Other plans

These plans are established by labour unions wishing to encourage their members to accrue savings. All CSN members, as well as their spouse, are entitled to join these plans, even if no plan was established by their local labour unions. No employer contribution is made to these plans and enrolment is voluntary.

AUXILIARY CAPITAL ACCUMULATION PLANS
  • These retirement plans are called “auxiliary” since they complete capital accumulation plans receiving employee and employer contributions. These plans allow capital to accrue in participants’ individual accounts
  • Their purpose is to provide retirement income or to help savings grow, while remaining fully accessible
  • Depending on the tax system, some plans provide for contributions not to be subject to payroll taxes and, in most cases, investment income is tax sheltered
  • Each plan member decides which investment vehicle or vehicles their contributions or their accrued savings are allocated to
Registered Retirement Savings Plan (RRSP)
  • Receives voluntary contributions
  • Contributions are tax deductible within established fiscal limits
  • Investment income is tax sheltered
  • Eligible for HBP and LLP

Upon Retirement

  • Transfer of accrued capital to RRIF and/or life annuity

Eligibilty

  • All members of CSN labour unions and their spouses
Tax-Free Savings Account (TFSA)
  • Receives voluntary contributions
  • Maximum yearly contributions of $7,000 for 2024
  • Unused contributions may be carried forward from year to year (cumulative contribution room of $95,000)
  • Investment income is tax sheltered
  • Contributions are not tax deductible and withdrawals are not taxable
  • Accrued savings may be used for short-term projects or as supplement to registered retirement savings
  • Recommended for individuals who have no RRSP contribution room left

Eligibilty

  • All members of CSN labour unions and their spouses
First Home Savings Account (FHSA)
  • Receives voluntary contributions
  • Maximum contribution of $8,000 per year ($40,000 lifetime)
  • Deductible contributions
  • Tax-free withdrawals for the purchase of a single property (including investment income)
  • Unused annual contribution room can be carried forward
  • FHSA and HBP withdrawals cannot be combined for the same property

Eligibilty

  • All members of CSN labour unions and their spouses
Locked-In Retirement Account (LIRA)
  • Receives locked-in sums transferred from supplemental pension plans
  • Investment income is tax sheltered

Upon Retirement

  • Transfer of accrued capital to LIF and/or life annuity

Eligibilty

  • All members of CSN labour unions and their spouses
Locked-In Registered Retirement Savings Plan (FEDERAL LRSP)
  • Receives sums from supplemental pension plans under federal jurisdiction or under the jurisdiction of other provinces
  • Investment income is tax sheltered

UPON RETIREMENT

  • Transfer of accrued capital to RRIF, LIF and/or life annuity

ELIGIBILITY

  • All members of CSN labour unions and their spouses
RETIREMENT INCOME PLANS
  • These plans provide for retirement income to be drawn from savings accrued in capital accumulation plans or auxiliary accumulation plans that allow it
Registered Retirement Income Fund (RRIF)
  • Prescribed for non locked-in savings accumulated in RRSPs, in DPSPs, in SPPs, in MEPPs, or any other supplemental pension plans
  • Allows registered investments to grow in a tax shelter while receiving needed retirement income levels
  • Withdrawals must be made according to minimum annual amounts established by the Canada Revenue Agency
  • Benefits are taxable

 Eligibilty

  • All members of CSN labour unions and their spouses
Life Income Fund (LIF)
  • Prescribed for locked-in savings accumulated in SPPs, in MEPPs, in LIRAs, or any other supplemental pension plans
  • Allows registered investments to grow in a tax shelter while receiving needed retirement income levels
  • Benefits must meet yearly minimum and maximum amounts determined by the Canada Revenue Agency and Retraite Québec (or its federal or provincial equivalent)
  • Benefits are taxable

Eligibilty

  • All members of CSN labour unions and their spouses
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