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Solar Bonds in Registered Accounts through CWCF

About 
The Canadian Worker Co-operative Federation (CWCF) is a national, grassroots membership organization of and for worker co-operatives, related types of co-operatives (multi-stakeholder co-ops and worker-shareholder co-ops), and organizations that support the growth and development of worker co-operatives. 
How it Works
The CWCF is registered with the Canada Revenue Agency to manage your self-directed RRSP or TFSA account through Concentra Financial. Open a self-directed account to hold Solar Bonds by making new contributions or by transferring RRSP or TFSA funds from other institutions. Your interest will compound when you hold your Solar Bonds in a registered account with the CWCF. Co-op securities are the only type of investments that can be held in your CWCF account. There is no RRIF program available (make sure you are of the age that you can hold this bond in an RRSP for 5 years, i.e. not over 66). Once your account is set up, you can contact the CWCF directly to make changes to your account or to make a withdrawal:

Josh Dyke, RRSP Program Assistant
902-678-1683
[email protected]

Fees
The CWCF charges an annual fee of $55 and an account closing fee of $75. Starting in 2017, if you are opening a new RRSP or TFSA account by transferring funds from another registered plan, the CWCF will charge you $50. If you would like to withdraw your funds and close the account, CWCF will mail you a cheque for the amount requested less the $75 account closing fee. If you plan to make multiple contributions within the calendar year, you will need to pay $55 each time. SolarShare is responsible for collecting the annual fee, therefore we will collect $275 from you up front to ensure we have the funds available each year for 5 years to pay CWCF. If you already have Solar Bonds held with the CWCF, and you purchase more bonds that mature later than your current bonds, you will have to pay $55 to keep your account open for each additional year. Take a look at the CWCF Fees & Interest Calculator to find out what your interest will look like after paying the fees.
Instructions

Fill out the forms below and mail them to SolarShare directly. Please note that you are the annuitant. Click on each form, download, and print. 

  1. Read the 2017 SolarShare Offering Statement
  2. Fill out the SolarShare Bond Purchase RRSP-TFSA-CWCF form. If you are already a member, please complete the SolarShare Bond Purchase - Existing Member form.
  3. Please read: RRSP Declaration of Trust - English OR RRSP Declaration of Trust - French OR TFSA Declaration of Trust - English OR TFSA Declaration of Trust - French. No signature required. 
  4. Complete the RRSP Application form and/or the TFSA Application form:
    • Fill in your contact and personal information.
    • Leave the Contract # blank - that will be assigned to you.
    • If it is a spousal account, you should put a Y in the contributor box, and fill in the details of the contributor.
    • If you are transferring from an existing RRSP/TFSA account, it must be made from/to a like account - so, if you have an existing spousal account elsewhere that you plan to transfer money from, you would need to open a spousal account with CWCF.  
  5. Designation of Beneficiary - Assigning a beneficiary is optional.
    • Leave the Client Contract # blank.
    • Put a check mark beside First Designation (add).
    • Ensure a witness signs.
    • You can email this form in with the rest of your application to get the process started, but an ink-signed copy must also be mailed to SolarShare.
  6. Fee Schedule - Print your name on the top line. Leave Contract # blank. Sign and date. 
  7. Payment Authorization Form - Print your name on the top line. Sign and date bottom. 
  8. Deposit Form:
    • Leave the Contract # blank.
    • If you are transferring from an existing investment, put a check mark beside the appropriate transfer option.
    • If you are making a new contribution, put a check mark beside Contribution in kind. Leave the Deposit Date box blank.
    • In the Security Deposits box enter SolarShare Bonds and the value you would like to invest (minimum $1,000, increments of $1,000). The securities deposit section should only be filled out if it is a contribution in kind. For an RRSP/TFSA transfer, leave this section blank.
    • Sign and date. The agent is Greg Goubko, 416-977-5093 x2370 
  9. Direct Transfer-In - This indicates that you are transferring funds in from another RRSP/TFSA to purchase SolarShare bonds. Make it very clear on the form which holdings are to be transferred.
    • If you are transferring TFSA/RRSP funds, allow 1-3 months for them to be transferred from your institution to CWCF. It may be beneficial to contact your financial institution to inform them that the transfer is coming in order to expedite the process.
    • You can email this form in with the rest of your application to get the process started, but an ink-signed copy must also be mailed to SolarShare.
  10. Pay your fees:
    • Write a cheque payable to TREC SolarShare Co-op (No. 1) Inc or fill out a SolarShare PAD Agreement (Pre-Authorized Debit) to authorize an electronic fund transfer for the following:
    • $40 lifetime co-op membership fee (disregard if you are already a member)
    • $275 CWCF account management fee. We send the $275 to the CWCF to cover your annual $55 account management fee on your behalf. 
    • $50 CWCF transfer fee (one-time only) if you are opening a new  account by transferring funds from another registered plan.

    If you are making a new cash contribution and not transferring from an existing RRSP/TFSA, add your Solar Bond investment amount to the total (same amount that is on your deposit form). Please keep in mind that your bank may remove fees from your account before the transfer is complete - it is important to clarify these fees with your bank so that you transfer a correct amount. It is beneficial to ask them to not pull the fees directly out of the funds that you will be transferring.

  11. Email all documents* to [email protected] or mail them with a cheque to: 

SolarShare Co-op
401 Richmond St W, Suite 240
Toronto, ON M5V 3A8

*Designation of Beneficiary & Direct Transfer-In forms signed in ink must also be mailed to SolarShare.

SolarShare will send you an email confirmation when we receive your application. If you are transferring TFSA/RRSP funds, allow 1-3 months for them to be transferred from your institution to CWCF.  It may be beneficial to contact your financial institution to let them know about the transfer in order to expedite the process.


Questions? Contact Jennifer Bryan, Community Investment & Marketing Manager at
416-977-7363 or [email protected]