TRU Foundation Lottery, TRU Foundation Donation and United Way
TRU provides a number of optional payroll deductions for regular staff members.
Please contact the TRU Foundation office (local 5264) for further information.
Deferred Salary Leave Plan
TRU has established a Deferred Salary Leave Plan for its regular full-time staff. The intent of the plan is to allow employees to set aside a percentage of their gross salary (maximum of 30% per annum) over a period of up to six years in order to save for a leave of absence. In order to receive approval to defer salary for the program, employees must clearly establish a period when leave will be taken. The accumulation of salary is paid back in bi-weekly instalments during this leave period as employment income. During the deferral period, the deferred money is pooled and invested on your behalf, with the interest earned being credited back to you annually.
The plan is designed specifically to fund a leave of absence greater than four consecutive months and to a maximum of 12 months in length. With this intent in mind, we have received Revenue Canada's approval to tax only the money employees actually receive each year - income tax on the amount deferred is not paid until deferred savings are received.
All provisions of an unassisted leave of absence will apply for benefits, seniority and increments.
Interest earned on the investment of the deferred money will be paid out to employees annually by December 31st by the financial institution (a requirement of Revenue Canada).
Applications must be received by the President no later that January 15 for implementation in that fiscal year. Further information and application forms are available from the Finance Division.