Jan 19th, 2021
Golden Opportunities Fund
Local 2067 Member:
Golden Opportunities Fund’s Payroll Investment Plan (PIP)
Local 2067 is providing the membership with the option to increase their retirement savings with Golden Opportunities’ PIP.
Through payroll deduction, members can take advantage of the following income tax benefits, to a maximum of $5,000 a year, over 24 pay periods:
- RRSP Tax Savings (based on a 35% sample marginal tax rate) = $1,750
- An Additional 32.5% in Federal and Provincial Tax Credits = $1,625
- Total Amount of Reduced Income Tax Deposited into Your RRSP = $3,375
Marginal tax rates vary for each individual, and you can calculate your tax savings by going to gopayrollplan.ca
Your current pension plan contributes 12.5% of your gross income annually into your pension. You can contribute up to 18%, or $27,230, of your gross income annually to your pension/RRSP, and you can also carry forward any unused contribution room indefinitely from previous years and add this to the amount you can contribute for future years.
Breaking down the payroll deduction over 24 pay periods, can look like this:
- Reduced Federal and Provincial Income Tax (based on a 35% sample marginal tax rate) = $141
- Your Net Pay Contribution = $67
- Total Deposited into Your Golden Opportunities RRSP Investment Account Every Pay Period = $208
The company Payroll Department reduces your income tax at source and deposits the money into your Golden Opportunities RRSP investment account every pay period. The PIP is 100% voluntary and you can change or stop contributions at any time.
For more information on the PIP, please complete the online reply form at gopayrollplan.ca or call toll free at 1-888-866-4494.