Contribution to a pooled registered pension plan -
VRSP Quebec - VRSP Quebec
PRPP/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 :
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/pooled-registered-pension-plan-prpp-information-individuals.html
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contributing-a-rrsp-prpp/where-you-find-your-rrsp-prpp-deduction-limit.html
https://www.canada.ca/en/revenue-agency/services/tax/pooled-registered-pension-plan-prpp/pooled-registered-pension-plan-prpp-questions-answers-employees-self-employed-individuals.html
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:
https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/201-to-260-net-income/line-214/
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.
ID: 20210727165952NA.xml
Webpage: KPA385-20210727165952NA.htm