RRSP
Members benefit from participating in Equity’s Registered Retirement Savings Plan (RRSP), administered by Canada Life.
By being a part of a group plan, members enjoy lower investment fees, professional management, and access to Health and Wealth Consultants, as well other resources. Contributions to your RRSP can reduce your taxable income and help you save for the future.
Contact Canada Life
Service and support: Call 1-800-724-3402 from 8 am – 8 pm ET, Monday to Friday
Opening an Account
A RRSP is a valuable investment tool that allows you to reduce your taxable income and can be used for benefits, such as the Home Buyers’ and Lifelong Learning plans.
Registering for your RRSP by filling out and returning the RRSP application form is a requirement of membership.
Login to your Member Profile to download an Equity RRSP application form and access detailed instructions and a tutorial video for completing it.
Opening a RRSP account with Canada Life is a requirement of membership and failing to open your account means you will lose your contributions. Unclaimed RRSP contributions are donated to The AFC after one year.
Contributions to an RRSP require a Social Insurance Number. Non-Canadian citizens who have worked in Canada for over a year and paid taxes in Canada can apply to service Canada for a temporary SIN, allowing them to contribute to an RRSP.
If you are an American citizen and member of Actors’ Equity Association (U.S.), you can transfer retirement funds, as per or reciprocal agreement. Other foreign artists who are not residents of Canada are not permitted to open RRSPs.
Managing your RRSP
My Canada Life at Work
My Canada Life at Work will allow you to manage your RRSP and access valuable tools and resources online to make the most of your investments.
To set up your online account, go to mycanadalifeatwork.com, click register, select Savings and follow the prompts to set up your personal access ID and password.
Investment Strategies
Canada Life offers a variety of funds to meet every investor’s needs. Whether you want to invest conservatively, aggressively or somewhere in between, there will be a fund that will suit your goals.
My Canada Life at Work’s online tools can help you determine what the best investment strategy is for you. If you don’t select an investment fund yourself, your contributions will be invested in a balanced global fund.
Need Advice? Book an Appointment with a Canada Life Health and Wealth Consultant
Members can schedule an appointment with a Canada Life Health and Wealth Consultant to discuss the group plan and their options.
Book your 30 minute appointment
RRSP Contributions
As a condition of most of the agreements negotiated by Equity, a deduction of 6% is made each week from your fees that will be contributed to your RRSP. Voluntary contributions may be made to your plan at any time throughout the year.
Contribution Deadline
The RRSP contribution deadline is generally 60 days after the end of the calendar year (around the first day of March). Any contributions made throughout the previous year and any contributions made before the deadline will reduce your taxable income when filing your taxes.
Contribution Limits
Your CRA Notice of Assessment from the previous year’s income taxes will have your contribution limit for the current year. Fluctuating income levels in our sector can sometimes lead to an over-contribution. There is a maximum lifetime allowance for over-contribution of $2,000, but if needed, you can complete a form T3012A to withdraw an over-contribution of funds without withholding tax.
Contributions to an RRSP are only allowed until the end of the year a person turns 71. In the interest of protecting your privacy, Equity will not inform engagers when a member turns 71, which means an engager may continue to make RRSP deductions each time you work.
This leaves you with two options:
- You can inform your engagers directly that you have reached the age of 71 and are no longer eligible for RRSP contributions. It’s important that these instructions are included in a rider to all of your contracts to ensure the engager’s payroll department does not automatically deduct your contributions. OR
- You can allow your engagers to continue deducting your contributions. When these funds are remitted to Equity, we will return them to you at the close of the productions.
There are other important changes to your RRSP that you should be aware of once you’ve turned 71 years old. To find out more, please consult the Government of Canada or login to My Canada Life at Work.
Accessing your RRSP Funds
Transferring funds between RRSPs
Transfers may be made to any other RRSP that you own and are not subject to withholding tax. Transfers into your Equity plan must be arranged through Canada Life, who will then send the Transfer Authorization Form to you for signature.
To transfer funds out of your Equity RRSP, you must first arrange with the recipient bank to receive your money. They will forward the appropriate documentation (T2033) to Canada Life.
Making a Withdrawal
Members needing to make a withdrawal from their RRSP account should contact Canada Life. It is important to note that RRSP withdrawals are subject to withholding tax and administrative fees (except in certain circumstances, such as the Home Buyer’s Plan).
Phone: 1-800-724-3402, 8:00 a.m. to 8:00 p.m. ET
TTY to voice: 1-800-942-6147, 9:00 a.m. to 5:00 p.m. ET
When contacting Canada Life, you will need:
- Your full legal name
- Date of birth
- Address on file with Canada Life
- Phone number on file with Canada Life
- Equity’s plan/policy number (61409)
- Your Equity member number (referred to as your “certificate number”)
Please note: Withdrawing ALL of your funds from your plan at one time is considered a ‘full transfer’ and will trigger the ‘full transfer of account fee’ of $150. Leaving a small amount in your plan (even $1), is considered either a ‘withdrawal’ or ‘partial transfer of account’ at a fee of only $50.