Pension adjustment - prescribed amount (foreign DPSP) - no contribution during year

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MsTunnelCoin762
Posts: 4
Joined: Fri Jan 01, 2021 2:02 pm

Pension adjustment - prescribed amount (foreign DPSP) - no contribution during year

Post by MsTunnelCoin762 »

This may be particularly esoteric, but perhaps someone has had experience on this issue... Dual citizen for whom a TFSA is not a practical option for retirement savings/planning, interesting in maximizing RRSP contribution room to the extent allowable.

Due to participation in a foreign DPSP, a prescribed amount pension adjustment (10% of foreign earned income after exchange rate is applied) is self-reported each year - in the event no employer contribution is made to the plan in a given year, is reporting of the prescribed amount still required, which would seem to be inequitable (alternatively, assuming the PA has already been reported on the T1 and one is not informed of the lack of contribution until after the T1 has been filed, is the filing of a T1 Adjustment Request the appropriate mechanism to "undo" the PA (in the event a prescribed amount PA need not be reported)?

Thank you,
unfinishedb
Posts: 1
Joined: Thu Jan 21, 2021 5:43 pm

Re: Pension adjustment - prescribed amount (foreign DPSP) - no contribution during year

Post by unfinishedb »

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