What's new archive
The RPD has updated chapters 4 and 6 of the RPP Technical Manual. This update is part of a series of updates that will be coming soon.
The RPD has updated chapters 2, 3, 5 and 13 of the RPP Technical Manual. This update is part of a series of updates that will be coming soon.
The Registered Plans Directorate released new Questions and Answers regarding the Proposed 8517(3) Amendment – Underfunded Pension Plan Transfer Limit Comfort Letter.
Registered Plans Directorate has updated the administrative procedures for filing registration listings, through internet file transfer or on CD-ROM or DVD-ROM.
Registered Plans Directorate publishes an update to Newsletter No. 04-2R, Registered Pension Plan Applications - Processing an Incomplete Application, concerning the acceptability of photocopies.
The Registered Plans Directorate announces a new project to assess compliance of defined benefit pension plans.
Registered Plans Directorate publishes Compliance Bulletin no. 8.
Extension to the Annual Information Return (AIR) filing deadline
In line with the Minister of National Revenue’s June 26th announcement of relief for businesses affected by flooding in Alberta, please note that this extension applies to all registered pension plans in Alberta that are required to file their AIR before August 2, 2013.
The Canada Revenu Agency introduces a new technical publication product to update the income tax interpretation bulletins. The new publications are know as the Income Tax Folios.
The Registered Plans Directorate publishes RDSP Bulletin No. 4. This bulletin gives information to RESP promoters on RESP rollovers to RDSPs.
Question 6 of the "RPP Practitioners' Forum - 2009" is modified - Reciprocal transfer involving a plan with an unfunded liability.
The Registered Plans Directorate wants to inform RESP promoters that they no longer need to file commercially printed copies or final PDF versions of their RESP application form and declaration of trust/plan terms after the documents are approved.
New RSP and RIF contact transfer rules. See question 3 of the RRSPs/RRIFs questions and answers.
Registered Plans Directorate announces 2011 Budget changes relating to financial institutions' reporting and remittance requirements as RRSP and RRIF carriers.
New information on the Pooled Registered Pension Plan (PRPP) is now available.
Requests for administrative relief relating to registration issues is updated:
Case no. 10 - Locked-in funds and
Case no. 11 - Group RSP containing spousal or common-law partner RRSPs.
The Registered Plans Directorate announces the 2013 TFSA dollar limit.
Registered Plans Directorate publishes Compliance Bulletin no. 6r1.
Frequently Asked Questions on TFSAs is updated:
Question 10 - Does a TFSA that is a segregated fund annuity contract which provides for the payment of a guaranteed minimum withdrawal benefit (GMWB) satisfy the conditions found in paragraph 146.2(2)(e) of the Income Tax Act?
Individual pension plans minimum withdrawals
On June 6, 2011; the Department of Finance Canada released Budget 2011 that incorporated changes to certain rules of the Income Tax Regulations concerning registered pension plans (RPPs). Bill C-13 introduced, among other things, a definition of the term individual pension plan (IPP) under subsection 8300(1) of the Regulations. It also introduced a requirement for an IPP to pay out to a member, each year after the year in which the member attains 71 years of age, a minimum amount.
The definition and rule for computing the IPP minimum amount are found under subsection 8500(1) of the Regulations.
The purpose of this requirement is to establish reasonable limits on deferrals of tax on IPP savings and generally ensure that such savings are received as income throughout the retirement period of the member, consistent with the basic purpose of RPPs.
These minimum withdrawals apply to the 2012 and subsequent taxation years for IPP members who reached 71 years of age in 2011 or earlier.
If your RPP meets the IPP definition, you must amend your plan terms to include the IPP minimum withdrawal requirement. To make it easy for you to amend your RPP, we have created a form containing generic wording for the amendments. If you choose to use this wording, complete and sign the form and return it to the Registered Plans Directorate.
We have pre-approved the generic wording and have waived the requirement that you send a Form T-920, Application to Amend a Registered Pension Plan, or other supporting documents such as a board resolution with the amendment. This waiver applies to this generic wording only and not to any other plan amendments.
These amendments, effective January 1, 2012, apply to both existing and new IPPs. You must submit the amendment to your plan no later than December 31, 2012. In the interim, IPPs must be administered in accordance with the new requirements.
Registered Investments as of December 31, 2011 is available in the Canada Gazette.
A new address and mailbox is to be used when reporting lists of incorrect or unreported PAs for past years. Pension Adjustment (PA)
Effective immediately, the Canada Revenue Agency (CRA) will stop mailing the Annual Information Return (Form T244) to registered pension plan administrators. Previously, the CRA mailed blank copies of this form to plan administrators who did not have an agreement covering these returns with their provincial authority or another regulator. In accordance with paragraph 8409(1)(b) of the Income Tax Regulations, this information return must be filed with the CRA within 180 days following the registered pension plan fiscal year end. This prescribed form must still be completed by plan administrators and sent to the CRA. The T244 can be found on our web site at the following link: http://www.cra-arc.gc.ca/E/pbg/tf/t244/README.html
This change is in line with the sustainable development strategy http://www.ec.gc.ca/dd-sd/default.asp?lang=En&n=F93CD795-1 , released by the Government of Canada in October 2010.
