You are eligible to contribute to the Registered Retirement Savings Plan (RRSP) through Canada Life Retirement after 3 months of service. You can enroll or change your election at any time on mycanadalifeatwork.com.
In addition, Cotality makes a matching contribution to your RRSP account each paycheck of 50 cents for each dollar that you contribute, up to 6% of your eligible pay. This match is made on contributions through payroll deduction only, and not on any lump-sum contributions you may make.
Suppose your eligible compensation is $100,000 and you contribute the amount necessary to receive the full company match, or 6%. You will contribute $6,000 annually to your account and the company will make an additional contribution of $3,000. If you're not contributing at least 6% of eligible pay, you may want to increase your contribution to get the full company match. For more information on the RRSP, or to speak with an investment and retirement specialist, please call 1-800-721-3402.