Ads
related to: what are the 2021-22 calendar options for retirement plans and servicesDiscover New, More Personalized Approach To Helping You Plan Your Retirement With Merrill. What Are Your Priorities? With Merrill, Explore 7 Priorities That May Matter Most To You.
8425 PULSAR PLACE, COLUMBUS, OH · Directions · (614) 880-4817
- Work With Merrill
Plan, Preserve And Help Fulfill
Your Vision Of The Future.
- Merrill Advisor Match
With Merrill Advisor Match, We've
Made It Easier To Find An Advisor.
- Find An Office Near You
We Can Help You Find
A Merrill Office Near You.
- Have Us Contact You
Submit Your Contact Information
And We Will Get In Touch With You.
- Preparing For Retirement
What Can You Do Now to Accomplish
Your Retirement Goals Later?
- Our Products & Solutions
Products And Services You Need
To Pursue Your Financial Goals.
- Work With Merrill
- www.fisherinvestments.com/retirement/planning
Identify Retirement Needs Now - For $500,000 Portfolios
Take the first step in planning your retirement with the 15-Minute Retirement Plan. Create a plan today to make sure your savings will last you throughout retirement.
Incorporate Funds Different From the Plan's Core Lineup Including Mutual Funds. Learn More. Access Plan Design & Communication Consulting. See What Makes Us A Top 401(k) Provider.
Search results
Stay Informed with Essential Calendar Dates for Calendar-Year Retirement Plans. Remember, this list of deadlines is a resource for plan sponsors and not a replacement for legal counsel.
- Overview
- What's new for 2023
- Find out if this guide is for you
- Table of contents
- Definitions
- Note
- Chapter 1 – RPP contributions
- Fixing contribution errors in money purchase registered pension plans (2021 and subsequent years)
- Chapter 2 – RRSP contributions
- Chapter 3 – RRIF contributions
T4040(E) Rev. 23
The CRA's publications and personalized correspondence are available in braille, large print, e-text, and MP3. For more information, go to Order alternate formats for persons with disabilities or call 1-800-959-8281.
First home savings account (FHSA)
Qualifying individuals can open an FHSA starting April 1, 2023. For more information on FHSAs, go to First Home Savings Account (FHSA).
Use this guide if you want information about registered pension plans (RPPs), registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), specified pension plans (SPPs), and pooled registered pension plans (PRPPs).
This guide has information which is not in the income tax package and which you may need to fill out your income tax and benefit return.
A Tax Free Savings Account (TFSA) is not a registered plan for retirement. You should refer to Guide RC4466, Tax-Free Savings Account (TFSA), Guide for Individuals.
We have included definitions of some of the terms used in this guide in the Definitions section. You may want to read this section before you start.
La version française de ce guide est intitulée REER et autres régimes enregistrés pour la retraite.
Unless otherwise stated, all legislative references are to the Income Tax Act or, where appropriate, the Income Tax Regulations.
•Definitions
•Chapter 1 – RPP contributions
•Fixing contribution errors in money purchase registered pension plans (2021 and subsequent years)
•Current service and past service contributions for 1990 or later years
•Past service contributions for 1989 or earlier years
•Interest on past service contributions
This section provides a general definition of the technical terms that we use in this guide.
Advanced life deferred annuity (ALDA) – a life annuity where the annuity payments must be started before the end of the year in which the annuitant turns 85 years of age.
Advantage – any benefit or debt that is conditional on the existence of the RRSP or RRIF, subject to certain exceptions for normal investment activities and conventional incentive programs.
An advantage also includes any benefit that is an increase in the total fair market value (FMV) of the property of the RRSP or RRIF that is reasonably attributable to any one of the following:
•a transaction or an event (or series) that would not have occurred in a normal commercial or investment context between arm’s length parties acting prudently, knowledgeably, and willingly, and one of the main purposes of which is to benefit from the tax-exempt status of the RRSP or RRIF
•a payment received in substitution for a payment for services rendered by the annuitant (or non-arm's length person) or for a return on investment on non-registered property
In this definition, "12 continuous months" includes any period that you were separated for less than 90 days because of a breakdown in the relationship.
