SaskWorks Venture Fund Inc.
Payroll Investment Plan
The SaskWorks Payroll Investment Plan (PIP) is a simple, tax efficient and effective way for employees to build their retirement savings. From a financial advisor’s perspective, the program is a value-added service that may be offered independently or as a component of a group benefits plan.
The PIP allows employees to make direct contributions to their SaskWorks investment each pay-period. The 32.5% tax credit and the RRSP tax deferral are received at source, that is, deducted from the income tax paid each pay period so employees will only see a minimal reduction in their net pay. At no cost to the employer and with a simple one-time set up, the SaskWorks PIP is an attractive retirement savings plan and effective employee retention strategy.
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Affordability
More than 150 Saskatchewan companies offer their employees the option to affordably keep their investment dollars at home with the SaskWorks Payroll Investment Plan.
Here’s how:
Invest $5,000 annually ($192.31 x 26 pay periods)
Deduct $125.96 off your income taxes every payday and redirect the tax savings to your SaskWorks investment account.**
Invest $66.35 of your own money to your SaskWorks investment account.**
$192.31
Bi-weekly investment
- $125.96
Income tax savings
Without the Plan:
| Earnings |
Amount ($) |
| Regular Pay |
2,692.31 |
| Total Pay |
2,692.31 |
| Deductions |
Amount ($) |
| Fed/Prov Tax |
570.76 |
| CPP |
124.55 |
| EI |
44.69 |
| Dues |
32.00 |
| Pension |
115.95 |
| SaskWorks Investment |
— |
| Total Deductions |
889.06 |
| Net Pay |
1,803.25 |
With the Plan:
| Earnings |
Amount ($) |
| Regular Pay |
2,692.31 |
| Total Pay |
2,692.31 |
| Deductions |
Amount ($) |
| Fed/Prov Tax |
448.80 |
| CPP |
124.55 |
| EI |
44.69 |
| Dues |
32.00 |
| Pension |
115.95 |
| SaskWorks Investment |
192.31 |
| Total Deductions |
889.06 |
| Net Pay |
1,736.90 |
