December 2021 Edition

The benefits statement outlines to plan members, after their employment ends or at retirement, the options available for the savings accumulated in their group retirement savings program.

The benefits statement will now be available on the plan member secure site. An email will be sent to plan members inviting them to consult their statement via dfs.ca/GroupPlanMember or using the Omni Desjardins app, under My statements and documents > Benefits statement. While the paper version will still be sent by mail, this online enhancement allows plan members to view their statement more quickly.

To encourage plan members to keep benefiting from the many group advantages available through Desjardins Insurance, a new flyer on our transition program (PDF, 2.3 MB) External link. Opens in a new window. will accompany their benefits statement. It highlights the program’s advantages and explains how to enrol.

You can continue submitting plan terminations External link. Opens in a new window. via dfs.ca/plansponsor. And keep in mind that the benefits statement will only be issued once you remit the last contribution to Desjardins Insurance.

If you have any questions, you can contact your dedicated administrator or Plan Sponsor Services at 1-888-510-4762.

The RRSP season is just around the corner. We want to encourage your plan members to contribute a little more to get closer to their dreams and possibly win $3,000.

To enter the contest, plan members with a group RRSP or TFSA simply need to:

1. Log on to their Group retirement savings account using Omni Desjardins or via dfs.ca/GroupPlanMember, between January 1 and March 1, 2022.
2. Go to My transactions > Contribute and make an initial contribution (payroll or lump-sum) or increase their existing contributions to their group RRSP or TFSA.

The contest winners can have the money paid out to them directly or deposited into their Group retirement savings plan. If they select a registered plan, they must ensure there is sufficient contribution room.

Communication to plan members

We’ll send an email on January 3, 2022, and a reminder in early February.

You can print out these posters or upload them to your intranet to promote the contest to your employees:

8.5 x 11 poster (PDF, 2.3 MB) External link. Opens in a new window.

11 x 17 poster (PDF, 1.6 MB) External link. Opens in a new window.

To learn more, read the full contest rules (PDF, 197 KB) External link. Opens in a new window..

The contribution limits per plan for the year are as follows:

The information in this article is intended for general information only and should not be considered as tax advice. While reasonable steps have been taken to ensure the accuracy of this information, Desjardins Insurance makes no representations and offers no guarantee as to the accuracy of this information, which may no longer be current, complete or accurate.

With tax season just around the corner, it’s time to start thinking about producing your employees’ T4s and RL-1s.

Refer to the table below to see how to calculate the total amounts to include on these slips. Include all contributions made between January 1, 2021, and December 31, 2021.

Registered Pension Plans (RPP): SPP and DC

Complete box 50 of the T4 slip (RPP or DPSP registration number). Enter the CRA registration number that Desjardins Insurance provided when the plan was implemented. This number can be also found in the confirmation letter sent to you by the CRA.

DPSPs (Deferred Profit Sharing Plan)

Complete box 50 of the T4 slip (RPP or DPSP registration number). Enter the CRA registration number that Desjardins Insurance provided when the plan was implemented. This number can be also found in the confirmation letter sent to you by the CRA.

To learn more, see the Employers’ Guide - Filing the T4 Slip and Summary on the CRA website, and the Guide to Filing the RL-1 Slip on the Revenue Québec website.

Reminder on contribution limits8

DPSP: The lesser of the following 2 amounts:

• 18% of an employee’s current annual compensation (as defined by “compensation” in the Income Tax Act, section 147.1 (1)).
• The maximum annual contribution allowed under a DPSP.

RPP: The lesser of the following 2 amounts:

• 18% of an employee’s current annual compensation (as defined by “compensation” in the Income Tax Act, section 147.1 (1)). For the purposes of this plan, compensation may also include amounts prescribed in section 8507 of the Income Tax Regulations for periods when the plan member’s earnings are less than normal due to disability, leaves of absence or other similar causes.
• The maximum contribution allowed under a DC for a given year.