•is the parent of your child by birth or adoption
•has custody and control of your child (or had custody and control immediately before the child turned 19 years of age) and your child is wholly dependent on that person for support
Commutation payment – a fixed or single lump-sum payment from your RRSP annuity that is equal to the current value of all or part of your future annuity payments from the plan.
Deferred profit-sharing plan (DPSP) – an employer-sponsored plan we register, in which the employer shares the profits of a business with all the employees or a designated group of employees.
Defined benefit provision – the terms of an RPP that promise a certain level of pension on retirement, based on the employee's earnings and years of service.
This chapter has information about making contributions to your registered pension plan (RPP). Particularly, it will help you calculate the amount you can deduct for RPP contributions if you:
•contributed more than $3,500 to an RPP in 2023 and your information slip shows a past service amount for a period before 1990
•contributed an amount to an RPP in an earlier year, for a period before 1990, and you have not fully deducted that amount
Current service is a period of service in the year, which is credited under your RPP by your employer. Current service contributions are amounts you contribute for that period of service.
Generally, past service refers to a period of service with an employer in an earlier year that is later credited under the defined benefit provision of your RPP. Past service contributions are amounts you contribute for that period of service. They may also include contributions you make to upgrade benefits for pensionable service you accrued in the past.
You usually make your past service contributions in a lump-sum or by instalments. Your RPP may allow you to directly transfer amounts from other registered plans to pay for the cost of the past service benefits. For more information, see Chapter 6 – Transfers to registered plans or funds and annuities.
Effective January 1, 2021, plan administrators of money purchase registered pension plans (MP RPPs) are able to correct for both under-contributions and over-contributions. They would be permitted to:
•Correct certain types of errors through additional contributions to an employee’s account under a MP RPP to compensate for an under-contribution error made in any of the preceding 10 years, subject to a dollar limit. Such corrections are called Permitted Corrective Contributions (PCCs) and will be reported on Form T215, Past Service Pension Adjustment (PSPA) Exempt from Certification or Permitted Corrective Contribution (PCC) by the plan administrator.
•Correct for pension over-contribution errors in respect of an employee for any of the 10 years prior to the year in which the excess amount is refunded to the contributor. Such corrections are called Pension Adjustment Corrections (PACs) and will be reported on Form T10, Pension Adjustment Reversal (PAR) or Pension Adjustment Correction (PAC) by the plan administrator.
This measure would apply in respect of additional contributions made and amounts of over-contributions refunded in the 2021 and subsequent taxation years.
This chapter has general information on contributing to your RRSPs or your spouse's or common-law partner's RRSPs, as well as information on calculating your 2023 RRSP deduction limit.
The rules we explain in this chapter apply to all RRSPs and, unless otherwise stated, SPPs and PRPPs.
February 29, 2024, is the deadline for contributing to an RRSP for the 2023 tax year.
Canada Savings Bonds – You can transfer your holdings of past series compound-interest Canada Savings Bonds to your RRSPs or your spouse's or common-law partner's RRSPs. The amount you transfer is considered a contribution to the RRSP. For more information, contact your RRSP issuer.
Self-directed RRSPs – These RRSPs allow you to control the assets and make the investment decisions yourself. This is not applicable for PRPPs and SPPs. Your financial institution can tell you if it offers self-directed RRSPs. The issuer (such as a bank, credit union, trust, or insurance company) can take care of the administrative details, including getting the plan registered, receiving the amounts you contribute, and trading securities. Securities cannot be held in your own name.
Qualified Investments – You should pay particular attention to the type of investments you choose for your plan. If you buy non-qualified investments in your RRSP or RRIF, or if qualified investments held in your RRSP or RRIF become non-qualified, there are tax implications.