Please direct your questions or concerns to our general enquiry group: http://www.cra-arc.gc.ca/tx/rgstrd/cntct-eng.html
Registered Plans Directorate publishes RRSP/RRIF Bulletin No. 1
The CRA announces the launch of TFSA webinars.
2011 Budget - Questions and Answers (Measure for members of registered pension plans sponsored by employers who have commenced bankruptcy and insolvency proceedings).
Registered Plans Directorate announces 2011 Budget changes relating to financial institutions' reporting and remittance requirements as RRSP and RRIF carriers.
Registered Plans Directorate publishes Information Circular IC99-1 Registered Disability Savings Plans
Frequently Asked Questions on RESPs on RESPs is updated:
Question 8 - Transfers
The Registered Plans Directorate announces the 2012 TFSA dollar limit.
The Registered Plans Directorate (RPD) will be amending Actuarial Bulletin No. 1
Registered Plans Directorate publishes RDSP Bulletin No. 2
New version of T244, Registered Pension Plan Annual Information Return
On June 6, 2011, the Honourable James M Flaherty, Minister of Finance, announced proposed income tax measures. Certain measures were previously announced on March 22, 2011, in the Federal Budget.
The Canada Revenue Agency has prepared several questions and answers related to these measures. This information is available at www.cra.gc.ca/gncy/bdgt/2011/menu-eng.html.
For further details on the Budget, visit the Finance Canada website at http://www.fin.gc.ca/.
New version of T1200, Actuarial Information Summary
Registered Plans Directorate publishes RESP Bulletin No. 2
Registered Plans Directorate publishes RDSP Bulletin No. 1
Update to the technical specifications for RSP/RIF listings (The contract field must be unique for each annuitant under a specimen plan or fund. Once an account is closed, the contract number may not be reused in the future).
Registered Plans Directorate publishes Compliance Bulletin no. 7
Proposed tax changes related to the Saskatchewan Pension Plan
Update on rejected individual TFSA record from CRA (code 11, 37 and 72)
Question 16 of the "2005 RPP Consultation session" is modified - Incorrect pension payments - over and under payments
Frequestly Asked Questions on RESPs is updated:
Question 6(j)- What is a post-secondary educational institution for the purposes of an EAP?
Question 6(k) - How does one confirm if a post-secondary educational institution is recognized for EAP purposes?
Question 29 of the "Frequently Asked Questions on RPPs" - What review process does RPD undertake for an 8503(5) waiver request?
Registered Plans Directorate publishes Information Circular IC93-3R1 Registered Education Savings Plans
Update to Question 2 of the 2009 RPP Practitioners' Forum: Annuity Purchase Treated as a Transfer under the Income Tax Act. The Canada Revenue Agency will allow the payment of a lump sum representing the difference between the commuted value of a member's deferred pension and the purchase price of annuity from a licensed annuity provider. This lump sum payment is a permissible distribution when required by the Pension Benefits Standards Act, 1985 or similar law of a province.
Registered Plans Directorate publishes Actuarial Bulletin No.2
Sections 4.10 147.3(8) (Money purchase plan replaces DB plan) and 6.2 8303(7) (Deemed payment) of the technical manual are modified.
Process to change name/date of birth
The PDF version of the RPP technical manual is available and section 19.1 8515(1) (Designated plan) has been amended.
Changes to the ESP application form
The fillable version of form T2214 is available.
Question 28 of the "Frequently Asked Questions on RPPs" - Increase in the surplus threshold under the Income Tax Act from 10 per cent to 25 per cent
Question 17 of the of the "Frequently Asked Questions" on RDSPs (Why are RDSP contracts communicated to a financial institution as "pending" when an RDSP contract is considered registered at the time of signature?)
Question 27 of the "Frequently Asked Questions on RPPs" - 2010 defined benefit limit
The Honourable Jim Flaherty, Minister of Finance, announced on October 27, 2009, proposed measures to amend the Pension Benefits Standards Act, 1985, applicable to federally regulated pension plans, and the Income Tax Act, which applies to both federally and provincially regulated pension plans. The release can be found on the Department of Finance website at: http://www.fin.gc.ca/n08/09-103-eng.asp
The Honourable Jim Flaherty, Minister of Finance, today issued a news release announcing his intention to propose amendments to the Income Tax Act to strengthen the rules applicable to Tax Free Savings Accounts (TFSAs). The release can be found on the Department of Finance website at http://www.fin.gc.ca/n08/09-099-eng.asp
Question 8 (Process for revising an application package) in the following document "Application Package - Approval Process" is updated.
