We’re excited to announce that Common Wealth retirement plans now integrate with QuickBooks Online Payroll to automate all plan administration!
For small and medium-sized employers who are looking for ways to add value to their employee benefits and stand out in a tight labour market, now is the perfect time to consider a Common Wealth group retirement savings plan.
Why should I choose a Common Wealth retirement plan?
Most retirement benefits plans are labour-intensive to set up and manage. With every payroll cycle, the plan administrator has to manually deduct each employee’s contribution and add it to the plan. For businesses that use QuickBooks Payroll, this new integration takes away the headaches caused by manual errors and gives employers hours of time back so they can focus on running their business.
Common Wealth is the first retirement benefits provider in Canada to offer this turnkey solution.
How it works
Adding employees to your plan
To add employees to your plan, Connect your QuickBooks Online Payroll.
The integration pulls in active employees who are Canadian residents. Once connected, the plan automatically invites your employees to enroll in your plan. You can check the enrollment status and RRSP contribution amount (% of their pay) of employees anytime, in the Common Wealth Employer Dashboard.
Employee Deductions & Employer Contributions
The integration syncs data between your Common Wealth’s Group RRSP and your QuickBooks Payroll account, so you can view employee deductions and contributions.
View employee deductions and employer contribution reports in QuickBooks
I don’t use QuickBooks; does Common Wealth have other payroll integrations?
Our platform works with any payroll system, with automatic deductions and plan contributions with every payroll cycle. We also handle all recordkeeping, investment reporting and member tax receipts. Talk with your employee benefits advisor, or book a meeting with us to learn more.
I’m a QuickBooks client, how do I get started?
Speak to your employee benefits advisor about Common Wealth or book a meeting with a retirement specialist.
I have a Common Wealth plan, how do I get the QuickBooks integration?
Contact our support team about setting up the integration in your plan.