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ADMS 3520 Lecture Notes - Leap Year, Unemployment Benefits, Savings Account

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School
York University
Department
Administrative Studies
Course
ADMS 3520
Professor
all

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Document Summary

The lecture is to highlight parts of ctp chapter 8 and ctp 9 (mainly on rrsp contributions) Moving expenses: exercise 8-1, self-study problem 8-1. Child care expenses: exercise 8-2, self-study problem 8-2. Rrsp contributions - chapter 9, exercises 9-1,2, 3. Ita 56(l)(a)(i) = inclusion section for employer"s registered pension plans (rpp) and government"s old age security (oas) and canada pension plan (cpp) payments. Ita 56(l)(a)(ii) = inclusion section for retiring allowances. Ita 56(l)(a)(iii) = inclusion section for death benefits for a dead employee"s surviving spouse or common-law partner as defined in ita 248(l): 1st ,000 is tax-free and is not a death benefit. Income inclusions from deferred income plans [8-23 to 8-24] Rrsps, deferred profit sharing plans (dpsps) and registered retirement income. They are registered with the federal government. In order to be registered they must meet certain conditions that contributions into the plan are either tax-free benefits (e. g. , employer rpp and.

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Related Questions

In 2016, an individual earned $65, 000 of employment income. Thefollowing deductions were made from her salary: registered pensionplan (RPP) contribution of $5, 000, maximum Canada pension plan(CPP) and employment insurance (EI) contributions of $3, 499 andcharitable donations of $600. (she has made annual donations) Whatwould be her total federal tax? (Round to nearest dollar.)

$7, 228

$7, 402

$8, 253

$9, 718

Dear i want an anwser to this questions (chapter 10 exercise 15, chapter 11 exercise 3)

Please build the answer based on the following text from astudying book:

Reporting Pension Contributions and Adjustments The followingare some general year-end reporting guidelines employers shouldfollow when reporting pension contributions and pension adjustments(PAs):
 employee contributions to a registered pension plan (RPP) are taxdeductible; they are reported in box 20 on the T4 slip


 employee and employer contributions to a defined contributionpension plan are part of the PA that is reported in box 52


 PAs are reported on the T4 slip; however, under certainconditions the PA may be reported on the T4A slip


 employee contributions to a Registered Retirement Savings Plan(RRSP) are not reported by payroll; the employee will receive a taxreceipt from their financial institution


 employer contributions to an employee’s RRSP are reported on theT4 slip in box 14 and in the Other Information area using code 40as they are a cash taxable benefit, subject to CPP contributionsand EI premiums

Question:

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