In Ontario, FSRA has extended the filing deadlines for various requirements, including Annual Information Returns, Valuation Reports, and Financial Statements (audited) until December 31, 2020. If an extension beyond the new deadline is required, Plan Administrators should contact their designated Pension Officer directly, preferably by email. […]
Archives: Faq
Are Ontario Pension Assessment fees being waived?
No, fees have not been waived, however, FSRA is deferring invoices for 2020-21 until further notice. […]
Can we temporarily suspend contributions to our GRRSP?
Contributions to a GRRSP are typically outlined in an employment contract as part of the employee’s overall compensation. If you decide to change the contribution requirements, you will need to notify your employees and your service provider. We also recommend discussing any changes with an employment lawyer. […]
Our GRRSP does not allow employees to withdraw from the plan? Can we change this rule temporarily?
The decision to allow withdrawals from the plan is decided by the employer and can be amended at any time. If you want to temporarily allow withdrawals, notify your service provider. […]
Our GRRSP rules enforce a suspension of employer contributions if an employee makes a withdrawal from the plan. Can we temporarily waive this rule?
Similar to the previous question, the withdrawal rules are decided by the employer and can be amended at any time. If you want to temporarily waive the suspension rule, notify your service provider […]
Do most companies offer retirement plans to their employees?
No, approximately one-third of employers in Canada offer a retirement program to their employees. […]
If we have a layoff, what happens to our employees’ benefit plan eligibility?
Your insurance contract will have provisions detailing which benefits and how long they will be continued when employees are on layoff. If your contract does not contain specific language on the continuation of coverage, contact your Baynes & White consultant for assistance as this varies by carrier. Most carriers will provide an extension of coverage, however providing extensions […]
What is a Health Care Spending Account (HCSA)?
A HCSA is a tax-deductible expense for your company and provides plan members with tax-free coverage of expenses that are not covered under their provincial insurance plan or other benefit plan sponsored by their employer. They can be set up as a stand alone plan, however they are generally added to a core plan to increase […]
When we recall employees from a layoff, how quickly can their coverage be re-instated?
This depends on how long the employees have been without coverage. Please contact Baynes & White for assistance in requesting a waiver of the waiting period. […]
What is a Personal Spending Account (Wellness Account?)
A PSA or Wellness account provides employees with additional health and well-being options. Coverage options under a PSA are almost limitless. Employers set up their PSA and decide what will and will not be covered. They can set as many (or as few) parameters as they wish. ! When setting up a PSA, an employer […]