- Country Information
- Canada
How can an employee change their RRSP contributions?
At Horizons, we are committed to supporting employees in managing their financial goals, including making informed decisions about their Registered Retirement Savings Plan (RRSP) contributions.
If you wish to adjust your RRSP contributions, whether to increase, decrease, or pause deductions, the process is straightforward and designed to be as seamless as possible.
What is an RRSP?
A Registered Retirement Savings Plan (RRSP) is a government-registered savings account that offers tax advantages to encourage long-term retirement savings. Key benefits include:
Contributions are tax-deferred, meaning you do not pay income tax on the amount contributed until it is withdrawn, typically in retirement.
Contributions may reduce your taxable income, potentially lowering the amount of income tax you owe.
Investment growth within the RRSP is tax-free until funds are withdrawn.
Enrolling in automatic payroll deductions for RRSP contributions can help you build savings consistently over time.
How to Change RRSP Contributions
To change your RRSP contribution amount, please follow these steps:
Complete the updated Payroll Deductions Form: Use the attached form to specify your new RRSP contribution amount.
Submit the completed form to Horizons: Once filled out, send the form back to us by sending an email to support@joinhorizons.com.
Horizons will implement the change: Your updated contribution amount will be applied starting from the next applicable pay cycle.
Please note that to ensure the change is reflected in your upcoming payroll, the form must be submitted before the payroll processing deadline.
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