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Quiz: Past Service Pension Adjustment (PSPA)

7 questions

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1 What is the test CRA applies in certifying a provisional PSPA? That it does not exceed the member's unused RRSP deduction room That it does not exceed the defined benefit limit for the year That it does not exceed 18% of the member's compensation That it does not exceed the member's unused RRSP deduction room plus a fixed allowance

Answer key unconfirmed — rests on 2 unverified claims.

2 A member lacks the room for certification. What is commonly done? The past service benefit is credited anyway and the shortfall carried forward The member waits until a later year when more room has accrued The employer makes an additional contribution to offset the PSPA A qualifying transfer from the member's RRSP or another registered vehicle to the plan reduces the PSPA

Answer key unconfirmed — rests on 2 unverified claims.

3 Which form applies to which PSPA? T10 for certification, T215 for an exempt PSPA T215 for certification, T1004 for an exempt PSPA T1004 for both T1004 for certification, T215 for a PSPA exempt from certification

Answer key unconfirmed — rests on 2 unverified claims.

4 By when must Form T215 be filed? With the plan's annual information return Within 60 days of the past service event giving rise to the exempt PSPA Within 60 days after the end of the calendar quarter of the event By the last day of February following the year of the event

Answer key unconfirmed — rests on 1 unverified claim.

5 When does a PSPA reduce the member's RRSP deduction limit? In the following year, as with a pension adjustment Spread over the years of past service being recognised In the year it arises In the year the past service relates to

Answer key unconfirmed — rests on 2 unverified claims.

6 Which of these can give rise to a PSPA? Select all that apply.

Select all that apply.

Recognition of service with a former employer, including under a reciprocal transfer agreement Crediting additional lifetime retirement benefits for a post-1989 year that has passed Crediting benefits for service before 1990 A retroactive improvement to a defined benefit formula applied to past service Contributions to a money purchase provision for a prior year

Answer key unconfirmed — rests on 5 unverified claims.

7 Where is a PSPA reported? In box 034 of the T4A On its own prescribed form, not in box 52 On the plan's annual information return In box 52 of the T4, alongside the PA

Answer key unconfirmed — rests on 1 unverified claim.

Unanswered questions are marked wrong. There is no partial credit.