How to adjust your payroll when employee contributions change
Changes to an RRSP or TFSA contribution amount
Members can change the amount they want to save in their TFSA or RRSP at any time. If you have access to an Employer Dashboard account, follow the 'Reviewing Employee Contribution Changes in the Employer Dashboard' section. If you do not have an Employer Dashboard access, refer to the 'Reviewing Employee Contribution Changes via Email' section below.
Reviewing Employee Contribution Changes in the Employer Dashboard
All employee changes will be listed in the Employee Requests tab of the Employer Dashboard, so you can track (and 'update' or 'dismiss') requests.
Employee change requests include:
- New contributions for newly enrolled employees
- Restarted contributions employees who had previously stopped contributions
- Changed contribution amounts
- Changed contribution allocation
- Stopped contributions
When there are pending employee requests, the plan administrator will be notified via email on a weekly basis and before you upload your payroll register file in the Employer Dashboard.
Employees will receive an email update when:
- their request is dismissed (in the event the plan administrator needs more information) or
- their request results in an update to their plan (e.g. that their contribution change will appear on their next paycheque)
The contribution amount displayed on the 'Employee tab' are not updated until an employer selects "Updated" on the Employee Request. This way, the Employee List always displays the contribution amount that both the employee and employer have agreed to.
Reviewing Employee Contribution Changes via Email
When employees change the amount they want to save to their TFSA or RRSP, we will email you the payrollinstructions.csv file so you can update your payroll system.
When you receive a payrollinstructions.csv file:
- Adjust your payroll system to reflect employee selections for TFSA / RRSP deductions and contributions