5 - Set up your payroll
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. We will send you a payrollinstructions.csv file that contains employee RRSP and TFSA contribution deduction amounts.
When you receive the payrollinstructions.csv file, follow these steps:
- Update your payroll system: Deduct the employee contribution amount split between the TFSA and/or RRSP as indicated in the payrollinstructions.csv file
- Employer matching contributions: If applicable, apply the employer matching contributions based on the information indicated in the payrollinstructions.csv file
During the initial onboarding phase, we will send this file weekly. After that, the file will be sent only when changes to an employee contribution amount is made.
If you would prefer to speak to someone about setting up your payroll, schedule a call with a retirement specialist.
Implementing a workplace retirement plan may require you to adjust the way you administer your payroll deductions for RRSP and TFSA employee and 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).
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