6 - Run your payroll & send us the extract
Once your payroll has been updated with the contribution amounts, it's time to run your payroll. To confirm the amount the plan should deduct from your corporate bank account and allocate as employee and employer contributions, we require information from your payroll register.
- Run your payroll
- Populate the payrollregister.xlsx template that was sent to you via email
- Submit the file within 3 business days of running your payroll
Note: This step is completed every payroll cycle
Your payroll information will be updated in your plan within 2 business days upon receiving the necessary file in good order. We’ll work with you to address any errors or omissions to ensure the member payroll records are updated. Instructions will then go to Canadian Western Trust to automatically withdraw funds from your account for contributions and fees owing to Common Wealth.
From time to time, Common Wealth may make changes to the payrollregister.xlsx file, including adding or removing data requirements. Any required changes will be communicated to you in advance.