The 4% bonus is to be paid out on Nov 24, 2022. There is no opportunity to direct this Bonus to RRSP through the company.
The bonus is calculated on time that you had worked from Sept 26th,2021 to Sept 26th, 2022.
Only time that was paid at FULL RATE is part of the 4% bonus. (hours outside of the grow-in)
As an example: If you were hired Nov 15, 2013 and hit full rate on Nov 15, 2021, you’re 4% bonus would start from the date you started collecting full rate. This makes the bonus amounts different for members.
If you are collecting IMP benefits
- You will need to fill out an IMP form for this week and must include the bonus amount on the IMP forms in box 1.
- The amount of your bonus will be deducted at 80% from your IMP payment.
- In some cases, members may end up with a $0 IMP payment.
- Those employees with small bonus’ will get some IMP.
- Example: IMP payment $450 Bonus payment $200. The employee will still get $290 in IMP.
- Example2: IMP payment $450 Bonus payment $ 1,500. The employee will not receive any IMP.
- Note: If the employee does not apply for IMP in the week the bonus is paid (Pay Period Ending Nov 19/22), their week is counted down. IMP’s count is consecutive weeks from the start of the IMP claim.
To mitigate this;
- You may elect to put a week of paid vacation in for THIS WEEK (Nov 14-18, 2022).
- This will allow you to collect your paid vacation monies and the full bonus. In either case if you are filing IMP you will need to submit an IMP form for the week.
- To move paid vacation into this week, please contact email@example.com.
- Many members have already reached out to Kevin Harvey and booked next week as paid vacation. You will need to contact Kevin again and change it to this week if you wish to avoid the IMP reduction.
If you are collecting EI/SUB or just SUB, when filing your EI reports
- You are not required to report these earnings as Service Canada has already been made aware of this bonus.
- Under “Other Money” There is a statement. “Our records indicate you are receiving money from a Supplemental Unemployment Benefits (SUB) plan. Is there any other money that you have not previously told us about, that you received or will receive for the period of this report?”
- You are to answer “no” if the only money you receive will be that 4% bonus and/or your SUB