The value of pension earned in a year. It is reported in Box 52 of your T-4 and is used by Canada Customs and Revenue Agency to determine your RRSP contribution room for the tax year.
The deemed value, according to CRA, of the lifetime benefit earned by a Member in any year under a pension plan. The PA reflects the benefit accrued in the previous year. This amount reduces available RRSP contribution room in the current year.
A pension adjustment (PA) exists if contributions to a registered pension plan (RPP) have been made on behalf of a contributor. When a contributor is a member of a RPP, the PA corresponds to the contributions made to the pension plan by the employee and the employer. The PA reduces the amount that a contributor may pay into his registered retirement savings plan (RRSP). This amount is indicated on the T4 slip.
the “deemed value†of the pension benefit you earn during a given year. Your PA reduces your RRSP contribution room for the following year.
The amount contributed annually to a registered pension plan, either by an employer or employee.
The deemed value that is placed on the benefit accruing under a registered pension plan or deferred profit sharing plan in a particular year.
A pension adjustment (PA) is the deemed value of the benefits a member earns every year in a registered pension plan such as HOOPP.
An annual amount that is reported to the Canada Revenue Agency on T4 slips for defined benefit, defined contribution, and deferred profit sharing plan members. For a defined contribution or deferred profit sharing plan, the PA amount is the total of all employee and employer contributions, plus forfeitures allocated to the member's account. For a defined benefit plan, the amount represents the equivalent dollar value of the benefit accrued under the pension plan. RRSP room for the following year is reduced by this amount. The formula for a PA is: (9 x annual accrued pension) - 600 For example: If you earn $500 in pension during 2005, the PA reported on your T4 slip for 2005 will be $3,900. Your RRSP room for the following year will be reduced by $3,900. Pension Benefits Act The legislation in the province of Nova Scotia that governs private sector and municipal government pension plans that have members in Nova Scotia.
The value of a person's pension benefits accruing in a particular year as defined by Canada Customs and Revenue Agency. For defined benefit plans, the PA is determined by a formula. For defined contribution plans, the PA is the total of all employer and employee contributions for the year. A person's RRSP contribution room is reduced by the value of the previous year's PA.
The amount of contributions made or the value of benefits accrued to a member of an employer-sponsored retirement plan for a calendar year. The PA enables the individual to determine the amount that may be contributed to a Registered Retirement Savings Plan, which would be in addition to contributions into a Registered Pension Plan.
An amount that reduces the allowable contribution limit to an RRSP based on the benefits earned from the employee's pension plan or deferred profit sharing plan.
The total value of contribution made by you or your employer to an employer sponsored pension plan. The difference between your PA and the allowable RRSP limit is your contribution room.
