RRSP

Yes. Opening a Canada Life RRSP account is required as an Equity member. The agreements/policies set the minimum contribution amount of 6% of your working fees and there’s a variety of ways you can invest that money under the Equity plan.

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.

Equity’s RRSP plan with Canada Life offers you eight different investment options. By logging into your My Canada Life account, you can take a survey to help you determine the right RRSP fund for you.

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.

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.

Please contact Canada Life directly for assistance with your RRSP account and investments. You can manage your account online through mycanadalifeatwork.com or by phone at 1-800-724-3402 (8:00 am to 8:00 pm ET) . Canada Life is responsible for administering your Equity RRSP plan and sending your statements and contribution receipts directly to you.

Feedback or complaints about the service you receive from Canada Life can be sent to Equity’s Director of Finance & Administration, Jing Zhao, CPA, PLP (jing@caea.com).

Equity’s retirement savings plan is administered by the Executive Director in consultation with an Investment Committee composed of Equity Councillors, in accordance with Executive Director Limitation (EDL)-10: Members and Staff Retirement Funds.

For more information about EDL-10, members can review the monitoring report available in their myEquity account.