You can find the annual contribution limits on the CRA website.

The information in this article is intended for general information only and should not be considered as tax advice. While reasonable steps have been taken to ensure the accuracy of this information, Desjardins Insurance makes no representations and offers no guarantee as to the accuracy of this information, which may no longer be current, complete or accurate.

With the end of the year coming up fast, we wanted to remind you to get your remittances in by the deadline so that contributions are included in 2021. Plan members who want to make lump-sum contributions need to log on to their accounts and make their contribution by the deadlines below.

IMPORTANT:

* For RRSP/VRSP contributions to be included on the receipt for the period of March 2, 2021, to December 31, 2021, you must send us your remittances by December 24, 2021.

** RRSP/VRSP contributions received after December 31 will be included on the receipt for the first 60 days of 2022 (January 1, 2022, to March 1, 2022). This receipt can be used for 2021 tax returns.

Transmit your Annual Information Return for DC plans

If you’re a pension plan administrator of a defined contribution (DC) pension plan, you’re required to produce and file an Annual Information Return (AIR) to your governmental regulatory authority no later than 6 months after the end of the plan’s fiscal year, or the last day of the pension plan year. For plans whose province of registration is British Columbia, Alberta, Saskatchewan or Manitoba, you must file the AIR no later than 180 days after the end of each fiscal year of the plan.

If Desjardins Insurance hasn’t been given the mandate to produce your 2021 AIR, but you would like us to do so, notify your dedicated Client relationship manager of your intention 3 months after the end of the plan’s fiscal year (e.g., if the fiscal year ends December 31, you must make your request before April 1).

Desjardins Insurance will process the request within the prescribed time frame and send you instructions on the next steps you’ll need to take to complete the process with the Office of the Superintendent of Financial Institutions (OSFI) or your provincial regulatory authority, as applicable.

Depending on your contract with Desjardins Insurance, a fee may be charged for this service.

For more information about AIR, contact your plan administrator or call the Plan Sponsor Service at 1-888-510-4762.

This is the complete tax receipt/slip production and mailing schedule. You can find the same information in the Your news section of the Plan sponsor services website, accessible via dfs.ca/plansponsor and on the plan member website at dfs.ca/GroupPlanMember.

Tax receipts (RRSP and VRSP)

Tax slips

The issue and mailing dates shown may vary by a day or two.

Here are our holiday business hours:

Plan sponsor services

Customer Contact Centre (CCC)

Transactions submitted after 4:00 p.m. (eastern time) or on a statutory holiday will be processed the next business day.

The Desjardins Group has begun the implementation of the Know your client (KYC) procedure across all Desjardins Group reporting entities, including Group retirement savings.

This involves a periodic review of the personal information in the files of our members and clients who have non-registered products. The procedure, which will be rolled out in stages, meets the regulatory requirements for financial crime prevention and helps us maintain close relationships with our members and clients.

In Group retirement savings, the procedure will therefore target plan sponsors and plan members who have a non-registered plan (NRP)), which is a regulated product under the anti-money laundering and anti-tax evasion laws. For entities, information on beneficial owners and persons who control the company will also need to be updated.

Over the next few months, we’ll be contacting affected plan sponsors and plan members to update the information in their files. Intermediaries will also be notified before their clients’ files are updated.

The protection of personal information is a priority for Desjardins. Plan sponsors and plan members who have several products with us may be contacted by more than one Desjardins Group entity. It’s important to update information with each entity that requests it.

If you have any questions, we invite you to contact us at erc_gouvernance_lbalef@dsf.ca.

On January 3, 2022, Desjardins Insurance will change the name of its Multi-Management Funds to Progression Funds, almost 20 years after their creation in September 2002.

This is the only change to these funds.

This new name better reflects the fact that the composition of the funds evolves over time.

If Multi-Management Funds are part of your fund offer, your plan members will be informed of the name change by email on January 4, 2022.