FAQ

When can I enrol?

You can enroll in the CBAF RRSP and/or TFSA right now. Just click on the Enrol button. To speak to someone about your enrolment, click here to find your Local Authorized Representative.

Can I transfer an existing RRSP or TFSA to CBAF?

Yes. You will need to complete a Transfer Authorization Form. You should check with your current financial institution regarding any penalties and fees before initiating a transfer. Please remember to verify your CBAF account and contract information prior to transferring your funds.

How can I reach my CBAF Representative?

To contact the CBAF Representative nearest you, click here or call 1-888-707-2911.

Can my spouse enrol in a CBAF plan?

Yes, your spouse can enrol in a CBAF plan. If you are a CBA member, please ensure that your spouse indicates your CBA member number when enrolling so that he/she can benefit from the CBA discount.

Can my staff enrol in a CBAF plan?

Yes. Law firm staff may enrol in a CBAF plan. If they are employed by a CBA member, please ensure that the staff member indicates your CBA member number when enrolling so that he/she can benefit from the CBA discount.

What is a spousal RRSP?

A spousal RRSP is registered in the name of one spouse (the Participant), and the other spouse (the Contributor) submits contributions to the RRSP on the Participant’s behalf. The contributions belong to the Spousal Participant, and the Contributor receives the tax deduction. Spousal RRSPs tend to work best in situations where either spouse expects to:

  • Receive more retirement income than the other because of a better pension or higher employment income, or
  • Be in a higher tax bracket at retirement.

A spousal RRSP enables you to give some of your income to your partner now by contributing to an RRSP on their behalf. As long as more than three years pass from the time when a contribution is made until a withdrawal, any money withdrawn will be treated as the Participant’s income; if less than three years has passed, the money withdrawn is treated as the Contributor’s income.

Spousal RRSPs are not available for on-line enrolment at this time. Please contact your CBAF Authorized Representative for spousal enrolments. If you are a CBA member, please ensure that your spouse indicates your CBA member number when enrolling so that he/she can benefit from the CBA discount.

Who administers the CBAF plans?

The CBAF RRSP, TFSA, and Law Firm RRSP are administered by Manulife Financial.

What is the difference between an Investment Management Fee (IMF) and a Management Expense Ratio (MER)?

An IMF is an amount, expressed as a percentage, that Manulife Financial charges investors to cover the cost of investment management and administrative expenses for a fund. An IMF is determined at the outset of the plan and deducted from the fund before the calculation of the unit values. An IMF is the only fee charged in a group savings plan with the exception of administration charges.

An MER is the total expense of operating a mutual fund expressed as a percentage of the fund’s net asset value. It includes the management fee as well as other expenses including brokerage fees, audit and legal fees, which are charged directly to the fund. This fee could change on a regular basis depending on the expenses incurred by each fund manager for managing the fund.

What are the RRSP contribution limits?

For your maximum annual contribution limit, please refer to the most recent Notice of Assessment you received from the Canada Revenue Agency after you filed your last income tax return.

The maximum RRSP contribution limit for 2014 is $24,270.

The amount you can contribute to your RRSP depends upon:

  • Your maximum tax-deductible contribution, and
  • Any unused RRSP/RPP contribution room accumulated from previous years, less any pension adjustment.
What are the TFSA contribution limits?

You can contribute $5,000 to a TFSA for each year from 2009 – 2012, and $5,500 for 2013-2015. Unused contribution room can be carried forward. In addition, any amount withdrawn in a given year is added back to your unused contribution room in the following year.

Can I obtain an RRSP loan to make my RRSP contribution?

RRSP loans are available from Manulife Bank. For more information, click here.

Contact Us

For all general inquiries, please contact us at

1.888.707.2911

or leave a message below.

If you would like to contact a particular office or individual, please click here.

Thankyou.

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Contact Us

For all general inquiries,
please contact us at

1.888.707.2911

custserv@barfinancial.com

If you would like to
contact a particular office
or individual, please
click here.

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