I have a client that made direct pension contributions due to being on maternity leave (contributions were not reported on their T4 slip in box 20). They finally received contribution receipts from the pension fund so I am going to be amending their return. They have receipts for Oct 2023 to Feb 2024. Do pension contributions follow the tax year (i.e. calendar 2023), or do they have an offset year like RRSP contributions do (March 2023 to Feb 2024)?
I reviewed CRA’s Employer Guide for T4s and the info on Box 20 does not indicate which period is used for determining contributions.
If the pension is part of her employment benefits (i.e. group pension), the employer or pension fund manager should issue T4A slips as appropriate. These are always on calendar year basis - no extended contribution period like for RRSPs
Thanks @Nezzer
I was contemplating if they needed to prepare a T4A with box 32 completed instead of the contribution receipts they provided. The particular pension fund is a bit of a pain to deal with and quite slow to respond. I have a feeling that they may not want to do a T4A slip and push back on that.
I’ve never heard of a pension fund that issued “contribution receipts” - are you sure it isn’t a RRSP?
Employers that have a company pension plan must report the contributions (and pension adjustments) on the employee’s T4 slip. If there are contributions or adjustments that occur directly with the pension management company, that company must report the details on a T4A slip. They don’t have a CHOICE - it’s not optional, like the box 48 “fees for services” (which CRA isn’t enforcing).