RRSPs
Every Full and Associate ADC member who submits contracts to the office can have a personal, self-directed Registered Retirement Savings Plan (RRSP).
When you sign an ADC contract, the theatre will deduct 3% of your design fee from the first installment for your RRSP, match this with 3% of its own money, and forward the total (6%) to the ADC office on your behalf. This contribution is mandatory for all producers signing ADC contracts.
Once the ADC office has received the RRSP contribution, the funds will be forwarded to Manulife (ADC's group RRSP company), where it will be deposited in the designer's own personal RRSP account. The money will be invested as received in an option that the designer chooses in advance with the help of a qualified Manulife advisor.
Follow this link to forms and further information:
http://groupsavings.manulife.com/groupretirement/CPOv2.nsf/Public/mforms
For instructions on how to enroll for RRSPs, see: www.designers.ca/rrsp-enrolment-instruction
Frequently Asked Questions:
I have an RRSP contribution plan through an organization other than Manulife. Will ADC apply the RRSP contributions it receives on my behalf to that account?
We are able to make RRSP contributions on member's behalf to Manulife only. If you prefer to have your RRSP contributions directed to another plan you must arrange for the funds to be directed out of your Manulife account.
How soon after receipt are my RRSP contributions deposited into my account?
STAF forwards all RRSP contributions to Manulife at the end of the month. Individual contributions by the designer can be sent to ADC at any time, but will not be forwarded to Manulife until the next group transfer. As well, ADC and Manulife require approximately seven (7) business days to set up a new RRSP account.
I'm an Apprentice Member. Do I get a RRSP account?
Apprentice Members are not offered the RRSP as an ADC membership benefit. However, you may negotiate RRSP payments as a part of your contract. If a contribution is made in your name, we will hold the funds in until you upgrade to Professional Membership. Or you may invest the money as you see fit.
When may I access my RRSP?
The money is yours to do with as you wish, but for tax reasons it is to your benefit to leave these funds in the RRSP.
May I make contributions in addition to those in the contract?
You certainly may. To increase your tax deduction and add to the amount earning tax-deferred income in your RRSP, you may choose to increase your RRSP contribution at any time by making additional individual contributions through the ADC office or negotiating a higher contribution from the producer.