Canada | How do I setup the Registered Retirement Savings Plan (RRSP) components on company level?
Once a Registered Retirement Savings Plan has been created, the corresponding employee deduction and fringe benefit components have to be set up on company level before linking the components to employees.
Step 1: Search for the employee deduction or fringe benefit Registered Retirement Savings Plan components.
Navigate > Config > Payroll > Payroll Config > Payroll Components
Registered Retirement Savings Plan Deduction component
Registered Retirement Savings Plan Regular Employer component
Step 2: After selecting the appropriate component, click the “Income Base and Formula” button to configure the income amount used to calculate the RRSP.
Use the “How many sources make up this defined income?” field to specify the number of income sources that will be included in the formula.
After setting up the formula, click the “Add Income Base” button to save it.
NOTE!
If the component should be calculated based on income components other than Regular Pay, enable the below setting under the Payslip Options tab when creating/editing the component.
After setting up both the component and the formula, click Save.
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