount you can contribute for the current taxation year, which includes any unused contribution room from previous years, is shown on your Notice of Assessment.
TFSA Rules
- Is there a maximum age for contributing to my TFSA?
You must be at least age 18 to open a Tax Free Savings Account but there is no age limit to keep your money growing tax free.
- What are the advantages to contribute to a TFSA?
As the name indicates, the Tax Free Savings Account gives Canadians a way to grow money without paying taxes on the income earned:
- Investment income earned in a TFSA is tax-free.
- Withdrawals from a TFSA are tax-free.
One other important advantage is that neither income earned within a TFSA nor withdrawals from it affect eligibility for federal and provincial income-tested benefits and credits, such as Old Age Security, the Guaranteed Income Supplement, and the Canada Child Tax Benefit. This is an important difference in comparison to a RRSP, where withdrawals made during a year are added to the annual income for tax reporting purposes, and hence affecting the above benefits and credits.
Also, TFSA assets can generally be transferred to a spouse or common-law partner upon death.
Finally, when investing in a TFSA you can choose from a wide range of investment options such as mutual funds, Guaranteed Investment Certificates (GICs) and bonds.
- Can I use my TFSA contributions to reduce my income tax?
No, TFSA contributions are not tax-deductible.
- What is the maximum amount I can put in my TFSA?
The maximum annual contribution towards a TFSA allowed by the Income Tax Act must not exceed the following pre-established government maximums:
2009 up to 2012 = $5,000
2013 and 2014 = $5,500
2015 = $10,000
2016 up to 2018 = $5,500
2019 = $6,000
2020 and afterward = Indexed based on the inflation rate and rounded to the nearest $500
Unused TFSA contribution room is carried forward and accumulates in future years.
Also, full amount of withdrawals can be put back into the TFSA in future years. Re-contributing in the same year may result in an over-contribution amount which would be subject to a penalty tax.
Your total contribution room for a specific year is made up of
- the maximum annual contribution for that year;
- your unused TFSA contribution room carried forward from the previous year; and
- the full amount of withdrawals made in the previous year.
Your TFSA contribution room information can be found by going to one of the following services available on the Canada Revenue Agency website (www.cra-arc.gc.ca) or by phone:
- My Account; or
- Tax Information Phone Service (TIPS). The number to call is 1-800-267-6999.
- Can I contribute to a Spousal TFSA?
Contrarily to a RRSP, you can’t setup and contribute to a Spousal TFSA. However, the Canada Revenue Agency allows you to give funds to a spouse or common-law partner for them to invest in their TFSA.
- Can my unused contributions be carried forward?
Yes, unused contributions can be carried forward indefinitely until you use them. The exact amount you can contribute for the current taxation year, which includes any unused contribution room from previous years, can be found by going to one of the following services available on the Canada Revenue Agency website (www.cra-arc.gc.ca) or by phone:
- My Account; or
- Tax Information Phone Service (TIPS). The number to call is 1-800-267-6999.
VIP Room Confidentiality
- How does Manulife ensure the confidentiality of my financial information in the VIP Room?
We use very high encryption standards (128-bit) to make sure the information you are seeing and transferring on this Web site cannot be viewed or "decrypted" by a third party. Furthermore, VIP Room sessions automatically end after 15 minutes of inactivity to prevent others from accessing your personal information.
- Why do I have to log in again after I've left my computer for a while?
Your Internet service provider may occasionally experience problems and have difficulty in connecting with Manulife while other users may accidentally close their browser without properly exiting the VIP Room. Therefore, we established the 15-minute time limit to ensure your session is free the next time you log in, and to prevent others from accessing your personal information when your computer is left unattended.
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