HomeMy WebLinkAboutTWP 89 011 Pension - Employees
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CORPORATION OF THE ToWNsHIP OF KINCARDINE
BY-LAW #89-11
Being a By-Law to set up a pension plan for Office and Road Department
employees of the Township of Kincardine as authorized by the
Municipal Act R.S.O. Chapter 302 Section 208 Paragraph 46
Now therefore, the Council of the Corporation of the Township of
Kincardine enacts as follows:
1. To be eligible for the Registered Retirement Savings Plan
an employee must be in the employment of the Township of
Kincardine for one year.
2. The Township of Kincardine's bi-weekly contribution shall not
exceed a total annual amount of $500.00 for each eligible
employee. The bi-weekly contribution shall be matched by
each eligible employee.
3. The employee will not prior to 60 years of age withdraw the
employer's initial or future contributions from the Registered
Retirement Savings Plan, except to transfer the contribution
to anoth~egistered Retirement Savings Plan of the
employee.
4. The employee will not withdraw the employee's contribution
in full or in part for two years from the date of the Plan.
5. If employment is terminated before 2 years the employee's
portion could be withdrawn with written notice to the Royal
Bank signed by the employee and an authorized representative
of the Township of Kincardine.
6. The employee has the option at any time to transfer either their
contributions and/or the employer's contributions to a
different RSP option within their current Group RSP Plan.
Read a First, Second and Third time this
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b day of February, 1989
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February 23, 1989
'Township of Kincardine
P.O. Box 14
R.R. #5
KINCARDINE, Ontario
N2Z 2x6
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OiJ( file Notre ,éflHtHlce
S. Schilder
Source Deductions Section
Attention: Muriel P. Eskrick
Clerk Treasurer
Dear Muriel P. Eskrick:
Re: Blanket Approval for Reduction in
Tax Deductions at Source in Respect of
Registered Retirement Savings Plan Contributions
This will acknowledge your request for a blanket waiver of tax
deductions at source on premiums to a Registered Retirement Savings
Plan on behalf of your employees.
The Income Tax Act under Paragraph 146(5) details the amount of
Registered Retirement Savings Plan Premiums deductible by an individual
in computing his income for the year.
This letter waives the requirement to deduct tax on premiums to a
Registered Retirement Savings Plan, provided the premiums are retained
from earnings and remitted to the RRSP carrier on a periodic basis
(monthly, etc. but not less frequently than quarterly).
Where an employee is entitled or may become entitled as a consequence
of employment in the year to the benefits under a pension fund or plan,
or is covered by a deferred profit sharing plan in the year, he will be
entitled to a deduction for premiums paid to a Registered Retirement
Savings Plan of the lesser of $3,500.00 or 20% of his earned income
minus his contribution to the Registered Pension Plan in respect of
both current and past service.
.. .2
Tel (519) 579-6060 Tél (519) 579-6060
166 Fredenck 51
K,tchener. Ontario
N2G 4N1
166, rue Frederick
Kitchener (Ontario)
N2G 4N1
Canadã
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Township of Kincardine
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February 23, 1989
·
Where the employee is not covered by either a pension plan or deferred
profit sharing plan he will be entitled to deduct $7,500.00 or 20% of
earned income whichever is less in respect of Registered Retirement
Savings Plan Premiums.
All amounts contributed must be reported on the T4 Supplementaries as
part of total earnings (Box C) but will not be reflected in Box F or
elsewhere on the T4's.
Yours truly,
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Directo.~~on
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GROUP RSP
AUTHORIZATION AND REQUEST
FOR PAYROLL DEDUCTION AND TAX ADJUSTMENT
TO:
/'?N~ (0f~'r.^.'\'· ~ H.. (VLJ^":po'), h~--1VuJ""'Lr
Name of mp loyer) L I ¡J CArl ù I,)
(Address of E~ployer)
ATTENTION: Mv,.. \ [<,,[ .r.t l
(Company Authorized Officer)
RE: GROUP RETIREMENT SAVINGS PLAN
EMPLOYEE NAME: ---9~e~~~' ~rint1='" b ~ JL
ROYAL BANK RSP PLAN NUIIIER: 0 hDb I b 3')1) ! OhD Co I b 31 ~ .
