Sunlife Locking In Agreement

While your retirement savings are portable, legislation may require them to remain in a « blocked » account to earn retirement income. Temporary reloadable/printable PDF for non-personal processes PDF members within five years of retirement are asked to arrange a 1:1 interview with sun Life Retirement Consultant by calling (toll-free) 1-866-224-3906 (and select option 1) each business day between 8 a..m. and 6 p.m. Sun Life Consultant can: Income Tax Rules The plan and how it works are governed by the Income Tax Act (Canada). Contributions made within the limits of the plan can be deducted from your taxable income. You must include benefits paid under the plan in your taxable income, unless you have made a direct transfer to another registered plan. Any cash payment from the plan is fully taxable in the year you receive it. It is subject to withholding tax at the time of revocation. You cannot allocate assets under the plan or use your account as collateral for a loan.

About Sun Life Your registration package contains general information about retirement provision, choosing your investments and the forms needed to join the plan. After you sign up for the plan, you will receive a letter from Sun Life confirming your registration. After six months without contributions, your membership in the plan ends and Sun Life will send you a package of information with your options. Please make sure that Western and Sun Life remain informed of your current address to ensure that you bet on it. You can transfer to this plan the amounts of other RRSP, RPPs or DPS or the amounts collected as a retirement allowance. . . .