Remitting contributions under the Wealthsimple Centric model

Overview

Under the Wealthsimple Centric model, Wealthsimple calculates contribution amounts automatically based on your employees' elections and the salary information on file. You can review and adjust these calculations before they're finalized, but you don't need to prepare or upload a contribution file yourself.

Process a scheduled payrun

You'll receive an automatic reminder email four business days before your payroll date. To process the payrun:

1. Log in to Wealthsimple on a computer.
2. Select the Profile menu in the bottom left corner.
3. Select your company name to go to your employer dashboard.
4. Select the Payroll tab.
5. Select the payroll period you want to finalize.
6. Open the Review contributions section.
7. Download and review the Preview Contributions CSV. This shows the employee and employer contributions Wealthsimple has calculated per account type, based on your plan design, employee elections and salary information on file.
8. Cross-reference these calculations with your own payroll software to confirm the data is consistent. Pay special attention to variable pay employees, outdated information on file, or employees that weren't active the entire payroll period.
9. If any amounts need to change, update them in bulk or manually:
   • Bulk CSV:
     1. Select Upload contribution changes, then select Download contribution CSV.
     2. In the "employee_adjustment_amount" and "employer_adjustment_amount" columns, enter the difference between the calculated amount and the correct amount, not the new total. For example, if a calculated contribution is $450 but should be $475.50, enter 25.50.
     3. Drag and drop or browse your files to upload your saved file.
     4. Select Upload CSV.
   • Manually: Search by employee name and use the pencil icon to update the contribution amount.
10. Select Finalize payroll and create CSV to start the debit and contribution process.

Process a one-off payroll

Use a one-off payroll for amounts that fall outside your regular pay schedule, such as bonus payments, bulk adjustments for salary increases, or corrections for a missed payroll.

1. Log in to Wealthsimple on a computer.
2. Select the Profile menu in the bottom left corner.
3. Select your company name to go to your employer dashboard.
4. Select the Payroll tab.
5. Select Create a one-off payroll.
6. Select the pay date. This is the date contributions will be deposited into your employees’ accounts.
7. Select No default contributions. This ensures only the amounts you enter are processed.
8. Add contribution amounts in bulk or manually:
   • Bulk CSV:
     1. Select Upload contribution changes, then select Download contribution CSV.
     2. Enter each plan member’s amount in the "employee_adjustment_amount" column. If employer contributions apply, also fill in the "employer_adjustment_amount" column. Enter dollar amounts only, not percentages. For example, for a $1,500 bonus, enter 1500.
     3. Drag and drop or browse your files to upload your saved file.
     4. Select Upload CSV.
   • Manually: Search by employee name and use the pencil icon to add contribution amounts.
9. Select Finalize payroll and create CSV.
10. To make changes before the pay date, select Edit.

Adjust contributions

You can adjust a contribution in different ways, depending on the status of the payroll.

• If the payroll is still open for changes: You can edit a finalized payroll until the pay date. To make changes:
  1. Log in to Wealthsimple on a computer.
  2. Select the Profile menu in the bottom left corner.
  3. Select your company name to go to your employer dashboard.
  4. Select the Payroll tab.
  5. Select the payroll period you want to change.
  6. Select Edit to reopen the pay cycle.
  7. Update the contribution amounts. For several plan members, upload a corrected file using the Bulk CSV steps in Process a scheduled payrun. Enter the difference, not the new total. For a few plan members, search by employee name and use the pencil icon to update the amount.
  8. Select Finalize payroll and create CSV to resubmit before the pay date.
• If the payroll is no longer open for changes:
  • If contributions are missing: Proceed to Process a one-off payroll for the missing amounts.
  • If contributions were made in excess, and the plan member is expected to be included in upcoming payruns: Reduce that plan member’s amount in your next scheduled contribution remittance by the excess amount, so total contributions to date match payroll deductions. If the excess is more than their next contribution, spread the reduction across the following payruns until the full amount is recovered. The plan member will have received some contributions in advance, but you won’t need to submit a reversal.
    • For example, if you contributed $100 too much and the plan member’s next contribution is $60, enter $0 for that payrun and $40 less in the one after.
  • If contributions were made in excess, and the plan member isn't expected to be included in the next payrun (for example, a terminated plan member): Proceed to Reverse a contribution.

Reverse a contribution

If a contribution needs to be reversed after it's been deposited into an employee's account, you can request a reversal through our support team or your dedicated Client Success Manager. As the plan sponsor, you'll need to sign a Letter of Indemnity (LOI) and send it with your request. For the template and full steps, see Reverse an employee contribution. This process is the same across all payroll models.