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Thank you Dylan for this helpful specific information. I spent most of today on hold with sunLife and BCCPP, the outcome of which was that each told me to consult the other for the instructions.
Stacy
Dr. Stacy Leigh Pigg
Professor of Anthropology Simon Fraser University 8888 University Drive Burnaby BC V5A 1S6 Canada
At Simon Fraser University, we live and work on the unceded territories of the Coast Salish peoples of the Squamish
(Sḵwx̱wú7mesh Úxwumixw), Tsleil-Waututh, Musqueam (xʷməθkʷəy̓əm), and Kwikwetlem First Nations. I respectfully acknowledge this fact.
From: Dylan Cooke <dfcooke@sfu.ca>
Sent: July 25, 2022 4:32 PM To: Steve Kates; academic-discussion@sfu.ca Subject: Re: Transferring Funds from Sunlife DC plan to College DB plan using an app? Hi All,
I started this process a few weeks ago. Below is some of what I've been told by Sun Life, BCCPP, CRA, and a financial advisor. Please check important details with your own tax/financial advisor! Based on my specific circumstances, my advisor recommended
maximizing my purchase of service.
Best,
Dylan
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Dylan Cooke, PhD, Assistant Professor Dept. of Biomedical Physiology and Kinesiology Simon Fraser University 8888 University Drive, Burnaby, BC, Canada V5A 1S6 778.782.7667 | dfcooke@sfu.ca First to Steve's question: Can you buy fewer years than the statement of cost lists?
Yes. This is a maximum number of years. I have to buy somewhat less than the maximum because I'm limited by my RRSP contribution room (see below).
RRSP room limits for cash purchase of years of service
My understanding is that there are no tax consequences of using RRSP or Sun Life DCP $ to buy years of service. If you want to maximize your purchase amount and your DCP + RRSP balances total less than that cost of buying maximum years of service, then
you can also use cash to do this, but how much cash you can use is limited by your RRSP contribution room. To find your contribution room, log into your CRA account > tax returns > 2021 notice of assessment, then look for "available contribution room for
2022". I was told by BCCPP and the CRA that this was the maximum amount of cash that could be used for service purchase. Apparently if you contribute cash over your RRSP limit, the CRA can reject the purchase. You should eventually receive a tax slip from
BCCPP for any cash used to purchase years of service (it's perhaps equivalent to an RRSP contribution).
Submitting forms
Both BCCPP and Sunlife said that digital signatures on forms are fine.
I submitted forms to BCCPP through their website, https://myaccount.pensionsbc.ca/ > mail icon (envelope in circle) left of your name at top right.
I submitted forms to Sun Life using their app. For Sun Life I think you can only submit images and not PDFs. You can either take photos with your phone or on a computer, open the PDF in acrobat > file >export to > image.
Which forms?
This was confusing at first.
I called BCCPP and was told that Sun Life would ask me to have BCCPP fill out a form but that that wasn't possible. Then I called Sun Life and indeed they wanted form T2151 filled out before they sent a cheque. After some more back and forth, BCCPP said
they could fill out T2151 after receiving the cheque from Sun Life and Sun Life said they could send the cheque
before receiving the form. I hope the messaging by agents is clearer now...
So I ended up filling out and sending form T2151 (supplied by Sun Life) and the entire statement of cost document (which includes the "Invoice" form and the "RRSP/RPP Transfer" form). I sent all of that to both BCCPP and Sun Life. Not sure if this was
overkill.
Dollar amount to enter on BCCPP RRSP/RPP Transfer form
If your Sun Life RPP is invested, the value varies daily, so the exact number you enter on the Transfer form is not important. Just specify that you want the whole balance transferred (if that's what you want).
Latency for Sun Life cheque
I submitted forms on July 8 and was told that the check should be sent to BCCPP by about July 28. BCCPP said that their system will show the cheque received after 1-2 weeks. BCCPP encouraged me to check that they received $ from Sun Life. After BCCPP
gets all $ from Sun Life and you, they begin a process with CRA verifying that the amount is allowed - this takes many weeks, so don't delay starting the process.
Contacting BCCPP and Sun Life
I've had pretty short wait times each time I've called BCCPP and Sun Life
BCCPP: 1-888-440-0111 x1(member of CPP) x4 (buy back), then enter your "person ID #" (from your statement of cost) 8-4:30p M-F PT
Sun Life: 1-866-733-8612 x1 x3. 8a-8p ET
You can also message BCCPP the same place where you submit documents (see above). Latency for written response is 1-2 days in my experience.
On 2022-07-25 2:20 p.m., Steve Kates wrote:
Hello colleagues. |