If I leave my current employer and my pension benefit is less than the Pension Adjustments (PAs), do I get my RRSP contribution room back?
Yes, if you leave a Registered Pension Plan or Deferred Profit Sharing Plan before retirement, any lost RRSP contribution room that results will be reversed through a Pension Adjustment Reversal (PAR). The PAR will be added to your RRSP contribution room and it will be recorded in the Registered Retirement Savings Plan Contribution Limit Statement provided by Canada Revenue Agency on your annual statement of assessment.
Related Questions
- What income is included in the calculation of my allowable RRSP contributions?
- What income does not qualify as Eligible Earned Income?
- How is my RRSP contribution amount calculated?
- What is a Pension Adjustment (PA) and why is it deducted from my allowable RRSP contribution room?
- What is a Past Service Pension Adjustment (PSPA)?
- What is the maximum I can contribute to my Individual and Spousal RRSPs?
- What are the deadlines for making contributions and claiming them on my income tax return?
- Do I need to deduct all of my RRSP contributions in the tax year they were made?
- I think I have over-contributed to my RRSPs. What can I do?
- Do my RRSP contributions need to be made with cash?
- Can a deceased person’s estate contribute to the deceased’s RRSP if they still have allowable RRSP contribution room available?
- Is there an age limit for making RRSP contributions?
- I currently have allowable RRSP contribution room that I will never be able to use. Can I gift or transfer it to another person?