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Overview
If your employer allows you to manage contributions, you can update your contributions directly through the Wealthsimple app or on the web. If you don't see this option, contact your employer's HR or payroll department to make changes.
Depending on how your employer sets up their Group Savings Program, you may be able to adjust your paycheque deductions directly within your account. Some employers only allow changes during specific periods of the year.
How to update your contributions
- Log in to the Wealthsimple app
- From the Home tab, scroll down and tap on any group account
- Scroll down and tap Manage contributions
- Update your contribution elections and tap Next
- Follow the remaining prompts to confirm your changes
- Log in to your Wealthsimple profile on the web
- From the Home page, select your group account
- Click on Manage contributions
- Enter your new contribution details and click Next
- Confirm and submit your updates
Make a lump sum contribution
While you can't add a lump sum directly to your group account, you can still save extra funds by opening a personal account. Once the account is open, tap Add funds to make a one-time deposit from your linked bank account.
Select an account type below to learn how to open an account:
Monitoring your contribution limits
Like personal plans, you're responsible for monitoring your contribution limits for your different group accounts. If you're unsure of your available room, it's a good idea to check your latest notice of assessment from the CRA.
Your employer doesn't allow you to change the contributions they make on your behalf to your account. Please contact your payroll department to change them.
Maximize savings beyond payroll contributions
If you've reached your contribution goals for the year through payroll but still want to invest more, a personal account is the best way to do so. Just keep in mind that personal accounts aren't eligible for employer matching or the direct-from-payroll tax advantages of your group plan.
Frequently asked questions
What happens if I accidentally over-contribute through payroll?
If your payroll deductions exceed your annual limit, you should contact your HR department immediately to stop further deductions and reach out to our support team for help with next steps
Why don't I see the option to manage my contributions?
If the Manage contributions button isn't visible, your employer manages payroll elections internally. In this case, reach out directly to your HR or payroll team to request a change.
How often can I change my contributions?
Please contact your employer to confirm the frequency at which you can change your contributions.
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