Contribution to a pooled registered pension plan - VRSP Quebec - VRSP QuebecPRPP/VRSP is a type of deferred income for retirement income for employees who do not have access to a pension plan in their workplace.
NOTE: That the PRPPs are offered by employers whose business activity is under federal jurisdiction.
For Québec residents VRSP, the Voluntary Retirement Saving Plan was implemented on July 1st, 2014, for employers whose business is not under federal jurisdiction.
How can I contribute to a PRPP/VRSP? Generally, the maximum a participant or employer may contribute is determined by the "RRSP deduction limit''.
NOTE: Voluntary contributions from the employer are not included in the participant's income. The latter cannot therefore deduct them in his tax return.
The administrator of a PRPP/VRSP must produce an information slip for the contributor which indicates the share of the employee and, if applicable, the share of the employer.
For more information about the PRPP, please visit the following links :
This link is in the form of questions and answers for workers
For residents of Quebec for more information about VRSP, please consult the following links:
To declare your contributions to a PRPP/VRSP, please follow the steps below:1 - On the "Left side menu of the Interview tab", select the "RRSP contributions, limits"
2. On the page that appears entitled "Contributions to a RRSP or PRPP/VRSP" in the section "RRSP/PRPP deduction limit statement", go to the line "RRSP/PRPP deduction limit" and enter the maximum amount shown in your Notice of Assessment on the line "RRSP/PRPP deduction limit for 2021 (2020 assessment)".(If you cannot find your Notice of Assessment, you can get your RRSP deduction limit from the CRA).
3 - In the "Contributions to your own RRRP or/PRPP/VRSP" section enter your dues in the appropriate field.
At the bottom of the page, in the section "RRSP or PRPP/VRSP deduction to use in 2021'' enter the amount you wan to use as a deduction. Note: If you wish to restrict your contribution amount fort the current year, enter it in this field.
The program will report the amount of RRSP or ORPP/VRSP contribution as a deduction on line 20800 of the federal return and on line 214 of the Quebec return.
Note: You cannot withdraw funds from a PRPP or VRSP for a HBP or the RESP, only amounts to an RRSP can be used for a HBP or a RESP.
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Webpage: KPA385-20210727165952NA.htm