5 - Set up your payroll
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Updating your payroll with contribution choice
You can expect the first few weeks following your plan announcement to see the most employee enrollments. In order to deduct employee contributions from your payroll system, you will need to know how much each employee has decided to contribute.
To view employee contribution choices, log in to the Employer Dashboard.
From the 'Employee Requests' tab, view the contribution requests your employees have made.
Once you know what each employee wants to contribute, go to your payroll system to:
- Deduct the employee contribution amount for the TFSA and/or RRSP
- Apply the employer matching contribution (if applicable)
After the initial setup, employee contribution amounts and allocation can be found on the Employees tab. If an employee changes their contribution amount (e.g. wants to save more going forward) or changes allocation between their RRSP and TFSA, you will see that request in the 'Employee Requests' tab.
Need Help?
If you would prefer to speak to someone about setting up your payroll, start a chat with a retirement specialist at the bottom right or click on the "Submit a request" button at the top of this page.
Payroll tips
Payroll deductions
Implementing a workplace retirement plan may require you to adjust the way you administer your payroll for RRSP and TFSA employee deductions and RRSP, TFSA and DPSP employer contributions. This chart provides a quick reference for when to include employee and employer contributions when applying payroll deductions (i.e., Income Tax, CPP, EI).
>> Read full article about when to include contributions when applying payroll deductions
Other Payroll Articles
HUMI PAYROLL
Updating your payroll with contribution choice
You can expect the first few weeks following your plan announcement to see the most employee enrollments. In order to deduct employee contributions from your payroll system, you will need to know how much each employee has decided to contribute.
To view employee contribution choices, log in to the Employer Dashboard.
From the 'Employee Requests' tab, view the contribution requests your employees have made.
- Review your employees' contribution requests
- Download these requests using the download icon at the top of the table. You'll be able to download a different file for each benefit type.
A sample TFSA file is shown below.
In the Humi platform, head to 'Payroll' > ‘Benefits & Deductions' > 'Benefits'. Then select either the RRSP or TFSA benefit.
After selecting the benefit, go to the ‘Employees’ tab and then hit the ‘Upload CSV’ button in the top right corner.
If you upload an invalid file, you will see an error at the bottom of the screen.
After you upload the file, the changes will be reflected in the table. In this case we changed the ‘Company Contribution’ for employee Avi Demo to $10.
If applicable, repeat the same process for the other benefit (TFSA/RRSP) in your Humi platform.
In the Employer Dashboard, mark all the pending requests as updated by clicking 'Mark all as updated' check mark at the top of the table.
Need Help?
If you would prefer to speak to someone about setting up your payroll, start a chat with a retirement specialist at the bottom right or click on the "Submit a request" button at the top of this page.
Payroll tips
Payroll deductions
Implementing a workplace retirement plan may require you to adjust the way you administer your payroll for RRSP and TFSA employee deductions and RRSP, TFSA and DPSP employer contributions. This chart provides a quick reference for when to include employee and employer contributions when applying payroll deductions (i.e., Income Tax, CPP, EI).
>> Read full article about when to include contributions when applying payroll deductions