2023 year-end business hours, timelines and 2024 limits
You’ll find information below about:
- Holiday business hours and year-end contribution reporting deadlines
- 2023 over-contribution deadline
- 2024 contribution limits for registered plans
- 2024 yearly maximum pensionable earnings (YMPE) cut-offs
- 2024 maximum pensionable earnings (MPE) cut-offs
- 2024 deadlines for 2024 summary of expected contributions
2023 contribution timelines (all times are Eastern Time Zone)
Holiday business hours and deadlines
On Friday, December 22, GRS administration’s business hours will be as usual. We will process requests based on the deadlines below. GRS phone lines will close for the holidays starting Friday, December 22, 2023 at 4 p.m. ET.
- We encourage all plan sponsors to send requests to us as early as possible from December 18 to 22.
- On December 22, the deadline for online plan level contributions will be 11 a.m. ET. The deadline for all other online requests will be 1 p.m. ET. The deadline for requests submitted through all other channels (i.e. email, fax, mail) will be 11 a.m. ET. Requests received in good order after this time will be processed starting on December 27, 2023.
- The Toronto Stock Exchange (TSX) will have regular trading hours Friday, December 22.
New Year’s Eve business hours and deadlines
GRS Operations phone lines will close for New Year’s Eve on Friday, December 29, 2023, at 4 p.m. ET. GRS will reopen on Tuesday, January 2, 2024.
The GRS CCC will close for New Year’s Eve on Friday, December 29, 2023, at 4 p.m. ET.
- We encourage all plan sponsors to send requests to us as early as possible from December 27 to 29.
- Please note: Contribution files and payment should be received by 11a.m. ET on December 29 for contribution requests to be included for the 2023 reporting.
- By December 29 at 11 a.m. ET plan sponsors should submit Registered Retirement Savings Plan (RRSP) contributions for the March to December 2023 receipt period. This includes contributions submitted through the Plan Sponsor Services website by an electronic file upload.
- The Toronto Stock Exchange (TSX) will have regular trading hours Friday, December 29.
Please note: The timelines above apply to requests that are sent to us in good order. This means they include all the details or forms necessary for processing. We’ll review urgent requests received after the deadlines. We’ll process these on a case-by-case basis.
2023 over-contribution deadline
- By December 29, 2023 – Plan sponsors must report any employer/employee over-contribution/administration errors made in 2023 to Sun Life to avoid tax implications. This applies to Deferred Profit Sharing Plans (DPSPs) and Defined Contribution Pension Plans (DCPPs).
- Individual member over-contributions will follow the regular process through contacting the CCC and multi member over-contributions errors should be reported by sponsors to GRS Operations.
- Please note that the Canada Revenue Agency (CRA) shows no leniency to plan sponsors who aren’t aware of the contribution limits. Or for those who haven’t monitored the contribution limits as they should.
2024 limits, including YMPE/MPE
Effective January 1, 2024, the registered plan dollar limits will increase as follows:
- Defined Contribution Pension Plan (DCPP) – $32,490
- Deferred Profit Sharing Plan (DPSP) – $16,245
- Registered Retirement Savings Plan (RRSP) – $31,560
In addition, the maximum pension limit for a Defined Benefit Pension Plan (DBPP) will increase to $3610 per year of service.
What does this mean to plan sponsors?
If plan rules state that contributions over and above the DCPP, RRSP or DPSP contribution limits spill over into another product (usually a non-registered vehicle), the spills will now occur at a higher dollar limit, effective January 1, 2024.
2024 YMPE and MPE limits
- The YMPE under the Canada Pension Plan (CPP) or MPE under the Quebec Pension Plan (QPP) for 2024 will be $68500. That’s up from $66600 in 2023.
- Contributors who earn more than $68500 in 2024 aren’t required or permitted to make additional contributions to the CPP/QPP.
- The basic exemption amount for 2024 remains at $3,500. Employees who earn less than that amount don’t need to contribute to the CPP/QPP.
Under the CPP:
- The employee and employer contribution rates for 2024 will be 5.95%.
- The self-employed contribution rate will be 11.9%.
- The maximum employer and employee contribution for 2024 will be $3,867.50 each, compared to $3,754.45 in 2023.
- The maximum self-employed contribution for 2024 will be $7,735.00, compared to $7,508.90 in 2023.
Under the QPP:
We are still waiting on the 2024 information; we will provide this information as soon as it becomes available.
TFSA contribution limit for 2024
The annual TFSA contribution limit for 2024 is $7000.
2024 deadlines for Summary of Expected Contributions
Plan sponsors in certain jurisdictions are required to provide us with a Summary of Expected Contributions (see links below). These are based on the following timelines:
- By January 30, 2024, for Federal plans and for plans registered in British Columbia and Alberta
- By February 29, 2024, for plans registered in Ontario and Nova Scotia
The deadlines above are only accurate if the plan year is January to December.
The form needs to include an estimate of contributions to be made to their Pension Plan(s) during the 2024 fiscal year.
Note:
- In all jurisdictions except Ontario – A revised form may be required if the actual contributions are at least 10% less than the expected contributions.
- In Ontario – A revised form may be required if the actual contributions are at least 25% more or less than the expected contributions.
Plan sponsors can email the signed form to GRS_SS_TA@sunlife.com or fax it to Sun Life at 1-877-818-3143, We're required to report to the appropriate pension regulator any forms not submitted within the required timelines.
Plan sponsors may click the links below to download the form applicable to their plan.
Questions?
Contact your Sun Life Group Retirement Services representative.