Important reminders to ensure a successful year-end

It’s time to start on year end processes. The year end process guideline below provides recommended due dates. We appreciate you providing everything by the recommended date to ensure a successful year end.

Contributions

To ensure your contributions are deposited, files and payment (or wire confirmation) must be received in good order by 11:00 a.m. ET on December 24 and December 31.

The contributions will not process into the plan member accounts if:

• Contributions are not in good order
• Payment or wire confirmation number is not received by Sun Life
• Contributions are received after 11 a.m. ET

December 31 is the cutoff date for:

• March to December 2024 RRSP contribution receipt
• TFSA contribution reporting

We recommend you send your contributions by December 20, 2024. This will ensure we have the time to process the following, before the year end deadlines:

• Any rejects, corrections, or contributions not in good order
• Negative contribution corrections
• Missing enrolments
• Age 71 members’ cash/transfer requests
• Stock contributions*

* Stock transactions take 2 days to process. Contributions processed on December 31, 2024 that include stock will report in 2025 tax year.

Age 71 Members

Action needed for plan members that will be 71 years of age by year-end 2024. They can't participate in a registered product as of December 31, 2024. This means all contributions, withdrawals, and transfers must be processed by December 31, 2024. We recommend that you plan to submit the final contribution by December 20, 2024. This allows time to complete all processing before year end.

If you have plan members turning 71 this year, you’ll receive a separate email notification with a list of plan members.

Forfeiture accounts (Defined Contribution Pension Plan (DCPP)/Deferred Profit-Sharing Plan (DPSP))

If you have DCPP or DPSP products, and didn’t provide direction on the 2023 forfeiture balance, the default actions have or are being taken. If you had prior year forfeiture, you would’ve received emails beginning in April requesting direction with the subject line: Forfeiture Action Required.

Enrolments for new members

New plan members must be enrolled before December 27^th to receive contributions in 2024. 

To ensure we receive demographic details, please visit the plan sponsor site and use Enrol a Member by December 23, 2024 at 4:00 pm ET.

For online digital enrolment, remind employees that they must complete their enrolment on the plan member site before December 31, at 4 p.m. ET to receive contributions in the 2024 tax year.

Enrolment forms must be received no later than December 23, 2024.

Address Updates / Incorrect Addresses

Please complete address updates using the Member Edit feature on the Plan Sponsor site before December 30, 2024.

Address updates that are mailed or emailed must be received no later than December 23, 2024.

This is to ensure statements, tax slips and tax receipts arrive on time.

Payroll deduction files

Payroll deduction files will be delayed on December 31, 2024. This means that payroll deduction files won’t be available until January 2, 2025.

Closures

GRS Administration and the GRS Client Care Centre will both be closed on December 25, 26, and January 1 for the holidays.