December 2022 Edition

Desjardins has recently updated its Privacy Policy External link. Opens in a new window. for personal members and clients. It now includes 3 types of consent: 1 required and 2 optional.

The new policy is based on international best practices and explains, in a clear and transparent way, our privacy practices and how we handle members’ and clients’ personal information.

Phased rollout for group retirement savings plan members

We’ll need to obtain consent from new plan members as well as existing ones. This will be done in phases:

• Since December 5, 2022, we’ve been asking new plan members for consent when they enrol (online or paper)
• We’ll ask existing plan members for consent in 2023

If you have questions about the Privacy Policy and the types of consent, please speak to your client relationship manager or regional sales director.

Desjardins Insurance understands the importance of following sound commercial practices and treating our clients fairly. These principles must be at the heart of the practices of all stakeholders within the group retirement savings industry.

With the objective of reinforcing these practices, we have updated our Distribution and Compensation Agreement to be signed with intermediaries to incorporate our expectations and specifically reference the fair treatment of clients, and the guideline on sound commercial practices issued by the Autorité des marchés financiers (AMF).

There are no changes required to existing agreements as they already refer to respecting the laws, regulations, rules and guidelines, including the guideline on sound commercial practices and the fair treatment of clients. No action is required on your part.

We would like to emphasize our commitment to respecting this guideline as it is part of the Distribution and Compensation Agreement already signed by Desjardins Insurance and its intermediaries.

If you have any questions or would like a copy of the amendment, please contact your sales representative or client relationship manager.

An email as comforting as a nice cup of hot chocolate

The lead-up to the holidays is often a frenzy of shopping and hectic preparations. The email sent to plan members on December 15 offers some tips for slowing down and reducing the stress of the holiday season.

By the way, here are our holiday business hours:

Customer Contact Centre (CCC)

Plan sponsor services

Transactions submitted after 4 PM (ET) or on a statutory holiday will be processed the next business day.

The contribution limits per plan for the year are as follows:

The information in this article is intended for general information only and should not be considered as tax advice. While reasonable steps have been taken to ensure the accuracy of this information, Desjardins Insurance makes no representations and offers no guarantee as to the accuracy of this information, which may no longer be current, complete or accurate.

With tax season just around the corner, it’s time to start thinking about producing your employees’ T4s (Canada) and RL-1s (Quebec).

Refer to the table below to see how to calculate the amounts to include on these slips for contributions made between January 1, 2022, and December 31, 2022^[Note 6].

Registered Pension Plans (RPP): SPP and DC

Complete box 50 of the T4 slip (RPP or DPSP registration number). Enter the CRA registration number that Desjardins Insurance provided when the plan was implemented. This number can be also found in the confirmation letter sent to you by the CRA.

DPSPs (Deferred Profit Sharing Plan)

Complete box 50 of the T4 slip (RPP or DPSP registration number). Enter the CRA registration number that Desjardins Insurance provided when the plan was implemented. This number can be also found in the confirmation letter sent to you by the CRA.

To learn more, see the Pension Adjustment Guide External link. Opens in a new window. and the Employers’ Guide - Filing the T4 Slip and Summary External link. Opens in a new window. on the CRA website, and the Guide to Filing the RL-1 Slip External link. Opens in a new window. on the Revenue Quebec website.

Reminder on contribution limits^{[ Note 9 ]}

DPSP: The lesser of the following 2 amounts:

• 18% of an employee’s current annual compensation, as defined by “compensation” in the Income Tax Act, section 147.1 (1)
• The maximum annual contribution allowed under a DPSP

RPP: The lesser of the following 2 amounts:

• 18% of an employee’s current annual compensation, as defined by “compensation” in the Income Tax Act, section 147.1 (1). For the purposes of this plan, compensation may also include amounts prescribed in section 8507 of the Income Tax Regulations for periods when the plan member’s earnings are less than normal due to disability, leaves of absence or other admissible periods.
• The maximum contribution allowed under a DC for a given year.

You can find the annual contribution limits on the CRA website External link. Opens in a new window..

The information in this article is intended for general information only and should not be considered as tax advice. While reasonable steps have been taken to ensure the accuracy of this information, Desjardins Insurance makes no representations and offers no guarantee as to the accuracy of this information, which may no longer be current, complete or accurate.

With the end of the year quickly approaching, we wanted to remind you to get your remittances in by the deadline for contributions to be included in 2022. Plan members who want to make lump sum contributions need to do so via their online accounts by the deadlines below.

* For RRSP/VRSP contributions to be included on the receipt for the period of March 2, 2021, to December 31, 2021, you must send us your remittances by December 23, 2022.

** RRSP/VRSP contributions received after 4 PM on December 30 will be included on the receipt for the first 60 days of 2023 (January 1, 2023, to March 1, 2023). This receipt can be used for 2022 tax returns.

On October 31, 2022, PIMCO announced that, due to a personal matter, Harin de Silva stepped down from his day-to-day responsibilities and ceased to be an active member of the portfolio management team and investment committee of the PIMCO Private Income Fund. He remains employed at PIMCO and expects to be available to consult and advise the Fund’s portfolio management team and investment committee on a limited basis during this interim period. In addition, Kristofer Kraus, Executive Vice President and Portfolio Manager in the New York office, has joined the fund’s investment committee. Having been with the firm since 2010, Mr. Kraus was already part of the alternative credit senior leadership group in the specialty finance domain.

Considering the portfolio management team’s consensus-based approach combined with the depth and experience of the investment committee, Desjardins Insurance believes these changes will have a moderate impact on the PIMCO Private Income Fund, which is part of the DFS Multi-Manager Private Credit Fund.