Common Wealth retirement plans now integrate
with Intuit QuickBooks Payroll
New integration helps small and medium-sized Canadian businesses
attract and retain talent
Toronto, Canada – September 22, 2022 – Common Wealth, Canada’s first low-fee digital retirement plan for life, has joined the Intuit Developer platform to democratize access to affordable group retirement plans for small and medium-sized Canadian companies using Intuit QuickBooks Payroll Canada.
The integration builds on the success of the retirement plan integration achieved through the Intuit Developer platform in the U.S. As the first retirement benefits provider with QuickBooks Online Payroll integration in the Canadian market, Common Wealth gives small businesses a seamless way to introduce a group retirement savings plan with automated plan administration. This could save hours of administrative tasks per payroll cycle compared to other solutions.
“Traditional group retirement plans are expensive, complex and time-consuming to manage, making it very challenging for most small and medium-sized businesses to offer retirement benefits,” said Jonathan Weisstub, Co-CEO at Common Wealth. “Our integration with QuickBooks removes these barriers and gives us greater capacity to help growing Canadian employers attract, retain, and reward top talent.”
The API (Application Programming Interface) enabled integration adds a group RRSP benefit option to QuickBooks Online Payroll. This allows employers to deliver a modern workplace plan with personalized retirement planning, world-class low-fee investing and a fully digital experience, so they can hire and inspire talent with a highly-valued employee benefits package.
“With labour shortages continuing to be one of the top challenges facing employers, this integration couldn’t come at a better time for Canadian businesses,” said Alex Mazer, Co-CEO at Common Wealth. “For QuickBooks Online Payroll users, the integration radically simplifies plan setup and removes time-consuming manual payroll tasks typically associated with retirement plans.”
How it works
The integration keeps your QuickBooks Online Payroll and your Common Wealth group retirement plan in sync by automatically adding and removing employees in the plan based on their payroll status – new hire, inactive or terminated. It updates QuickBooks Online Payroll with the latest employee and employer contribution amounts to ensure contributions are invested accurately every payroll cycle. This eliminates the hassle and risks associated with tracking changes and manual data entry.
This launch comes as Canadian businesses face significant hiring and retention challenges. According to a recent KPMG report, 7 in 10 Canadian businesses report greater difficulties in hiring people with the right skill sets for business growth. At the same time, the Canadian Federation of Independent Businesses reports that just over half (52%) of Canadian small and medium businesses have had at least one position open for 4 months or longer. Statistics Canada reports that 9 in 10 Canadian private-sector workers – 11 million Canadians – are employed by small- and medium-sized companies, yet most of them don’t have access to a workplace retirement plan, partly because of the complexity for employers of offering traditional plans.
“Canada’s small and medium businesses are under pressure to compete for the talent they need to grow,” says Mr. Weisstub. “Delivering retirement benefits as part of an overall compensation package can be a cost-effective solution for employers looking to stand out from their competitors.”
About Common Wealth
Common Wealth is Canada’s first low-fee, digital group retirement platform that supports plan members for life. In its mission to provide all Canadians with financial security in retirement, Common Wealth offers an affordable, fully digital experience for employers and employees, making retirement benefits accessible to businesses and not-for-profit organizations of all sizes. Common Wealth’s award-winning plans are powered by a full-stack, cloud-based technology platform that offers built-in planning and automatic investing through partnerships with world-class investment managers and other financial services partners. To learn more, visit commonwealthretirement.com.