The package must include:
- A copy of the proposed SUB plan;
- The SUB Plan registration form;
- A copy of the current collective agreement(s), should the SUB Plan cover any unionized employee(s),;
- A copy of the company’s insurance policy;
- A copy of the Trust Agreement, if applicable;
- Any company policies or guidelines containing information about the plan, and;
- Any declarations or documents employees must sign in order to receive their SUB payment.
There is currently no guaranteed time frame from Service Canada on how long it will take to approve your plan, especially considering how inundated government services are during this time. Still, the sooner you prepare your plan, the sooner It will be processed.
Note, if you pay out any amount before the plan’s registration, those amounts are likely to be recuperated by EI. There is no word yet as to whether this may change to allow employers to pay their staff ahead of their plans approval. So until further notice, anticipate that you may need to pay back those amounts into EI.
Employers can also submit their plan for registration with Revenue Canada, which will exempt payments from being considered income from their employment. In order to submit your plan to Revenue Canada, please have your employer follow the directs provided here.