5 - Set up your 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
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.
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.
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).
Other Payroll Articles