You should use the new version of the T2214 for all deferred profit sharing plan registrations submitted after June 29, 2009. As of November 1, 2009, we will not accept applications that use a previous version of the T2214. They will be returned to the sender.
New version of T2214, Application for Registration as a Deferred Profit Sharing Plan.
Registered Plans Directorate publishes its sixth Compliance Bulletin — Replaced by Compliance Bulletin No. 6r1
The definition of Administrator is updated (sections 1.4 and 2.5 of the Technical manual) .
RZ program account for TFSA annual information return.
The Registered Plans Directorate wishes to re-confirm that multi-purpose holder application forms will not be accepted for TFSAs.
Due to the differing regulatory framework, terminology, and tax treatment, the TFSA is distinct from other registered products under the Income Tax Act. Also, based on our experience, there is significant administrative relief associated with errors made when filling out multi-purpose application forms. Consequently, TFSA applications cannot be part of a multi-purpose holder application form.
Revised TFSA reporting data elements: Account number on Individual records is now mandatory and must be unique under the TFSA Identification number, addition of the "email address" in the contact information, addition of fair market value at date of death on the Individual records, deletion of the "contact person" information on the Individual records (only required on Summary).
The Registered Plans Directorate RPP glossary is updated.
Registered Plans Directorate publishes Newsletter 94-3RUsing Assumptions to compute the Present value of Benefits
Section 10.1 (Eligible Service), Sections 11.18 to 11.26 (Phased Retirement Benefits), Section 12.2 (Highest Average Compensation) and Section 15.3.1 (Qualifying Period) of the Technical Manual are modified to include phased retirement benefits.
T4084 Pension Adjustment Guide
Registered Plans Directorate publishes its first Actuarial Bulletin
Technical manual - 9.3.2 8503(2)(a)(ii) - Cost-of-living Adjustments, has been amended to more clearly reflect the indexing requirements of the Agency and the Income Tax Act.
Chapters 8 (Conditions Applicable to all Pension Plans), 9 (Defined Benefit Provisions), 14 (Money Purchase Provisions) and 20 (Transfer - Defined Benefit to Money Purchase) of the Technical Manual are modified to reflect the increase in the age limit to 71.
Question 26 of the "Frequently Asked Questions on RPPs" (Phased retirement).
REMINDER - The Canada Revenue Agency will return any application for registration and request for approval of amendments to a registered pension plan received on or after September 30, 2007, if the new version of the prescribed form, either T510, Application to Register a Pension Plan or T920, Application to Amend a Registered Pension Plan is not correctly completed and attached to the appropriate documents that constitute a complete application. For more information, please refer to Re-engineering - Frequently Asked Questions - RPP Forms. For more information on what constitutes a complete application to register a pension plan or amend a registered pension plan, please refer to Frequently Asked Questions - Application to register or amend a registered pension plan.
Section 11.1.3 of the Technical Manual is modified (Regulation 8503(4)(a)(iii) - Past Service Contributions) to specify that contributions in respect of post-1989 years are limited to the amount reasonably necessary to fund post-1989 benefits
Section 12.1.1 of the Technical Manual is modified (Regulation 8504(1)(a)(i) - Maximum for Connected Persons) to specify that the lesser of the defined benefit limit and 2% of earnings test must be done for every year of service
The Registered Plans Directorate Technical Manual on registered pension plans (RPP) is now available online on the RPP site. Our clients requested that we publish this internal resource as an aid to them in understanding our interpretation of the Income Tax Act legislation affecting registered pension plans. As part of our educational outreach program, we are pleased to provide this resource.
T4099 Registered Pension Plan Guide
The Registered Plans Directorate retains Archived newsletters for historical purposes.
Registered Plans Directorate electronic mailing list, a free service to help us serve you better
Registered Plans Directorate publishes Newsletter 04-1 Transfers from a Defined Benefit Provision to a Money Purchase Provision, an RRSP, or a RRIF and Transfers between Defined Benefit Provisions
What are the requirements under the Income Tax Act regarding marketing incentives for Registered Retirement Savings Plans?
Question 15 of the "Frequently asked questions - Registered Pension Plans"
IC93-3R Registered Education Saving Plans - Draft — Replaced by IC93–3R1
Specimen Plan Approvals - RSP & RIF
T3 returns for non-registered education savings plans (ESPs) set up in 1999 and 2000
The Registered Plans Directorate has introduced a new method to simplify how to file locked-in addenda for RSPs and RIFs.
Ottawa and Newfoundland and Labrador harmonize their annual information returns for registered pension plans
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