Enrolment Kit - RRSP
Frequently Asked Questions
Membership is voluntary for all regular full-time and part-time employees.
Once you sign in at mysunlife.ca/Purolator, select my financial centre from my financial future on the Home page. Next, select Enrol from the Requests drop-down menu and follow the on-screen instructions.
There are two ways you can set up or change your payroll deduction amounts for your GRRSP account at Sun Life Financial.
- Online: Sign in at mysunlife.ca/Purolator, and select my financial centre from my financial future on the Home page. Next, select Contribute from the Requests drop-down menu, then enter your new contribution rates, or
- Through the Customer Care Centre at 1-866-881-0583.
Yes. You can make a lump sum contribution to your GRRSP directly from your bank account.
Once you are online select my financial centre, then select Contribute from the Requests drop-down menu. Choose either the Online Automatic Deposit or the Contribution Form; follow the instructions provided.
Alternatively, you can also make lump sum contributions right from the palm of your hand with the my Sun Life mobile app, available for Apple and Android devices.
If you go on an Approved Leave of Absence, your Group RRSP payroll deductions will stop. You may continue personal contributions to your Group RRSP during your leave. If you decide to do so, you will have to contact Sun Life Financial directly to receive instructions on how to do so.
To transfer in your personal registered savings (or savings from a previous employer's pension plan), you need to submit a form to the financial institution that currently holds your money. Once online, select my financial centre and select Consolidate your savings from the Requests drop-down menu. There is an option to receive help from a Financial Services Consultant (select Let us help you), or you can select Complete the form yourself and download the Transfer Application Form. This form will contain instructions and an address you can mail it to.
Yes, you may set up a spousal RRSP. Contributions to the account will be via payroll deductions on behalf of your spouse; the contributions will be attached to your RRSP limit and you will receive the tax benefits.
To take advantage of a Spousal RRSP, your spouse will need to complete the Spousal RRSP form (see instructions below on where to find this) and send it to the address listed on the form. If a Spousal RRSP enrolment form is not received within 90 days of enrolling online, contributions will be directed to your personal RRSP and future payroll deductions will be set to 0%.
Sign in at mysunlife.ca/Purolator, and select my financial centre from my financial future on the Home page. Next, select Enrol from the Requests drop-down menu, then Let's get started! Follow the enrolment flow.
The Canada Revenue Agency (CRA) limits how much you can contribute to an RRSP. Your total RRSP contribution limit is the lesser of $26,230 for 2017 or 18% of your previous year's earned income. You can see your RRSP limit on your Notice of Assessment from the CRA each year.
You are responsible for ensuring that you do not exceed your personal RRSP contribution limit, as defined by the CRA, as you would be responsible for any penalties incurred if you exceed this limit.
To learn more about the CRA's contribution limits, please click here.
Your contribution limit is calculated by CRA and reported to you annually on your Notice of Assessment you receive after filing your income tax return. You can also see your contribution limit by signing into My Account on www.cra.arc.gc.ca; by downloading the CRA mobile app, MyCRA; or by calling the Tax Information Phone Service (TIPS) at 1-800-267-6999.
It is your responsibility to know your RRSP limits and to not over contribute. It is a good practice to monitor your contributions regularly to ensure that you stay within your limit.
You can update your beneficiary at mysunlife.ca/Purolator. Select my financial centre under my financial future and under the Quick Links drop-down menu, select Beneficiary info. Follow the online instructions.
The purpose of making a beneficiary designation is to identify the person(s) who will receive the benefits payable in the event of your death. For your GRRSP assets, the death benefit will be paid to your designated beneficiary. If you do not designate a beneficiary, these assets will default to your Estate instead of to whom you wish. Once your assets are directed to your Estate, they are subject to applicable probate fees and taxes.
Sun Life Financial is committed to protecting the confidentiality of your personal information and has established comprehensive safeguards to protect this data. Information provided through the website is used solely to establish and maintain your account. A variety of effective measures secure your information and strictly controls access to that information, making it available only to staff members who use it to assist you.
You can learn more about the investment options offered in PuroPension, fund managers and investment performance through Morningstar®, a leading provider of investment news and analysis. Once you sign in to mysunlife.ca/Purolator and select my financial centre, select Investment performance under the Accounts drop-down menu. Next select Rates of Return and Unit Values to see the performance of funds available in your plan, or Fund Report to access tools and information about your funds.
