EMPLOYER: PAYROLL INVESTMENT PLAN
Employee Satisfaction
Every Payday
Offer your staff a simple and affordable way to invest in Saskatchewan companies, at no cost to your organization.
The SaskWorks Payroll Investment Plan allows employees to contribute through convenient automatic payroll deductions each pay period.
The 32.5% tax credit and RRSP tax deduction are applied at source, reducing income tax withheld from each paycheque and minimizing the impact on employees’ net pay. With a straightforward setup and no administrative cost, the SaskWorks Payroll Investment Plan is trusted by over 200 Saskatchewan employers as a valuable employee benefit. The plan may be offered as a standalone benefit or alongside an existing group RRSP. The plan can also accommodate optional employer contributions.
A $5,000 Investment Can Cost as Little as $66.35 Per Paycheque*
How it Works
Invest $5,000 annually
($5,000 / 26 pay periods = $192.31)
Deduct the 32.5% tax credit ($125.96) from your income taxes every payday and redirect the savings to your SaskWorks investment account **
($570.76 – $125.96 = $444.80)
Invest $66.35 of your money into your SaskWorks investment account **
($192.31 – $125.96 – $66.35)
($66.35 x 26 pay periods = $1,725 Annual Investment)
*Example for illustrative purposes only. Individual results may vary.
**Based on a $70,000 annual salary and a $5,000 investment in a marginal tax bracket pf 33% ($55,867 – $111,733). The amount will vary according to your tax bracket.
Getting Started
Ready to offer the Payroll Investment Plan (PIP) at your workplace? Contact the Fund or your company’s financial advisor to begin the setup process. A SaskWorks representative will provide the tools and support needed to help your employees confidently participate in the plan.
Employer Process
The following guidelines are provided to support participating employers in the efficient implementation and maintenance of the Payroll Investment Plan.
- Distribute informational materials to employees (emails, brochures, posters, forms, etc.)
- Set up the SaskWorks Payroll Investment Plan in the company’s payroll software
- Set up electronic funds transfer (EFT) or cheque remittance process to remit the employee’s contributions at least monthly to Prometa (SaskWorks’ back office; contact information below)
- Send the Payroll Remittance spreadsheet to Prometa (SaskWorks’ back office; contact information below) containing employee name, SIN, and contribution amount for all employees contributing to the plan along with every EFT or cheque
- Process all Payroll Authorization Forms that are sent from Prometa to the employer regarding new contributors, contribution changes or cessation of plan participation
Please submit all payroll remittances, Subscription Forms, and Payroll Authorization Forms by email, mail, or fax to:
SaskWorks Venture Fund
c/o Prometa Fund Support Services Inc.
220-155 Carlton Street
Winnipeg, Manitoba R3C 3H8
Email: saskworks@prometa.ca
Phone: 1-866-992-7696
Fax: 1-855-766-8020
Employer Resources
Payroll Deduction Calculator
Used to estimate net pay deductions under the PIP. Input either a desired annual contribution or a target per-paycheque deduction to calculate the corresponding amounts.
Payroll Remittance Template
Used by employers and payroll administrators to report employee payroll deductions and remit total PIP contributions to SaskWorks for each pay period. This document is submitted to SaskWorks with every remittance.
Payroll Tax Credit Worksheet
Used by employers and payroll administrators to calculate and implement payroll deductions for employees participating in the SaskWorks PIP.
Sage 50 Deduction Setup Instructions
Step-by-step instructions for setting up SaskWorks PIP payroll deductions in Sage 50.
Quickbooks Deduction Setup Instructions
Step-by-step instructions for setting up SaskWorks PIP payroll deductions in Quickbooks.
Questions about the SaskWorks Payroll Investment Plan?
Find answers to common questions or contact our team for further assistance.