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Quiz: Pooled Registered Pension Plan (PRPP)

5 questions

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1 Who administers a PRPP, and what does the participating employer have to file? The employer administers it jointly with a licensed administrator, and both file A licensed administrator, typically a financial institution, administers it; the employer does not register the plan and files no plan-level annual return CRA administers it directly and no return is required The employer administers it and files an annual plan return

Answer key unconfirmed — rests on 2 unverified claims.

2 How do a member's own PRPP contributions affect their RRSP deduction limit? They reduce the following year's limit, like a pension adjustment They are deductible by the member and reduce the RRSP deduction limit directly, and are limited by that limit Through a pension adjustment, like employer contributions They do not affect the RRSP deduction limit at all

Answer key unconfirmed — rests on 3 unverified claims.

3 Are employer contributions to a member's PRPP account a taxable benefit to the employee? Only to the extent they exceed the member's own contributions Yes, and they are reported in box 40 of the T4 Yes, but offset by a corresponding deduction No

Answer key unconfirmed — rests on 1 unverified claim.

4 Which of these are true of PRPPs? Select all that apply.

Select all that apply.

Participation requires the employer to make a minimum contribution Funds are generally locked in, governed by applicable pension legislation rather than by tax rules The administrator issues contribution receipts to members for their own contributions Self-employed individuals may participate directly Employer contributions are not mandatory; an employer may participate without contributing

Answer key unconfirmed — rests on 4 unverified claims.

5 A Quebec employer asks about PRPP participation. What applies? PRPPs apply uniformly across Canada under federal legislation Quebec employers must register the plan themselves Quebec employers cannot offer any pooled arrangement PRPPs operate under federal legislation for federally regulated employment, with provincial equivalents elsewhere, including Quebec's voluntary retirement savings plan regime

Answer key unconfirmed — rests on 1 unverified claim.

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