SunAdvantage™ my savings is designed for small businesses. It offers tax-efficient savings opportunities for employees, with the simplicity, level of service and support small business employers need to ensure that there's little time needed to administer the plan. Employees gain a convenient savings program they need while small business employers’ gain a key competitive advantage in terms of attracting and retaining talent.

Cost-effective

There are no employer costs to establishing SunAdvantage my savings and plan administration fees are built into the management fees for each fund option.

Hassle-free Administration

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The plan is fully supported by Sun Life, from recordkeeping to reporting to investment oversight, so your administration time is kept to a minimum.

Tax-sheltered Plans

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SunAdvantage my savings offers 2 options - a Group RRSP, DPSP and TFSA or a Group RRSP, TFSA. These accounts are highly effective ways for your employees to save for both long- and short-term goals.

SunAdvantage™ my savings is an excellent addition to your total compensation offering to your employees. You can choose one of two combinations of savings products to help your employees save:

  1.  a Group Registered Retirement Savings Plan (RRSP), a Deferred Profit Sharing Plan (DPSP) and a Group Tax-Free Savings Account (TFSA); or
  2. a Group RRSP and TFSA.

Click on one of the product combination options below to read more about introducing SunAdvantage my savings to your employees.

IMPORTANT – You must be working with a licensed advisor to set up a SunAdvantage my savings plan for your employees. Information about the advisor will be required to submit the application.

Important changes coming November 2021 - Please read

IMPORTANT REMINDER – Quebec Sun Life advisors:

In accordance with Quebec's regulation respecting the pursuit of activities as a representative, advisors offering group annuity products or services to a client (plan sponsor) must provide a mandate setting out in writing the nature and scope of the products and services being offered to the client. This obligation includes a product suitability assessment by way of a needs analysis. Recommendation(s) must be provided to the client based on the advisor's assessment in relation to this client's needs.

The following documents and information must be provided to the client prior to the submission of the SunAdvantage my savings application and retained in the client file:

  • Mandate,
  • Needs analysis (product comparison), and
  • Recommendation(s)

 

Note: Procedures and templates related to the ‘mandate' are available on the ABC website for Sun Life Financial advisors.