Have you given us your banking information yet? If not, sign in to your online account to add your banking info before you begin the steps below.

1. Sign in to Manulife Mobile and choose your Group Retirement account.
2. Tap Transactions at the bottom of your screen, then tap Lump Sum Contribution.
3. Confirm your identity with a one-time code, if asked.
4. Enter your contribution details and bank details then tap Next.  
5. Review your contribution request and tap Submit.

Be sure to save your confirmation number in case you want to ask us about this contribution later.

A group RRSP is an employer-sponsored plan that allows eligible employees to contribute to their retirement savings while benefiting from more competitive management fees. If available, automatic and recurring payroll contributions make saving easier and give an immediate tax break.

Manulife provides tax receipts for any contributions made to the plan. You get two receipts: one for the first 60 days of the calendar year and another for the remainder of the year.

Visit our tax receipts and slips page for more information. 

The major difference between RRSPs and tax-free savings accounts (TFSAs) is how they shelter your money from tax: RRSP contributions are tax deductible, meaning you reduce the amount of money you have to pay taxes on, which doesn’t happen for money you put in a TFSA. However, withdrawals from an RRSP will be taxed at your annual marginal tax rate, while withdrawals from a TFSA aren't taxed.

Like any RRSP, members can make Home Buyers' Plan withdrawals from their Manulife group RRSP. The only exception would be if your employer puts a restriction on withdrawals while you're employed. Most employers—but not all—will remove restrictions stopping withdrawal under the Home Buyers' and Lifelong Learning Plans. Refer to your member booklet or enrolment materials for more information on the details of your plan.

Yes, RRSP contributions are tax deductible for income-tax purposes. The money you put into your RRSP can be deducted from your taxable income, which may reduce the amount of tax you have to pay. You get an immediate tax break when you set up automatic payroll RRSP deductions.

Manulife offers several types of RRSPs, depending on your needs. Our group RRSP allows employees to contribute easily with payroll deductions through your employer-provided plan. We also offer a personal plan for members transitioning from a group plan, and a spousal RRSP, which allows spouses to contribute and offers the opportunity for income splitting when withdrawals occur.

An RRSP has many different options for investing. Members of Manulife group plans can choose their own investment style and fund allocations for their RRSPs. 

Should you contribute more to your RRSP than your maximum allowable amount for the year, there is a lifetime $2,000 allowance before a penalty occurs, but usually, you'll have to pay a 1% tax per month on overcontributions that exceed your contribution limit by more than $2,000. Always check your annual contribution limit on your notice of assessment or online at CRA's My Account.

If you overcontribute to your RRSP, you can withdraw the excess contribution tax free during the same or following year.

If you don’t fully contribute to your RRSP in a year, the remaining amount is carried forward.

You have until you’re 71 years old to contribute to an RRSP. You can continue to contribute until December 31 on the year of your 71^st birthday.