Investing through RRSP or TFSA is available to members when there is an open share offering for investments, or for individuals who have already purchased shares and would like to move them over to a RRSP or TFSA.
If you are making a new investment, please read the Securities Offering Summary (.pdf) and review the complete Offering Statement (.pdf). The information on this page will help you decide if investing through a self-directed RRSP or TFSA account is right for you. Please do not hesitate to contact us if you have any questions.
There are two ways to invest in OREC shares under a self-directed RRSP or TFSA; a) as new contributions or b) as a transfer in from an existing RRSP or TFSA.
The Canadian Worker Co-operative Federation (CWCF) will manage your self-directed RRSP or TFSA account. They are registered with the Canadian Revenue Agency. Contact Josh Dyke (coordinates below) if you have questions about the services they provide.
The CWCF charges an annual fee of $55 and a withdrawal fee of $75. When a withdrawal is made, CWCF will mail you a cheque for the amount requested less the $75 withdrawal fee. To make a withdrawal, you will need to send written instructions to:
Josh Dyke, RRSP Program Manager at CWCF
1-41 Aberdeen St.
Kentville, NS B4N 2M9
Tel: (902) 678-1683
The annual $55 fee, due in December, is charged to OREC. OREC will pay the CWCF fee and then deduct the cost from investors’ annual dividend. OREC will pay dividends into the investor’s RRSP and/or TSFA account. Investors will be able to direct dividends towards new OREC share purchases during subsequent securities offerings.
Note that the CWCF does not have a RRIF program. After an investor turn 71 years old, OREC shares must be withdrawn from the self-directed RRSP or TFSA and either sold to another member or declared as income at their current value. Any cash accumulated from dividends and return of capital may first be transferred to a RRIF operated by another institution.
RRSP and TFSA Instructions
New RRSP or TFSA investors should closely follow steps 1-9. Complete step 10 to transfer funds. If you have an existing RRSP account with CWCF, skip steps 2-4. Note, spousal contributions must be kept in a separate RRSP account. When filling out the forms, note that you are the annuitant.
**Click on the name of the form to view and download it**
- Subscription Form (.pdf): This form must be filled for all purchases of shares and notes.
- Declaration of Trust: No signature is required. You must read the document.
RRSP (English, French)(.pdf)
TFSA (English, French)(.pdf)
- Application Form: Leave the Contract # in the top right blank. The Agent Name is Janice Ashworth, 613-296-8232. Make sure you enter your birth date.
RRSP Application Form: (Bilingual)(.pdf):
TFSA Application Form: (English, French)(.pdf)
- TFSA and RRSP Designation of Beneficiary Form (.pdf): Leave the Client Contract # blank. Put a check mark beside First Designation. Ensure a witness signs.
- RRSP and TFSA Plan Fee Schedule (.pdf): Put your name on the top line. Leave the Contract # blank. Sign and Date.
- RRSP and TFSA Payment Authorization Form (.pdf): Put your name on the top line, sign, and date.
- Shares Annuitant Declaration: (RRSP, TFSA) (.pdf) This form is to declare that your family owns less than 10% of the issued Class A Preference Shares. Talk to OREC if you are concerned that you fall into this category. Put your name on the top line. Leave the Plan # blank. Enter the number of shares purchased (shares cost $500 each) and the value of the purchase. Sign and date. Get a witness to sign.
- Deposit Form (RRSP and TFSA) (.pdf): 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 Cash Contribution. Leave the Deposit Date box blank. In the Security Deposits box enter “OREC preference shares” and the value. Sign and date. The agent is Janice Ashworth, 613-296-8232.
- Mail the completed forms and a cheque made out to CWCF to: OREC, 969 Wellington St. W., Suite 200, Ottawa, ON, K1Y 2X7.
- RRSP & TFSA Direct Transfer-In. (.pdf) This form allows your transfer funds in from another RRSP or TFSA to purchase OREC shares. Contact the institution that manages this RRSP or TFSA to generate the cash or make it very clear on the form which holdings are to be sold to generate the cash. Fill in your name, SIN, phone number, and address. Include the address and phone number of the institution the investment is transferring from. Fill in the “Contract or Plan #” with the information from the account you are transferring from (often called the account number). Leave the “Deposit #,” and the “Maturity Date” blank unless they are applicable. Leave Part II blank. The deadline for investing using funds transferred from another registered account is March 15, 2017 to ensure that the transfer is completed no later than April 30, 2017.
- Cash Redirection Letter. (.pdf) If you already hold registered shares with OREC, this form allows you to redirect cash that is in your CWCF account to purchase another share in OREC.
Do you have questions?
Get in touch with David Mazur-Goulet; OREC’s Communications Manager.
Toll-Free: 1 (855) 338-OREC
Address: 969 Wellington Street West, 2nd floor, Ottawa, ON K1Y 2X7. Contact us prior to visiting to ensure someone is at the office.