Sorry! You can't! Nope! Not ever!
Come on - how silly would that be!?
We'd love to let you change contributions any time you like, but the reality is, we want to protect you from any negative tax implications and that means we follow rules set out by the CRA.
According to the CRA, changes to contributions are allowable under two conditions:
- On renewal of the Plan (the annual renewal period/date)
- Mid-Plan Year (therefore outside of the renewal period) if, and only if, there's been a life change event to reasonably justify changes to the contributions
Any recent changes to your job status (i.e. have you gone from part-time to full-time?)?
Have you had a change in the number of your dependants (i.e have you had a baby?)?
How about any changes to your spouse's coverage?
If you've had any recent life change events, like the above-mentioned examples, then you may qualify to change your contributions outside of the annual renewal period.
The key is that the life change event needs to reasonably justify changes.
There's also a couple exceptions to the general rule... we may be able to decrease contributions outside of the renewal period, and without a justifiable life change event if:
- The employees on the Plan sign a form acknowledging changes to their employment agreement and benefit agreement. aka: we need the documentation to ensure employees are protected!
- It's an individual Plan (only one Member on the Plan and he/she is giving the instructions), we’d be able to decrease the contributions on the basis that the Member is acknowledging changes to their employment agreement them self.
Another thing to keep in mind is that the Plan Admin/Plan Sponsor is responsible for instructing us to make any changes to Member contributions. So while we'd love to accept your instructions, we'll need to hear from your Plan in order to process any changes.
Any questions, just say email@example.com and we'd be more than happy to help!