The Registered Retirement Savings Plan, or RRSP, helps you build financial security by allowing you to contribute to the savings plan and receive matching contributions from the company.
An RRSP is a powerful savings vehicle because your contributions are tax-deductible, and the taxes on any investment growth are deferred until you take your money out.
For a complete look at the Intuit RRSP features and investment options, view the start saving guide.
Eligibility
All regular and active Intuit Canada employees are eligible (full-time, part-time, and flex-time).
All SelectTime and Seasonal employees are eligible upon completion of the waiting period.
How it works
How to enroll
Learn how to enroll in the RRSP. Once enrolled, you can view your elections and manage your account by visiting the Sun Life website or calling the Sun Life Financial Client Care Centre at 1-866-896-6984, Monday–Friday, 8 a.m.–8 p.m. ET.
Company match
- If your year-to-date eligible earnings* are over $66,667, Intuit will match $1.25 for every $1 you contribute, up to 6% of total eligible compensation, with a maximum match of $10,000 per calendar year.
- If your year-to-date eligible earnings* are $66,667 or less, Intuit will match $1.25 for every $1 you contribute, up to $4,000, with a maximum match of $5,000 per calendar year.
Intuit will top up your employer match contributions throughout the year, based on your eligible earnings. All matching contributions are immediately vested.
You can make RRSP contributions through payroll deductions or by making a lump-sum payment. To receive the company match, RRSP contributions can only be made through payroll deductions. You may change your contribution amount or stop your contributions at any time.
* Eligible earnings include base salary and incentive pay (commissions, IPI, and customer care quarterly incentive). Base salary includes holiday pay, maternity leave top-up, paternity leave pay, short-term disability pay, sick pay, and vacation pay.
Contribution limits
The RRSP contribution limit set by the Canadian Revenue Agency (CRA) for 2024 is $31,560 or 18% of your previous year’s income, whichever is less, plus any unused contribution from past years.
If you don't make the maximum allowable RRSP contribution in any given year, CRA lets you carry forward the unused contribution room indefinitely and add it to the amount you can contribute for future years.
To find your personal contribution limit, you should refer to your most recent Notice of Assessment from the CRA. You can also find your contribution limit by visiting one of these sites:
It’s your responsibility to monitor your limit, although Sun Life’s contribution limit monitoring can help. If you are nearing your limit, you should take the following actions:
- Edit your RRSP payroll deduction on the Sun Life website.
- Sign in and select Manage plan, then My plan. At the top of the page, select Put money in, followed by Manage payroll contributions.
- Notify payroll by opening an HR Connect ticket. This will ensure that you do not continue to receive matching contributions that may put you over the limit.
You can find out how much has been contributed to your RRSP by:
- Signing in to the Sun Life website.
- Selecting Manage plan, then My plan. At the top of the page, select Documents, then Tax slips & Contribution info.
Remember that the total you see includes both employee and employer contributions to your Intuit RRSP. If you’re also saving in an RRSP elsewhere, you’ll need to include that amount as well.
You have until the 60th day of the year (February 29 for 2024) to contribute to your RRSP and get a tax receipt to use for filing income taxes. Payroll contributions can only be made in the same calendar year, but you can make a lump-sum contribution to Sun Life directly.
Excess contributions: If you contribute more to your RRSP than your contribution room allows, you’ll have an excess contribution. Generally, you’ll have to pay a tax of 1% per month on contributions that exceed your RRSP deduction limit by more than $2,000, unless you withdraw the excess amount. Note: While $2,000 of penalty-free excess is allowed, that amount is not tax-deductible.
Excess RRSP contributions must be reported 90 days after the last day of the tax year when you overcontributed. To request a withdrawal of the excess contribution, contact Sun Life at 1-866-896-6984, Monday to Friday, 8 a.m. to 8 p.m. MT.
For complete steps on how to correct an overcontribution and how to avoid being charged a penalty on these excess contributions, visit the Canada Revenue Agency site.
Choosing investment options
Get support choosing your RRSP investments. If you don't want to earn investment returns due to religious or other reasons, you can enroll in an interest-free fund option, SLA Zero-Interest Fund (198), by contacting the Sun Life Client Care Centre. The fund isn't available through the regular enrollment process or through the Sun Life website.
Allocating commission or bonus towards the RRSP
Learn how to allocate a commission or bonus towards the RRSP.
Beneficiaries
You should designate a beneficiary for your RRSP so that your plan assets are distributed according to your wishes in the event of your death. You can add a beneficiary at any time—or change your beneficiary at any time if your beneficiary designation is not irrevocable. Learn more about naming or changing a beneficiary.
Common questions
How do I enroll in the RRSP?
How do I name or change a beneficiary?
How can I get help choosing my investments?
How do I allocate a commission or bonus towards the RRSP?
Resources
Sun Life website
Sun Life Client Care Centre
Start saving guide
My account
MyCRA mobile app
Tax information phone service (TIPS)
Where to get help
Sun Life
Plan/Group Number (Medical/Dental) 150019
Plan/Group Number (Life Insurance) 100179
1-866-896-6984
Visit website
Member ID: This is your employee ID number and serves as your unique identification number with Sun Life. You can find your employee number ID on the corporate directory. Search for your name and click on View More Details on your profile in the inside of your pay stub or on your Sun Life prescription card.