If you have an employee leaving your group plan, we will initiate an offboarding process for the employee. Don't worry - we'll handle all the work and ensure the employee has a great transition experience.
To begin offboarding an employee:
- Go to the tab “Employees”
- Click on the employee's name
- Click on “archive this employee”
- NOTE: only archive the employee after their last GRSP contributions have been processed by Wealthsimple. Ex:
- An employee was terminated on July 5th
- The employee last paycheque is processed on July 15th. Therefore, the employee last GRSP contributions will be processed on July 15th.
- Archive this employee after July 15th. Otherwise, Wealthsimple won't be able to process the employees' last GRSP contributions
- Jump to 4:11 in the video tutorial here for help.
To ensure a smooth off-boarding, please ensure that your employee completes the following before you archive them:
- Opens a personal RRSP account at Wealthsimple yet, here is a tutorial video
- Update the e-mail address attached to their personal Wealthsimple account from their company's email to a personal one.
- reach to the drop-down menu next to their name, found on the top-right corner of your screen
- select “settings”
- enter the new e-mail address
- click on “update”
- Here is a one pager to share with your employee Info for EE leaving W4W.pdf
What will happen?
- The employee and employer contributions will automatically be set to $0 and removed from active plans
- Once the offboarding process is complete, the employee will be archived from your organization
- The employee's GRSP account will be closed and the assets moved to a personal RRSP account at Wealthsimple. Once the process is completed, the employee is free to do as they wish with their money. This process can take up to 14 business days.
- Employee will be able to access their tax statements next year as long as they maintain their Wealthsimple login active.
New to Wealthsimple for Work?
For the employer: Fast forward to 04:11 for a detailed step-by-step on how to archive a leaving employee