- If you choose your own investments, you'll want to see how they are doing. You can also make sure that your instructions are being followed.
- Even if you don't, you'll want to know how the plan is doing, and if there are any changes that will affect your pension.
Where can I get information about my investments?
- Someone in your company: Find out who takes care of pensions in your company. This person is called the pension plan administrator. Larger companies often have a Human Resources department that can help you. They should be able to help you get information about your pension or Group RRSP.
- Statements: You should get a pension plan statement or a Group RRSP statement at least once a year in the mail. Read your statements with care. For some plans, they tell you how much pension you have so far. With other plans, they tell you how much you have saved, which investments you have, and how they are doing.
Tip: If you have a pension account, find out if you can check it online. Sign in often to see how your workplace savings are growing.
Tax receipts: Each year, around January, companies where you have pension savings will send you information slips for your taxes. These receipts tell you how much you put into your plan over the last year. In some cases, it will show on your T4, under "RPP contributions - line 207." When you do your taxes, you can deduct these amounts from your income, up to a certain limit. This helps you pay less income tax while you build your savings.
Remember: It pays to keep track of your workplace pension savings
If you don't keep track, you won't know how you're doing. Don't find out when it's too late that you should have done something, or changed something, to help you save more.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.