Question: Your organization currently has a defined contribution pension plan with employees contributing up to 3% with a company match. Effective with the first pay of

Your organization currently has a defined contribution pension plan with employees contributing up to 3% with a company match. Effective with the first pay of the new year, new employees will no longer be enrolled in that plan. Instead, they will be enrolled in the new Group Registered Retirement Savings Plan (RRSP) with the same contribution options. In your own words, explain the difference in the T4 information slip reporting for these two groups of employees.

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Answer Registered Retirement Savings Plans RRSP and Registered Pension Plans RPP are both retirement saving plans designs that are enrolled with the Canada Revenue Agency CRA RRSPs are singular retire... View full answer

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