Part B – Contributions to an employer-sponsored pension plan |
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| Complete this part if: | ||||||||||||
| (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 no more than 60 months | |||||||||||
| (48 months for Finland). | ||||||||||||
| • | The eligible contributions are deductible only in the year in which 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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| or | ||||||||||||
| (b) | the amount you entered on line 10 of Part A is more than the amount you entered on line 11, and you choose to claim a deduction for the excess contributions to an eligible social security arrangement.* |
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| Calculating your deduction | ||||||||||||
| Amount of your 2018 contributions to the foreign employer-sponsored pension plan | 5121 | 1 | ||||||||||
| Complete this line if (b) above applies | ||||||||||||
| Line 10 from Part A, minus line 11 from Part A ** | + | 2 | ||||||||||
| Line 1 plus line 2 | = | 3 | ||||||||||
| Your resident compensation in 2018 *** | 5122 | 4 | ||||||||||
| Rate | x 9% | 5 | ||||||||||
| Multiply line 4 by 9%. | = | 6 | ||||||||||
| Money purchase limit ($26,500) x 50% | 7 | |||||||||||
| Enter the amount from line 3, line 6, or line 7, whichever is the least. | 8 | |||||||||||
| Add the amount from line 8 to the amount on line 207 of your income tax return.* | ||||||||||||
| Pension adjustment | ||||||||||||
| If you participate in a foreign employer-sponsored pension plan and receive a T4 slip, your employer should have reported a pension adjustment (PA) to the Canada Revenue Agency. Enter on line 206 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 2018. |
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| If you are making a claim for your excess social security contributions or if you do not receive a T4 slip showing your PA, calculate and report it as follows: |
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| Your resident compensation in 2018 *** | 1 | |||||||||||
| Rate | x 18% | 2 | ||||||||||
| Multiply line 1 by 18%. | = | 3 | ||||||||||
| Money purchase limit for 2018 | 4 | |||||||||||
| Enter the amount from line 3 or line 4, whichever is less. | 5123 | 5 | ||||||||||
| Add the amount from line 5 to the amount on line 206 of your return. | ||||||||||||
| * | Any resulting claim you choose to include at line 207 for the excess social security contributions will eliminate all RRSP deduction room that would otherwise be created due to this employment income. |
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| ** | If you are contributing to a registered pension plan (RPP) or a deferred profit sharing plan (DPSP), you cannot claim the excess social security contributions. |
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| *** | Your resident compensation for 2018 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 by virtue of a tax convention or agreement. |
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| See the privacy notice on your return. | ||||||||||||