Questions? We can help!
Q: What is the RRSP contribution deadline for 2019 Contributions?
A: Feb 29, 2020
Q: What are your office hours?
A: Our office hours are 8:30am-4:30pm Monday to Friday
Benefit Plan Questions
For questions relating to your Benefit Plan coverage limits and the status of claims already submitted please contact your insurance carrier at the number provided in your benefit booklet.
If further assistance is required please call 905-837-2600.
Insurance Carrier Customer Service Contact Numbers
Empire Life 1-800-267-0215
Great West Life 1-800-957-9777
Manulife Financial 1-800-268-6195
Medavie Blue Cross 1-888-873-9200
Industrial Alliance 416-585-8921 (1-877-422-6487)
Desjardins Financial 1-800-263-1810
Group RRSP & Pension Plan Questions
Q: What kind of Plans do you administer?
A: Matheis Financial Group administers many different kinds of Group plans, from Group Registered Retirement Savings Plans to Defined contribution plans.
Q: My company offers a plan that you administer, how do I enroll?
A: If you are a member of one of the Group Plans that Matheis Financial Group administers and you require information, please visit your Payroll person department for information on how to enrol. Once you obtain some information, you can contact Matheis to either set up an appointment or provide you with the information that your Payroll person has instructed you to obtain.
Q: How do I complete the forms?
A: Your Matheis Rep can help you complete your Group Application and can direct to an Investment Advisor at Matheis to help you choose your investments wisely.
Q: What do I do if my information changes?
A: If you have an address change or want to change other information, such as your beneficiary, please call your Matheis Rep for advise on what forms you need and how to complete these changes.
Q: What happens if I am no longer a member of my Group Plan (NABET excluded)
A: If you are no longer a member of one of the Group plans (excluding NABET), you will be contacted by your Matheis Rep and will receive an Options Package from the insurance carrier. Matheis is copied on this Options Package and will contact you regarding your options but please feel free to contact Matheis Financial Group in advance to discuss moving your assets out of the Group Plan and into a vehicle of your choice.
Canadian RRSP Deadline for 2019 Tax Year – February 29, 2020
What is an RRSP?
A Registered Retirement Savings Plan (RRSP) is a retirement investment plan registered with the government to which you or your spouse can contribute through RRSP-eligible investments, such as some stocks and mutual funds. For information on what investments are RRSP eligible, please contact a financial advisor and/or your financial institution.
Deductible RRSP contributions can be used as a means to reduce your taxes. Amounts earned in the RRSP investment is usually exempt from tax for the time the funds remain in the plan. When you cash in or receive payments from the plan (typically at retirement) you will then pay tax on those amounts.
When is the RRSP deadline for the 2019 tax year?
February 29, 2020 is the deadline for making contributions to your Registered Retirement Savings Plan (RRSP) for the 2019 tax year.
How much can I deduct on my taxes?
The amount you can deduct on your tax filing is based in part on a percentage of your previous year’s earnings and any eligible deduction room carried forward from the previous year. Your RRSP deduction limit is shown on your Notice of Assessment or Notice of Reassessment for the previous tax year.
If you are unable to use any part of your RRSP deduction limit, the unused amount can be carried forward to next year, increasing your deduction limit for that year. Unused deductions can be carried forward indefinitely.
When can I withdraw money from my RRSP?
Funds are usually held in an RRSP plan until retirement at which time they may be withdrawn or migrated to other investment plans. If your RRSPs are locked-in you will not be allowed to withdraw funds from them without penalty until you terminate employment and the plan (i.e. retirement).
Two programs exist for making withdrawls tax-free from your RRSP under the requirement that you repay the amounts:
– The Home Buyers’ Plan allows you to withdraw up to $35,000 from your RRSPs to buy or build a home for yourself or for someone who is related to you and is disabled. You have up to 15 years to repay the amount to your RRSP..
– The Lifelong Learning Plan also allows you to withdraw up to $20,000 (limit of $10,000 annually) from your RRSPs to finance training or education for you or your spouse or common-law partner. You cannot use your RRSP to fund a child’s education.