Participation in the RRSP (Group Retirement Plan) is mandatory and eligibility for all building service employees is immediate upon hiring. Find in this section all the information and the steps to follow.
Before you begin, it is very important to understand that your employer contributes for you. However, to ensure that theses contributions are deposited in your Group RRSP, you must first complete your enrolment form!
If you received a paper form to complete, you only have three sections to fill out. If in doubt, consult the guide below.
You are already enrolled at Industrial Alliance…
We invite you to watch a video clip prepared by Industrial Alliance (IA) informing you about the tools and functions of My Client Space in your IA account
The plan identification number to state on the registration form of IA Financial Group is 15383CM001TP
The contributions forwarded to the Parity Committee have to be transferred to the trustee, IA Financial Group, who is managing all the funds in the Retirement Plan.
Prior to that, the employee must have completed a compulsory registration form.
Attention! If you did not complete your registration form, the amounts received by the Parity Committee will remain pending to be transferred. We strongly encourage you to enrol today.
Employees can fill out the on-line form at the following website: ia.ca/enrolnow. The plan identification number is 15383CM001TP. They may also enrol directly by calling IA Financial Group at: 1 800 567-5670.
Once a file is opened, the trustee forwards all the information regarding the group RRSP to the employee along with a list of contacts as well as detailed information regarding the funds in which the money is invested in.
Important: It is important to advise the Parity Committee and IA Financial Group of any change of address.
Based on the plan, all contributions towards the group RRSP of an employee, are made directly by the employer.
The RRSP contribution is calculated according to the number of hours paid to the employee. The current contribution rate since October 30th, 2017 is $0.45 per paid hour.
Paid hours include all regular worked hours, all overtime worked hours, all holidays (worked or not), all sick leave days (including the yearly excess sick leave hours, if applicable), all mobile holidays (for unionized employees) as well as all paid hours, in result of an adjustment or a special holiday.
A vacation pay, is the only payment on which contributions may not be applicable – even in cases where the vacation pay is divided into hours, for accounting purposes.
Based on the current tax regulation, employees who reach 71 years of age can no longer receive RRSP contributions. As a result, to compensate for the loss of RRSP contributions, the Decree stipulates that the employee is entitled to an increase of his hourly rate, equal to the RRSP rate that is currently in effect.
The adjustment of the hourly rates for employees having reached 71 years of age must be done at their day of birth or on your following pay period.
IMPORTANT : When applying the new hourly rate and RRSP increases stated by the Decree it is important to remember to adjust the salaries of all employees over the age of 71, as well.
Employers using Aramis web for their monthly reports
To ensure that the RRSP calculation is removed for these employees, you must apply the following steps:
Employers using other types of monthly reports
You must continue to report these employees, without the RRSP contributions, and by listing their new adjusted rate(s).
Employees, who reach 71 years of age, who are still working, are entitled to ask the Parity Committee for an RRSP refund.
To submit a refund request, the employees can either contact us or can fill out and return to us the following form:
RRSP refund request form
Instructions for the RRSP refund request form
For additional information, please contact us at 514 384-6640 (or at our toll free number: 1 800 461-6640).
For all questions regarding the funds management in which are placed the RRSP contributions by the fiduciary, you must contact IA Financial Group at 1 800 567-5670 or at email@example.com.
All contributions towards the group RRSP of an employee are made directly by the employer.
The employer is required to list both the yearly and current cumulative for RRSP contributions on the employee’s pay slip. On each pay, RRSP contributions will be listed as an earned income, as well as a deduction, since the amount is forwarded into the RRSP plan.
In case of employee’s volunteer contributions, the employer is also required to list on the pay slip the current and yearly cumulative volunteer contributions.
On a monthly basis, the employer must forward to the Parity Committee the enrolment forms for his new employees, as well as all contributions on their behalf.
The enrolment forms can also be submitted by email at firstname.lastname@example.org
Click here to complete the enrolment form.
The Parity Committee must inform building service employees about the plan and the registration procedure.
The Parity Committee must collect from the employer the RRSP amounts due on behalf of employees and must transfer the amounts to the trustee of the plan, IA Financial Group. Prior to that, the employee must have completed a compulsory registration form (See: How to register).
These amounts belong to the employees. The Parity Committee will not withhold a percentage of the money. Whether the opening of the file is delayed or whether it is in process, the money belongs to the employees.
When the amounts collected on behalf of employees have not been transferred to the trustee, the Parity Committee must reimburse them if they are no longer working in the building service industry. When the Parity Committee is unable to reimburse such employees, the amounts cannot be held by the Committee. After the end of the required period provided by article 22 o) of the Act Respecting Collective Agreement Decrees, the Committee has the obligation to transfer the amounts to the Ministère du Revenu – Biens non réclamés – where they remain available for employees.
The purpose of the RRSP account is to help us better plan our retirement. All interest and money that the account yields is tax free.
If an employee is no longer working in the cleaning industry and is not planning to return in that field, then, it may be possible for him to cash in the money before his retirement; however, please note that any withdrawn amount will automatically be taxed. Furthermore, the trustee may apply closing fees.
Our advice is to simply leave the money in the account until retirement.
If certain amounts were not transferred to the trustee and still pending at the Parity Committee, if the employee is no longer working in the building service industry, he may ask the Parity Committee the reimbursement of the accumulated amounts, the money belongs to him. The Parity Committee will not withhold a percentage of the money .
A request form to retrieve RRSP contributions is also available here: Request form
Transfer delays for the group RRSP contributions
Don’t be surprised if your IA contribution statement does not balance with the cumulative total of your contributions on your last February pay slip. Several steps and verification must be carried out before transferring the contributions to IA, which causes delays that can vary from a few weeks to a few months.
For example, the contributions for the month of December are only sent to the CPEEP as of January 15, or even later in the event of non-compliance or delay by the employer. Thus the RRSP contributions made towards the end of the year, through the employer, may not be included in the income tax statement for the first 60 days of the current fiscal year.