Your local benefits packages provide you with benefits tailored to your country.
Coverage highlights
- Registered Retirement Savings Plan with multiple investment choices
- No minimum or maximum contribution
- Spousal RRSP
Your company will define which benefits will be offered.
Benefits providers
Oyster works with top local pension providers in Canada who understand the market and offer reliable service.
- Pension: Co-operators
Enrollment process
- Oyster will send you an e-mail containing the Plan Summary and the Enrollment Guide, where you must complete a form.
- After the form is filled, you must sign it and forward it to us.
- In up to 14 days, you will receive an e-mail from Co-operators with your account details and log-in instructions.
- After enrollment, contributions (and salary deductions, if applicable) will start in up to 2 payroll cycles (around 30 days).
How can I view my RRSP enrollment status?
After you complete the Enrollment Form submission, you will receive in up to 15 days a mail from Co-operators with your account details and a guide to log-in in the Co-operators system.
When will my Pension deduction/employer contribution start?
After you finalize the enrollment process, it might take up to two payroll cycles (around 30 days) to deposit the deductions/contributions in your RRSP account.
Is there any maximum or minimum limit for the Employee/Employer contribution?
There are no minimum or maximum contributions for the employee and the employer. Your company will define if there will be any employer contributions towards your RRSP and in which conditions.
How do I log in to my account?
You can log in on the Benefits Now website. You must use the email and password defined at the time of your enrollment.
Where can I find my plan details?
You can find your plan details on the Co-operators platform by clicking the View My Plan button on the home screen.
When can I enroll?
You can enroll at the RRSP at any point in time. Please note that contributions from yourself and the company, if applicable, will only be made to your RRSP account after completing the enrollment process.
How can I opt out?
If you fail to submit the RRSP enrollment form, we will consider that you have opted out of this benefit.
Taxation
Are there any taxes applicable to my Benefits?
If your total contribution (Employee+ Employer) surpasses 18% of your previous year's income or the limits defined by CRA (Canada Revenue Services), the values above the limit will be taxable. Also, any withdrawals made before retirement are taxed.
The management and eventual payment of such taxes are solely made by the employee, without any involvement from the company.
Dependents
Can I deposit on behalf of my spouse?
Yes. You can create a spousal RRSP account at the time of your enrollment or any moment afterward.
It is essential to highlight that any deposit made to a spousal account will be counted towards the CRA exemption limits for RRSP.
Support
Do I contact Oyster Support or the pension vendor directly?
Questions related to pension: reach out directly to Co-operators
- client_service_support@cooperators.ca
- 1-855-446-2667
If you have any benefit questions unrelated to those policies or believe the carriers did not address your demands adequately or timely, please contact Oyster Support.