SOCIAL INSURANCE NUMBER: It?,~ ç c¡ 5 o¡ ':i'1 E"'LOYEE NUMBER:
AMOUNT OF EACH DEDUCTION: J)..13 FREQUENCY OF DEDUCTIONS: 'ßi-w.~k'lf--
1. I hereby appoint my Employer as my agent for the purpose of my Royal Bank RSP
specified above, or if my Employer is a Corporation, the person or persons duly
authorized to act on its behalf for this purpose.
2. I request and authorize my Employer to make payroll deductions in the amount and
frequency set out above from my salary, wages or other remuneration and to
contribute the amounts deducted to my Royal Bank RSP set out above.
3. ! request and authorize my Employer, in computing the amount of withholding tax
required under the Income Tax Act (Canada), to adjust the amount of my salary,
wages and other remuneration which is subject to tax by subtracting therefrom the
payroll deductions authorized hereunder. ~
_ Pl£ASE CHECK IF 'AX ADJIJSTIÐT _IRED [ ~ ¿ .
DAf[, ¡-.' ''1iZJ *~~f¿)-_A,~¿
AGREED TO AND ACCEPTED BY:
DATE: ,5L/ .;It'' /Ÿ'Ý
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. .AGRf·EMfNT CONCmNING CO&UTION
TO REGISTERED RETIREMENT SAVINGS PLAN MADE
ON BEHALF OF EMPLOYEE BY EMPLOYER
Royal Bri Regis1enrd Retitament 5E1\IÍngs Plan No
N- d... règime erwgistré d'épatgne·,.,.tnlile
de II B~ Royale
In tM name 01
Au.... ..
O(,ObI1,39:¿
(Ylv¡,e.l
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$
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F~ ¡r,/g
In consideration of the above-mentioned contribution maqe as of the qate
hereof (the "cofltribution"), the planholder under the above Registered
Retirement Savings Plan Ithe "Employee") hereby agrees with the
undersigned employer as follows:
1.
----r-t'_I'--' QI
_~~ I, 19-4-- :
The Employee will not, prior to
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withdraw the contribution from the said Registered Retirement
Savings Plan, except to transfer the contribution to another
Registered Retirement Savings Plan of the Employee;
.iil
deregister the said Registered Retirement Savings Plan;
Oii) modify the said Registered Retirement Savings Plan in any way
that would result in its disqualification for tax purposes.
2.
Should the Employee contravene paragraph 1. of this Agreement
the Employee will immediately repay the contribution to the
undersigned employer.
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ACCORD R£G~T Lf5 CONTRIBUTION5 VERSŒì /ioU,
RtGIME ENREGISTRt D'tPARGNE-RETRAITE
PAR I:EMPLOYEUR AU NOM DE I:EMPLOY~
Contribution to Registered Retinmlent SIWIngI Plan
COOtribulton.... régíme d'~rw1Mite
DATE
En contrepartie de la contribution ci-dessus versée en date des présentes
lIa "contribution"). Ie titulaire du régime enregistré d'épargne-retraite
(" 'emplové") convient par ies présentes avec 'employeur soussigné de
ce qui suit:
1.
19_:
L' employé ne pourra avant Ie
il
retirer iadite contribution dudit régime, sauf pour Ia transférer
à un autre régime enregistré d'épargne-retraite établi au nom
de I'employé;
in
désenregistrer ledit régime d'épargne-retraite;
,
jjj) modifier ledit régime d'épargne-retraite de telle façon qu'il ne
serait plus admissible aux dégrèvements d'impôt.
2.
Si 'employé contrevient aux dispositions du paragraphe 1 de cette
entente. il devra rembourser immédiatement la contribution à
I'employeur soussigné.
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Employe ployé
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Social Insurance Number ¡ Numéro d'assurance sociale
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