When you are working, your Total Wage Package includes contributions to the PSRT Group RSP.

With input from the Carrier and our Financial Advisor, the Trustees have designed a series of investment portfolios to help you make optimal investment choices for your current situation and risk tolerance.

Yes! Any investments you hold in your Group RSP can be held in any other PSRT accounts including TFSA, spousal RSP, non-registered account(s).

Not necessarily! Because you are part of a qualifying Group RSP and are required to contribute a set amount each year, you are not subject to penalties on over-contributions—as long as they are used in the following year. For details on how to handle this situation, ask your tax preparer to review this document. 

If required it may me possible for PSRT to prepare a letter regarding the details of a Member's over-contribution details. The Member may then forward this letter to the CRA. Contact the office for more information. 

Also, the Trustees have put together a course to help Members better understand the details on Group RSP contributions. Click here to access the course (use your PSRT username and password to log in).

As a PSRT Member, when filing your taxes, your will require three documents in support of your Group RSP: T4 (employer), T4A (PSRT) and contribution receipt (Plan Carrier).

No. Your RRSP contributions are sent directly to the Trust (PSRT) before taxes. Therefore no tax has been paid on these amounts, and these funds will not appear on your T4 Slip. PSRT will issue you a T4A showing the employer contributions as supplemental income.

Contributions into the fund which are negotiated as part of the employer agreements are considered mandatory contributions and therefore over-contribution penalties do not apply.

Contributions can be made to the Plan that are not through employer agreements. These voluntary contributions, if made in excess of the annual maximum as stated on the Member's CRA Notice of Assessment, will be subject to over-contribution penalties.

Yes, absolutely. The Trustees have engaged a team of Financial Planners to provide independent Financial Advice to the members at no cost or obligation to the member.

The paths to creating wealth, financial success, and comfort during retirement start with a financial plan. The Trustees want to help every member develop a plan, monitor it regularly (to review progress), and see it through to fulfilment.

Email [email protected] to contact our Financial Consultant.

There is some conjecture about using RRSP funds for the First Time Home Buyers’ Plan although that option is available in the PSRT Plan. The Trustees suggest discussing the pros and cons with the team of Financial Planners before doing so. The PSRT Retirement Program was designed to provide comfort and dignity during retirement and removing funds to use for a house purchase could impair that result.

You need to complete a PSRT Withdrawal/Transfer Form and a HBP T1036 Form along with your Direct Deposit Form or Void cheque with your pre-printed name on it, otherwise a cheque will be mailed to you.

For a full description of each, including broad differences, visit this link.

Up to a maximum of four withdrawals and/or transfers per calendar year.

Please go to the Forms page, print out the PSRT Withdrawal/Transfer Form. In addition, you must complete a T2033 form. The institution you are transferring to will provide the T2033 or equivalent. Complete all the sections of the form, sign and date (spouse and member must both sign if spousal RSP) and return to PSRT (email: [email protected]). Canada Life only does IN CASH transfers.

SPOUSAL RSP TRANSFER: Spouse is considered as the MEMBER. RSP Contributor is considered as THE SPOUSE.

It is PSRT POLICY to deal with members only, not financial advisors. Advisors will not be responded to.

A Transfer In form needs to be completed and delivered to PSRT (email: [email protected]).

Log in to your PSRT Personal Account. Choose My Profile and follow the prompts.

You must complete the Change of Beneficiary form. This form can be downloaded in the Forms section. Note that as original signatures are required, the Change of Beneficiary form is is the only PSRT form required to be mailed to the office (you will find the address for delivery on the form).