Module - 3 - Discussion 4
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Family Maintenance Enforcement: Payments for Family Maintenance Enforcement (FME) are due to the FME program on or before the 15th of June, which is the current payroll date. This is due to the fact that the FME payments are deducted in full and in full on the same day that the employee's paycheque is issued. Furthermore, the FME payments must be received on the same day.
Union Dues Union dues are required to be received by the administrator of the union no later than three business days after the pay date, which in this instance would be the 18th of June. This is due to the fact that the collective bargaining agreement stipulates that payment must be obtained within three
business days of the pay date.
Employer contributions for the Registered Defined Contribution Pension Plan need to be received by the pension plan administrator on or before the 15th of June, which is the current payroll date. This is a requirement for the Registered Defined Contribution Pension Plan. This is due to the fact that employee contributions are deducted from paycheques and must be received on the same day that paycheques are issued.
Group Registered Retirement Savings Plan: Contributions to the Group RRSP must be received by the financial institution administering the plan on or before the current payroll date, which is June 15th. This is due to the fact that employee contributions are deducted from paycheques and must be received on the same day that paycheques are issued.
In conclusion, the issuer or administrator of the Registered Defined Contribution Pension Plan and the Group RRSP must receive all payments for Family Maintenance Enforcement, Union Dues, and Registered Defined Contribution Pension Plan on or before June 15th, which is the current payroll
date.
To determine when each payment must be received by the issuer or administrator, let's break down the deductions and their respective due dates: 1. Family Maintenance Enforcement: - The due date for this payment is not specified in the question. You would need to refer to the guidelines or contact the Family Maintenance Enforcement program to determine the exact due date. 2. Union Dues: - According to the collective agreement, the payment is due three business days after the pay date, which in this case is June 15th. - To calculate the due date, we need to exclude weekends and public holidays. Assuming there are no weekends or public holidays between June 15th and June 19th, the payment would be due on June 19th. 3. Registered Defined Contribution Pension Plan: - The employer matches employee contributions to
the pension plan. - The due date for this payment is typically set by the employer. You would need to check with your employer to determine the specific due date for this deduction. 4. Group RRSP: - The due date for this payment is also typically determined by the employer or plan administrator. - You would need to consult your employer or plan administrator to find out the exact due date for this deduction. It's important to note that the due dates for these deductions can vary based on specific policies, agreements, and individual circumstances. Therefore, it's recommended to consult the relevant authorities, collective agreements, or your employer for the accurate due dates for each payment.
Each of these deductions has a different deadline for when the payment must be received by the issuer or administrator. Here's a breakdown:
1.
Family Maintenance Enforcement: According to the Family Maintenance Enforcement Program in British Columbia, payments should be remitted within 10 days of the deduction. Therefore, for a deduction made on June 15th, the payment should be received by the issuer by June 25th.
2.
Union Dues: As per the collective agreement, the payment is due three
business days after the pay date. If we consider the pay date as June 15th, and assuming that the business days are from Monday to Friday, the payment should be made by June 18th.
3.
Registered Defined Contribution Pension Plan: The Pension Benefits Standards Act, 1985, requires that contributions to a defined contribution plan be remitted as soon as possible, but no later than the
30th day of the month following the month in which the contributions were deducted. Therefore, for a deduction made on June 15th, the payment should be received by the plan administrator by July 30th.
4.
Group RRSP: The Canada Revenue Agency (CRA) does not specify a deadline for remitting Group RRSP contributions. However, it's common
practice for employers to remit these contributions within a month of the deduction. Therefore, for a deduction made on June 15th, it would be reasonable to expect that the payment should be received by the RRSP provider by July 15th.
Please note that these are general guidelines and the specific deadlines may vary depending on the terms of your agreements with the respective parties.
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Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON