Can I make voluntary contributions to my RRSP plan?

Article author
Mika Komatsuzaki
  • Updated

Yes, it is possible to make voluntary contributions over and above the contributions that are matched based on your plan. You can do this through regular payroll deductions and/or lump-sum or through recurring contributions (outside of payroll).

Set up voluntary contribution(s) through payroll

To set up voluntary contributions through payroll: 

  1. Sign into your My Canada Life at Work portal
  2. Click on the Contributions tab
  3. Go to the Payroll deduction section and click on View
  4. From this section, edit the amount under Member voluntary to confirm how much you want deducted through payroll.

Set up voluntary contribution(s) outside of payroll

To set up voluntary contributions outside of payroll, you can do this through:

  • Pre-authorized contribution: Click Add new > Pre-authorized and set up a onetime or recurring contribution directly from your bank account.
  • Online banking: Click Add new > Online banking and follow the prompts to set up a onetime or recurring contribution through bill payments via your financial institution’s website.

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