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 Plan Welcome Guide.
All regular and active Intuit Canada employees are eligible (full-time, part-time and flex-time).
- 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.
The RRSP contribution limit set by the Canadian Revenue Agency (CRA) for 2021 is $27,830 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 Canadian Revenue Agency (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 limit-tracking resource can help. If you are nearing your limit, you should take the following actions:
- Edit your RRSP deferral rate in the Sun Life website.
- 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 “Tax slips and RRSP info” from the homepage. You can also go to Financial centre > Requests > Tax slips and RRSP info.
Remember that the total you see only 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 (March 2) 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 over-contributed. 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 over-contribution and how to avoid being charged a penalty on these excess contributions, visit the Canada Revenue Agency site.
To enroll in the RRSP:
- Register. If you’ve already registered, skip this step. If you haven’t registered, go to the Sun Life website and register for an ID and password. You’ll need your account number from the welcome letter and your social insurance number (SIN).
- Your account number is Intuit Client ID 25821+ your Employee ID (e.g., 25821-123456).
- When completing Registration, select "Employer Investments & Savings" under Products.
- Once you’re logged in, select Investments.
- Click on My Financial Future.
- If this is your first time, select "Enrol" under Requests. If you're making a change, select "Payroll Contributions" under Requests.
- Select the percentage you would like to contribute to the plan. Indicate the same percentage in the RRSP box and the employer authorization box.
- Click Save & Continue.
- Review Payroll Contributions and click Submit.
If you have enrollment questions, call 1-866-292-3664.
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 Financial Customer Care Centre. The fund isn't available through the regular enrollment process or through the Sun Life website.
Learn how to allocate a commission or bonus towards the RRSP.
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.
To enroll, view your elections or manage your account, visit the Sun Life website, or call the Sun Life Financial Customer Care Centre at 1-866-896-6984, Monday–Friday, 8 a.m.–8 p.m. ET.