Change your group plan design

Overview

Updating your group plan design is a flexible way to manage your company's benefits. However, if your current plan includes a Deferred Profit Sharing Plan (DPSP) you can't change the design yourself because these plans require formal amendments with the Canada Revenue Agency (CRA).

Eligibility

• Standard plans: You can update most group plans at any time.
• DPSP restrictions: If you offer a DPSP, you must contact your dedicated Client Success Manager for assistance.

How to change your plan design

Updating your plan design is a two step process:

1. You must create a new plan.
2.  You must assign all eligible employees to the new plan.

Follow these steps to assign eligible employees to the new plan:

1. Log in to your Wealthsimple profile on a laptop or computer
2. Select the Profile menu
3. Select your employer name from the menu
4. Select the Employees tab
5. Select the checkbox beside the employee's name
6. Select Assign Plan
7. Select the new plan and select Assign Plan

The employees you assigned to the new plan will get an email notification notifying them of the change. They'll need to update their contribution elections in their individual accounts to ensure they're maximizing their contributions. You can share the article Update your group account contributions with your employees for guidance.

Create a new plan for specific employees

If you need a different plan design for only a subset of your employees, you should create a separate plan rather than changing your existing one. Once the new plan is created, you can assign the relevant employees to it.

Frequently asked questions