Property from an RRSP, PRPP, or SPP
You can contribute to your RRIF by having property transferred directly from: your PRPP, unmatured RRSP, or SPP your matured RRSP, including a direct transfer of a commutation payment from your RRSP annuity an unmatured RRSP under which your current or former spouse or common-law partner is the annuitant, if you and your current or former spouse or common-law partner were living separate and apart at the time of the transfer and if the transfer is made: under a decree, order, or judgment of a competent tribunal, or under a written separation agreement to settle rights arising out of your relationship on or after the breakdown of your relationship In addition, you can contribute to your RRIF any amounts that are not more than the eligible part of the designated amount, you receive or are considered to have received from a deceased annuitant's or member's RRSP, PRPP, or SPP in the following situations: the annuitant or member under an RRSP, PRPP, or SPP dies and, at the time of death, you were the deceased annuitant's or member's spouse or common-law partner you were a financially dependent child or grandchild of the deceased annuitant who depended on the annuitant because of an impairment in physical or mental functions For more information, see Information Sheet RC4177, Death of an RRSP Annuitant, or Form T2019, Death of an RRSP Annuitant – Refund of Premiums.
RPP amounts
You can contribute to your RRIF by directly transferring a lump-sum amount from an RPP under which: you are a member, if you are entitled to receive the lump-sum your current or former spouse or common-law partner was the member, if you are entitled to receive the lump-sum because your current or former spouse or common-law partner died your current or former spouse or common-law partner is a member, if you are entitled to receive the lump-sum under the following conditions: under a decree, order, or judgment of a competent tribunal, or under a written separation agreement to settle rights arising out of your relationship on or after the breakdown of your relationship Note In some cases, the Income Tax Act limits how much can be transferred without tax consequences. For more information, see Direct transfer of an RPP lump-sum amount .
DPSP amounts
You will be able to contribute to your RRIF by directly transferring a lump-sum amount from: a DPSP under which you are a beneficiary, or former beneficiary, if you are entitled to receive the lump-sum a DPSP under which your current or former spouse or common-law partner was the beneficiary, or former beneficiary, if you are entitled to receive the lump-sum because your current or former spouse or common-law partner died a DPSP under which your current or former spouse or common-law partner is a beneficiary, or former beneficiary, if you are entitled to receive the lump-sum: under a decree, order, or judgment of a competent tribunal, or under a written separation agreement to settle rights arising out of your relationship on or after the breakdown of your relationship For exceptions to the direct transfer requirement and other rules, see archived Interpretation Bulletin IT-528, Transfers of Funds Between Registered Plans.
As a first step, refer to the Secure Pension Tools - Compensation Web Applications and use the pension tools to estimate a future pension benefit. Once you have chosen a retirement date, contact the Government of Canada Pension Centre.
Jun 27, 2024 · The Canada Pension Plan (CPP) retirement pension is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you’ll receive the CPP retirement pension for the rest of your life.
The earliest a vested PSPP member can begin their pension is age 55. Retiring earlier than the normal retirement age of 65 means you will receive a reduced monthly pension—unless you have enough pensionable service to meet the 85 factor (described below).
Dec 22, 2021 · For defined benefit (DB) and defined contribution (DC) plan years starting Jan. 1, these retirement plan compliance calendars list key IRS, Pension Benefit Guaranty Corp., and Labor Department reporting and disclosure deadlines.
People also ask
What is a normal retirement age?
How is early retirement reduction calculated?
What is a 12 continuous month RRSP?
What if I have unused RRSP contributions in 2022?
Last day for changes to banking information for the November pension payment. Deadline to submit requests for 2025 Government of Canada Workplace Charitable Campaign (GCWCC)—United Way monthly deductions. Pension payment transferred in pensioner's account, via direct deposit.
Ad
related to: what are the 2021-22 calendar options for retirement plans and servicesDiscover New, More Personalized Approach To Helping You Plan Your Retirement With Merrill. What Are Your Priorities? With Merrill, Explore 7 Priorities That May Matter Most To You.
8425 PULSAR PLACE, COLUMBUS, OH · Directions · (614) 880-4817
