Pensions and Retirement Plans: Payroll's Responsibility
Employer-sponsored savings plans such as Registered Pension Plans (RPP) and Registered Retirement Savings Plans (RRSP) provide employees with an automatic way to save for retirement while benefiting from tax breaks. Employees who participate in these programs essentially receive free money as their employers offer matching contributions.
It is crucial to both employers and employees that this is administered accurately. To maintain the tax-deferred savings status of an employer-sponsored plan, it is essential that both federal and provincial legislation be followed. If not followed, it could result in under or over contributions.
Payroll professionals play an important role in the administration of employer-sponsored plans. Our expert instructors will show you how to administer employee contributions through payroll deductions, monitor contribution limits, correct errors, exceptions, year-end reporting, and much more. The benefits of these savings plans go beyond just administration, as payroll’s efforts play an important role in the current and future financial well-being of all employees.
How to access your session:
Three business days before the live event, you will be sent information on how to access your online seminar. If you do not receive the login information three days before the seminar, check your email SPAM folder. If it's not there, please contact email@example.com as soon as possible.
!! IMPORTANT !!
Audio for this online session is streamed directly through your computer or electronic device. Participants will not be provided with a dial-in number.
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Plan types and features
- Overview of the various types of plans
- Key features of a plan document or employer policy
Managing contributions and payroll withholding
- Contribution limits based on plan type
- Impact of both employee and employer contributions on statutory payroll withholding
- Legislative requirements related to employee eligibility to join the plan and remittance deadlines for employee and employer contributions
Correcting contribution errors
- Correcting missed contributions based on plan type
- Correcting over contributions based on plan type
Impact of leaves of absence on plan contributions
- Contributions during a leave
- Retroactive contributions following a leave
- Pension Adjustment reporting for registered plans on T4 slips
- Reporting of employee contributions on the T4 and RL-1 slips
Please note that after registering online for this event, you will receive an email confirmation that confirms your registration. Confirmation emails are sent approximately within 2 business days after the registration has been processed.
Three business days before the live event, you will be sent the link to access the online PD seminar on the scheduled day.
Also, detailed instructions on accessing the online PD seminar will be emailed to you the day before the event.
Cancellations or Transfers: requests must be received in writing at least four (4) business days prior to the online seminar date. Please note a cancellation fee or transfer fee in the amount of $50 plus applicable taxes will be applied. Cancellation or transfer requests received after the login information has been provided are not eligible for a transfer or refund.