ScotiaMcLeod Payroll Deduction Statement

This page will explain some of the common questions we receive about statements and payroll deduction from our group plan members.

Q. How Often Do I Get My Statement?

Note that ScotiaMcLeod statements are issued monthly whenever there is activity in your account during that month. Statements are generally mailed within 5 business days of month end, significantly sooner than most other RRSP providers. (Click here to see a sample statement with descriptions) If there is no activity (ie. short month, summer vacation, end of employment or payroll files not received in time), a quarterly statement is issued.

Q. I Sometimes Seem To Have An Uninvested Cash Balance at Month End. Why?

From time to time, if a payroll deduction is received close to the end of the month, you will see a contribution entry, but no offsetting fund purchase. We generally invest the payroll contributions within three business days of your payroll date. The mutual fund company then takes three business days to confirm the purchase. (Three business days is the normal "settlement date" period for securities transactions.) This is generally the explanation for what appears to be uninvested cash balances in your account.

Another explanation can be that if interest was earned on your account prior to the investment of a transferred in amount, that small amount will remain uninvested until some non-payroll transaction occurs in your account.

Q. Why Do My Contribution Entries not Match Payroll Dates?

Please note that to ensure accuracy, we only process a company's payroll once we have received both an electronic contribution listing and the correct dollar amount for each employee. Sometimes in a plan start up situation, during holiday periods or if there is a change to the individual remitting your company's payroll amounts to ScotiaMcLeod, further delays can be experienced. We strive to assist company's payroll staff in preparing remittances to minimize delays.

Q. The Full Amount Of My Payroll Was Not Invested, Why?

Most mutual fund companies have a minimum investment of $50. As a result, if you are contributing for example $100 per pay, but have selected 80% to be invested in a Canadian fund, and 20% to be invested in an International fund, the $80 will be purchased each pay, but not the $20. Over the next three pay periods $60 will accumulate, (which is finally over $50) and then a purchase for the full $60 will occur.

Q. When Do I Get RRSP Tax Receipts?

RRSP Tax receipts are issued in the first week of March for contributions made in the first 60 days of the year. Receipts are issued in the first few weeks of January for contributions made during the "rest of the year".

Transfers into your RRSP from another RRSP do not result in tax receipts.

Deferred Profit Sharing Plan (DPSP) and Pension Plan (MPP/DCP) accounts do not receive receipts, although the statement lists contribution amounts. Instead, contributions made in those plans appear as a Pension Adjustment (PA) on your employer's T4 slip.

Q. How Can I Change My Payroll Deduction Investment Funds?

The fund(s) you selected on your application form will be purchased until we are informed otherwise. Over time, you will want to diversify your account by adding more funds. To make a change to your investments simply contact us. We will step you through the process. While we can make one time changes to your account verbally, changes to ongoing instructions must be in writing.

Other Questions?
If you have any questions about how your payroll deduction plan works, or the benefits to you, please contact Your Investment Team by E-mail or call us today at (416) 863-RRSP or 1-800-387-9273.


Contact Us

T.  416.863.RRSP (7777)
F.  416.863.7479

ScotiaMcLeod is a division of Scotia Capital Inc., member of CIPF.

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