• Can I change my investment options?

  Of course. If at any time you want to change your investment options, we’re here to help and offer advice.

• Can I transfer investments from other financial institutions?

  We’re happy to help you consolidate your RRSPs or locked-in RRSPs at Servus Credit Union. It is always advisable to discuss RRSP transfers between financial institutions with a Servus financial advisor to manage any potential transfer fees charged by the other financial institution.

• How do I select a beneficiary?

  Designating a beneficiary for your plan is an important step. If you do not choose a beneficiary, the default beneficiary of your RRSP is your estate. We will do our best to remind you of this important step, but please note that it is your responsibility to ensure we always have your current beneficiary information on file, especially in the case of life-changing events. It is also your responsibility to ensure your chosen beneficiary is legally binding under current legislation. We recommend that you speak to a Servus financial advisor if you are going to assign a minor as a beneficiary.

• Can I contribute to a Group RRSP for my spouse?

  Yes, if your plan allows Spousal Group RRSP contributions. This can give you the advantage of income splitting in retirement. If you are able to participate in this, your spouse must complete the Annuitant (Plan Owner) Information section of the Servus Credit Union Group Self-Directed RSP Application form. Your spouse must also sign as the annuitant in the Application for Participation section of the application form. As the contributor (and the one receiving the tax receipt), you must also complete and sign the Spousal Plan Contributor Information section of the application form. You must provide your name, date of birth and social insurance number (for income tax purposes). This is a lot to remember. If you need assistance, a Servus financial advisor can help you and your spouse complete the necessary documents.

• Is there a maximum I can contribute?

  Yes, there is. A Servus financial advisor can review your annual Notice of Assessment from the Canada Revenue Agency with you for complete details on your contribution limit. It is your responsibility to ensure that contributions made within the program do not exceed the maximum allowable amount under the Income Tax Act.

• Can I change the amount I contribute?

  Yes, if it is applicable to your plan. In order to change your payroll deduction amount, please contact your Human Resources or Payroll department. They will provide a new payroll authorization form.

• Are there any withdrawal restrictions?

  Your plan may include withdrawal restrictions. In most cases, you will not be able to withdraw your RRSP funds until you cease employment or membership with your Group RRSP sponsor. Sometimes your chosen investment option will determine if you can access your RRSP holdings upon ceasing your employment or qualifying for an exception to withdrawal restrictions. Please speak to a Servus financial advisor for details in these situations. When you set up your Group RRSP, you will be asked to complete a supplemental agreement acknowledging the applicable withdrawal restrictions for your plan. If you need assistance with these documents, contact a Servus financial advisor.

• Do I receive a monthly statement?

  Servus Credit Union Group RRSP statements holding the Servus Credit Union Variable RRSP or GIC are mailed quarterly in March, June, September and December of each year. They provide details about your Servus Credit Union Group RRSP. For any additional information or explanations, please speak to a Servus financial advisor.

• How can I access my portfolio online?

  Your Servus Credit Union Group RRSP portfolio and recent transaction history are available through online banking. You can access this service through our corporate site at servus.ca. Call toll free at 1.877.378.8728 to set up this convenient and free service.

• Do I receive tax receipts?

  Servus Credit Union RRSP contribution and withdrawal tax receipts are mailed in January, February and March for both your previous year’s contributions and contributions made in the first 60 days of the calendar year. Please speak with a Servus financial advisor for tax receipt details for mutual fund plans.

• Can I change my personal information?

  Yes, if you move, change your name or need to change your beneficiary, visit any one of our branches or call toll free at 1.877.378.8728 to change your account information.

• Do I pay any administration fees?

  There is no annual RRSP administration/trustee fee associated with Servus Credit Union Group RRSPs invested exclusively in a Servus Credit Union Variable RRSP and/or GICs. However, some of the mutual fund programs do charge an annual administration/trustee fee. Please refer to the corresponding account agreements and disclosure documents or ask your Credential Asset Management Inc. mutual fund investment specialist for more details.

• Are there any other fees?

  There may be fees associated with purchasing and/or selling specific types of investments, making withdrawals from your Group RRSP, transferring your Group RRSP to another financial institution or closing your Group RRSP. For fees related to Servus Credit Union Group RRSPs invested in a Variable RRSP and/or GICs, please refer to the Servus Credit Union Group Self-Directed RSP Declaration of Trust and Servus Credit Union Membership Agreement. If you are purchasing mutual funds,* always refer to the corresponding simplified prospectus and account agreements and disclosure documents. As always, you can speak to a Servus financial advisor for further details.

• What happens to my plan if I leave my current employer?

  If you leave your current employer, you have the option to transfer your Group RRSP to an individual plan. This isn’t an automatic process since we will require formal written notification from your former employer that you’re leaving their plan. You may also need to complete additional documentation to make the change. We also recommend that you talk to your former employer before you make a transfer to ensure that all your Group RRSP contributions have been received.

*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.