RRSP Matching Canada (401K US) Information

Hi Tim,

Please see attached PowerPoint presentation, which explains the benefits of
having a plan available to Canadian employees. This is similar to the 401K
offering by HCA to its U.S. employees.

The slides on the tax credit to an organization via the RRSP program are
intentionally high-level and general because a tax specialist should
provide any specific tax advice beyond that as each company has a unique
relationship. Here is the link
<https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/financial/registered-retirement-savings-plans-rrsps.html#:~:text=Payroll%20deductions,deduct%20EI%20premiums.>
to
the CRA on group RRSPs, which can be added if you'd like. However, here is
a blurb that may help explain it a bit further:



*Matching employee contributions lets your business claim a tax
deduction, *depending
on HCA's tax situation*. Also, since the employer contribution comes out of
the *employee's paycheque* pre-tax, you *don't* have to withhold payroll
tax. *Finally, although* the benefit is taxable and you have to report it
on a T4 slip, you *don't* have to deduct income tax on the contributions
you make to an employee's RRSPs if you have reasonable grounds to believe
the employee c*an deduct *the contribution for the year. To report the
benefit, put the taxable amount in box 14 under Employment Income and in
the Other information area under code 40 at the bottom of the T4 slip.*


With regards to attracting and retaining good talent in the marketplace. If
an employee is in the market for a new employer and the salary/other
variables are market competitive, an employee would surely choose a company
with more robust benefits over a company with lesser benefits (inclusive of
a group RRSP). So it's all about what you can offer potential employees
(and existing ones) to make the offering more attractive over competing
agencies.

Let me know if you would like me to call you or set up a meeting with the
advisor regarding this offering to our Canadian employees.

Regards,
Chuck

-- 
Chuck Terlesky B.A., CCPE
General Manager
Home Care Assistance of Calgary, Alberta
Office: 403-301-3777
10333 Southport Rd SW, Unit 107
HomeCareAssistanceCalgary.ca
Click Here <https://linktr.ee/hcacalgary> For Information
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