In: Accounting
Your organization currently has a defined contribution pension plan with employees contributing up to 3% with a company match. Effective with the first pay of the new year, new employees will no longer be enrolled in that plan. Instead, they will be enrolled in the new Group Registered Retirement Savings Plan (RRSP) with the same contribution options. In your own words, explain the difference in the T4 information slip reporting for these two groups of employees.
Answer:
This wage will be appeared on a T4RSP, Statement of RRSP Income slip.
On the off chance that the cash you got identifies with:
a spousal or custom-based law accomplice RRSP, see Withdrawing from spousal or customary law accomplice RRSPs;
reserves pulled back under the Home Buyers' Plan, see Home Buyers' Plan (HBP); or
reserves pulled back under the Lifelong Learning Plan, see Lifelong Learning Plan (LLP).
Annuity installments appeared in box 16 of your T4RSP slip may fit the bill for the benefits salary sum on Line 314 – Pension wage sum.
On line 129, enter the aggregate of sums appeared in boxes 16, 18, 28, and 34 of your T4RSP slips.
Additionally incorporate the sums from boxes 20, 22, and 26, except if your mate or customary law accomplice made a commitment to your RRSP in 2014, 2015, or 2016. In the event that this is your case, see Withdrawing from spousal or custom-based law accomplice RRSPs first.