You can make changes to your investment instructions, or move your existing assets between funds, at any time through mysunlife.ca/Purolator. Once you are logged into your account select my financial centre. Select Change investments from the Requests drop-down menu. Then, select Move my money to different funds, Change how my future contributions will be invested or both; select Continue. Finally, follow the instructions provided. You can use the Asset allocation tool to determine your personal tolerance for risk and view a suggested asset mix. You can also learn more about the investments through Morningstar® (see above).
This is a personal decision only you should make. If you have gone through all the materials, and are still unsure, you can get a personal one-on-one unbiased investment advice by phone from a Sun Life Financial Investment Advice Specialist by calling at 1-866-881-0583 any business day between 9:30 a.m. and 5:30 p.m. ET. You will be directed to a licensed representative who can help you understand the options available in your plan, which ones are best for you and how you can use them to build a diversified portfolio.
No matter where you invest, you will pay investment management fees (IMFs). IMFs are charged to your account as a percentage of your assets in each investment. They include, but are not limited to, investment management fees as well as operating expenses for both the segregated fund and the underlying fund. In addition, IMFs pay for keeping records of your account and member servicing costs. Applicable taxes also are charged on the management fees and on some portions of operating expenses.
The IMFs may vary according to the funds you choose and can change from time to time. Nevertheless, the fund management fees applicable to funds offered under a group plan are often considerably less than those you would pay as an individual investor.
No. You can make changes to your investments whenever you like. However, a two per cent "short-term trading" fee may be charged if you make a transfer into a fund followed by a transfer out of the same fund within 30 calendar days.
Segregated funds are a type of pooled fund (invest in numerous companies) and are similar to mutual funds. Both types of funds combine money from a large number of investors and these assets are invested and managed by a professional fund manager.
The assets in segregated funds are owned by the insurance company but are segregated from its other assets. Neither the value of the assets nor the rates of return are guaranteed. Segregated fund assets are the assets of the insurance company but in cases where they were to declare bankruptcy, all segregated fund assets would be allocated to the participants in priority over the insurance company's other creditors.
The market-based investments available through PuroPension are segregated funds.
You can access your online statements via mysunlife.ca/Purolator and sign into your GRRSP account. Once logged in, select my financial centre, then select Statements under the Accounts drop-down menu.
Tax receipts are produced and mailed annually in early January (for RRSP contributions made during March to December in prior year) and March (for contributions made in the first 60 days of current year).
To view and / or print your Tax slips and / or receipts online, select my financial centre. Then select Tax slips & RRSP info from the Accounts drop-down menu, followed by Tax slips. You will be able to see all your recent tax slips issued by Sun Life Financial.
Withdrawals are permitted any time, however, withholding tax will be deducted from any amounts withdrawn in cash, unless the withdrawal is made under the federal Home Buyers' Plan and/or Lifelong Learning Plan. Under your plan, you are entitled to one free withdrawal per year from the Group RRSP. Subsequent withdrawals will be subject to an administration fee of $25.
In the event that you retire from or leave Purolator, you will cease to be a member of Purolator's Group RRSP as at your termination date. Sun Life Financial will provide you with an options package. You would elect how you want your GRRSP assets treated. Some options include transferring your assets to the Sun Life Financial Group Choices plan, or transferring them to another financial institution, cash less withholding taxes. You will receive an outbound call from the Sun Life Client Solutions group to review your options.
Security and Password
Sun Life Financial is committed to protecting the confidentiality of your personal information and has established comprehensive safeguards to protect this data. Information provided through the website is used solely to establish and maintain your account. A variety of effective measures secures your information and strictly controls access to that information, making it available only to staff members who use it to assist you.
If you have forgotten your access ID and password, simply visit mysunlife.ca/Purolator and select I forgot my access ID or I forgot my password. If you don't have an access ID and password, visit mysunlife.ca/Purolator and select Don't have an access ID? Register now. You can also call the Customer Care Centre at 1-866-881-0583 any business day from 8 a.m. to 8 p.m. ET. For either option, you will need your member account number (see your welcome letter for this number).
Customer Care Centre and Automated Telephone System – If you have any questions, or you need help accessing your account or using these tools, one of Sun Life Financial's Customer Care Centre representatives can help when you call 1-866-881-0583 any business day from 8 a.m. to 8 p.m. ET. You can also use this number to connect to the Automated Telephone System 24-hours–a-day, seven-days–a-week.
my investment advice – Get free, one-on-one advice on your investment options. Call the Customer Care Centre at 1-866-881-0583 any business day between 8 a.m. and 8 p.m. ET.
mysunlife.ca/Purolator – access your PuroPension.
PuroNet – Explore communications related to your plan.
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