1. How can employees choose to participate in the Canada RRSP? ( A Registered Retirement Savings Plan)
If an employee wishes to participate in RRSP on the Multiplier platform, then below are the steps to follow:
During the onboarding process, you will receive an email from Multiplier to sign up on the platform and, add your basic, legal & bank details, and upload legal documents.
Step 1: On the 'Legal Details' section, you can view your employer’s contribution limit towards RRSP contributions.
You can then select the contribution limit you wish to make towards RRSP contributions from the drop-down menu.
Once you have enrolled in the RRSP contributions, a signup email will be sent to you via the Manulife platform.
Manulife is Multiplier’s pension provider in Canada. Employees can log in on the Manulife portal and view their pension details.
As an employee, you can access all the contributions on the Manulife platform post signing up.
Note
The employer will select a percentage for contribution, i.e, either 0% or 2.5%, or 5%. The employee will also select the contribution percentage that they wish to contribute to the plan, i.e, either 0% or 2.5%, or 5%.
If the employee's contribution is higher than the employer’s selected contribution limit, then the employer can continue to contribute the contribution limit (as they selected at the start).
If the employee’s contribution is lesser than the employer’s selected contribution limit, then the employer must match the percentage contribution selected by the employee.
For example - If the employee's salary is $100,000 and the company selects 2.5% as the employer contribution, and the employee selects a 5% contribution, then the employee will contribute $5000 per month while the employer will continue to contribute $2500 per month to the RRSP plan.
If the company selects 5% contribution and the employee selects 2.5% contribution, then the company can match the employee’s contribution since the employee’s contribution is the lesser limit among the two.
2. How can employers choose to participate in the Canada RRSP? (A Registered Retirement Savings Plan)
If an employee wishes to participate in RRSP on the Multiplier platform, then below are the steps to follow:
Step 1: Click on the “Hire and Onboard” section on the sidebar and select 'Onboard an employee'.
Step 2: Select the country - Canada.
Step 3: Enter basic details such as Name, Gender, Email ID, Job Title, Contract Duration, and Job description/Scope of work.
Step 4: On the ‘Compensation’ section, you can participate in RRSP as an employer.
4.1: Fill in the salary and frequency details.
4.2: Add any additional Pay items.
4.3: Contributions
Under the contribution section, you can view three contribution limits -
0%
2.5%
5%
4.4: Select the percentage that your company as an employer will contribute.
4.5: Upon the commencement of the employment term, we will enroll the employee in Registered Retirement Plan (RRSP).
Once you have enrolled in the RRSP contributions, a signup email will be sent to you via the Manulife platform.
Manulife is Multiplier’s pension provider in Canada. Employees can log in on the Manulife portal and view their pension details.
As an employee, you can access all the contributions on the Manulife platform post signing up.
Note
The employer will select a percentage for contribution, i.e., either 0% or 2.5%, or 5%. The employee will also select the contribution percentage that they wish to contribute to the plan, i.e., either 0% or 2.5%, or 5%.
If the employee's contribution is higher than the employer’s selected contribution limit, then the employer can continue to contribute the contribution limit (as they selected at the start).
If the employee’s contribution is lesser than the employer’s selected contribution limit, then the employer must match the percentage contribution selected by the employee.
For example - If the employee's salary is $100,000 and the company selects 2.5% as the employer contribution, and the employee selects a 5% contribution, then the employee will contribute $5000 per month while the employer will continue to contribute $2500 per month to the RRSP plan.
In the case the company selects 5% contribution and the employee selects 2.5% contribution, then the company can match the employee’s contribution since the employee’s contribution is the lesser limit among the two.
3. What are the possible contribution limits (percentages) to the RRSP?
The possible contribution limit options available to both employee and employer are -
0,2.5, and 5%.
4. Can the contribution to RRSP be changed? Are there any cut-offs?
Yes, contributions to RRSP can be changed. A request must be placed to the respective CSM or at support@usemultiplier.com to change the contributions to RRSP.
Multiplier will notify you about the payroll cycle from which the new contribution will be applicable.
5. How can employees access the employer contributions to RRSP so far?
After the employee has enrolled in the RRSP, a signup email from Manulife will be sent to the employee.
Multiplier manages RRSP through the Manulife platform. All the contributions can be accessed by employees on the Manulife platform after signing up.
6. What is the process of recording RRSP contributions in Manulife - the partner tool managing the fund?
Our HR team has an Admin Portal on the Manulife platform. Once an employee has confirmed to participate in RRSP and has given the details for the same on the Multiplier platform, the HR team will add the details to the Manulife platform.
The employee will receive login credentials for Manulife on their email ID to login into the platform. After logging in, employees will be able to see all their contributions towards RRSP, along with contributions made by the employer.