Payroll Administration and Yearend T4 Reporting
Both employee and employer contributions to the CCCC Employees Pension Plan need to be tracked in your payroll register in order to correspond to required T4 slip Box entries, as follows:
Box 20 - RPP contributions
"RPP"is the abbreviation for Registered Pension Plan - meaning the plan has been registered with the government. The CCCC Employees Pension Plan is an RPP.
The figure to be put in this Box represents the employee’s contributions made to the Plan in the calendar year. This is normally the employee’s contribution you withheld from the employee’s gross pay each pay period, but must also include any voluntary contributions made by the employee in the calendar year as well.
"Contributions made in the year" means the money you withheld from the employee’s pay during the calendar year, even if the contribution is not immediately remitted to the Plan in the year (e.g. this most commonly occurs with your December payroll, where you withheld the contribution in December of one year, but may not remit the cash for the December contribution to the Plan until the early part of January of the following year).
Box 52 - Pension adjustment
Pension legislation requires the Pension Adjustment figure (commonly referred to by its abbreviation "PA") be disclosed.
The CCCC Employees Pension Plan is a defined contribution pension plan (Please see FAQ # 8 in the Employees section for details). For this type of plan, the PA is the total of the employee’s contributions (the Box 20 figure) plus the amount of contributions you, as the employer, made on behalf of the employee for the year.
You may find it easiest to maintain a field in your payroll register to track your employer contributions (similarly to other reportable benefits you may be tracking such as life insurance premiums, provided housing, etc.) which can be combined with the field that tracks the employee contributions (for Box 20) to come up with the PA figure.
"Contributions made for the year" means the money you are remitting to the Plan on your employee’s behalf for the calendar year represented by your current-year’s payroll register. Similarly to the employee contributions noted above, this means contributions made for December count for the year, even if they are not remitted until early January of the next year.
Please see FAQ # 11 here in the Employers section for annual limits on RPP contributions.
Box 50 - RPP registration number
Our Plan’s registration number with the government is 0446773 and must be shown in this Box.
