FAQ › Program and investment information
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What are Target Date Funds?
Target Date Funds offer a simple, convenient investment option. Simply select the fund with a date closest to your planned year of retirement. Over time, the investment mix within each specific fund will become more conservative reducing equity exposure and increasing the amount invested in fixed income securities.
What is a Guaranteed Interest Account?
Guaranteed Interest Accounts (GIAs) are similar to Guaranteed Investment Certificates (GICs) offered by banks and trust companies which guarantee an interest rate from the date of contribution until maturity. At maturity, your original investment and interest earned will reinvest again for the same term, unless you provide Manulife with different instructions.
The GIA earns monthly compound interest which means the guaranteed interest rate is applied to your original investment and the interest you earn (growing your savings faster).
Each contribution you make accumulates in this manner for the length you select at the guaranteed rate.
What is an Investment Management Fee?
An Investment Management Fee (IMF) is the fee collected by Manulife to cover the cost associated with investment management and administrative expenses. The fee is deducted from the fund before unit values are calculated.
What is the difference between individual and group fees?
Fees represent the principal difference between investing in segregated funds with Manulife and investing in mutual funds with a bank. In a segregated fund, the contributions made by plan members are pooled together and used to buy investments. Because Manulife pools the assets of many group plans, it can negotiate lower rates than an individual investor would normally pay.
Like segregated funds, mutual funds pool investors' contributions to acquire investment assets. However, to invest in a mutual fund, you must typically deal with an intermediary (such as an investment advisor or bank). The cost of investing in mutual funds is usually higher than investing in a segregated fund because you receive a "retail" rate as an individual investor, as opposed to the "wholesale" rate you receive with the CRC Group Retirement Program.
What is a Spousal RRSP?
A Spousal RRSP is the same as a regular RRSP, except that a Spousal RRSP is registered in your spouse's or common-law partner's name, while you, as the contributing spouse, take the tax deduction for contributions to the plan.
How do I confirm my personal contribution maximums?
Your maximum contribution amounts are set by the Canada Revenue Agency (CRA) each year and are based on your income. Your RPP contribution limit is based on your current year's income, while your RRSP limit is based on your previous year's income.
Your RRSP contribution limits can also be affected by these additional factors:
- A Pension Adjustment
- Unused RRSP contribution room from previous years
- Individual registered savings (e.g. individual RRSP) to which you make contributions
For your current annual contribution limits, please refer to your most recent Notice of Assessment you received when you filed your income tax return.
What is a Pension Adjustment?
The amount contributed to an RPP by the plan member and sponsor. A Pension Adjustment reduces the amount the member can contribute to an RRSP. The exact amount of an individual’s Pension Adjustment appears on his or her T4.
If I want to select the plan default fund as my investment, do I still need to make an active selection?
Yes. It is your responsibility to actively make an investment decision. If you select the same investment that CRC selected as the default fund – the Manulife BlackRock LifePath Index Fund closest to the year you turn 65 – confirm your choice during enrolment or using the secure website.
Are there any guidelines I need to follow when selecting my beneficiary?
Yes. There are guidelines you need to follow when selecting your beneficiaries for your RPP and RRSP. These guidelines include the following:
- Your spouse must be designated as the beneficiary for your RPP. This is enforced by legislation.
- You can select any individual as the beneficiary for your RRSP.
- If you designate a minor as your beneficiary, you must appoint a trustee.*
*If you designate a minor as your beneficiary and the minor reaches a matured age, contact Manulife to remove the trustee.
Can I participate while on leave?
If you are on a paid leave of absence, you must continue making contributions to the RPP. CRC will continue to match your RPP contributions.
If you are on an unpaid leave of absence (including maternity leave), you have the option of continuing to make contributions and receive the match from CRC.
If you are on Long-Term Disability, CRC may continue to make contributions on your behalf depending on your eligibility. Contact your HR department for more information.
How do I make a lump-sum deposit to my RRSP?
You can make lump-sum deposits through the secure website. Once you log in, from My Account select Make a Lump-sum Contribution. You can also make lump-sum contributions using a paper form.
Can I get a duplicate tax receipt for my RRSP contributions?
You can download and print duplicate tax receipts using the secure website. Once you log in, from My Account select Duplicate Tax Receipts/Slips.
You can also contact the Manulife Customer Service Centre to order a duplicate receipt. Receipts ordered through the Customer Service Centre are subject to a $10 fee.
How do I make a withdrawal from my RRSP?
You can make a withdrawal through the secure website. Once you log in, from My Account, select Make a Withdrawal.