| Protected B when completed | ||||||||||||
| Part B – Contributions to a foreign employer-sponsored pension plan | ||||||||||||
| Complete this part if (a) or (b) applies to you: | ||||||||||||
| (a) | You contributed to an eligible foreign employer-sponsored pension plan and all of the following conditions are met: | |||||||||||
| • | You were participating in the plan on a regular basis just before you began performing services in Canada | |||||||||||
| • | The contributions are attributable to services you performed in Canada and were made during the period you performed the services |
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| • | The remuneration that you received for those services is taxable in Canada | |||||||||||
| • | The total period during which you made contributions while you were temporarily residing in Canada is not more than 60 months (48 months for Finland) |
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| • | The eligible contributions are deductible only in the year that they were made and only to the extent that they would qualify for tax relief in your home country if you had been a resident and performed the services in that country |
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| (b) | The amount you entered on line 12 of Part A is more than the amount you entered on line 13, and you choose to claim a deduction for the excess contributions to an eligible foreign social security arrangement (3) |
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| Calculating your deduction | ||||||||||||
| Amount of your 2023 contributions to the foreign employer-sponsored pension plan | 51210 | 1 | ||||||||||
| Complete lines 2 to 4 if (b) applies. If not, enter "0" on line 4 and continue at line 5. | ||||||||||||
| Line 12 from Part A | 2 | |||||||||||
| Line 13 from Part A (4) | – | 3 | ||||||||||
| Line 2 minus line 3 | = | 4 | ||||||||||
| Line 1 plus line 4 | = | 5 | ||||||||||
| Your resident compensation in 2023 (5) | 51220 | 6 | ||||||||||
| Rate | x 9% | 7 | ||||||||||
| Line 6 multiplied by the percentage on line 7 | = | 8 | ||||||||||
| Money purchase limit ($31,560) x 50% | 9 | |||||||||||
| Enter whichever amount is the least: line 5, line 8, or line 9. | ||||||||||||
| Add this amount to the amount on line 20700 of your return. (3) | 10 | |||||||||||
| Pension adjustment | ||||||||||||
| If you participated in a foreign employer-sponsored pension plan and received a T4 slip, your employer should have reported a pension adjustment (PA) to the CRA. Enter on line 20600 of your return the total of all amounts shown in box 52 of your T4 slips. The PA will reduce your registered retirement savings plan (RRSP) contribution room for 2024. |
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| If you are making a claim for your excess foreign social security contributions or if you did not receive a T4 slip showing your PA, calculate and report it as follows: |
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| Your resident compensation in 2023 (5) | 11 | |||||||||||
| Rate | x 18% | 12 | ||||||||||
| Line 11 multiplied by the percentage on line 12 | = | 13 | ||||||||||
| Money purchase limit for 2023 | 14 | |||||||||||
| Enter whichever is less: amount from line 13 or line 14. | ||||||||||||
| Add this amount to the amount on line 20600 of your return. | 51230 | 15 | ||||||||||
| (3) | Any resulting claim that you choose to include on line 20700 of your return for excess foreign social security contributions will eliminate all RRSP deduction room that would otherwise be created due to this employment income. |
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| (4) | If you are contributing to a registered pension plan (RPP) or a deferred profit sharing plan (DPSP), you cannot claim the excess foreign social security contributions. |
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| (5) | Your resident compensation for 2023 is the total of your salaries, wages, and other amounts from your employment with the employer, excluding amounts that are exempt from income tax in Canada according to a tax convention or agreement. |
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| See the privacy notice on your return. | ||||||||||||
| RC269 E (23) | Page 4 of 4 | |||||||||||