T215 statements and your 2020 RRSP contribution room
Starting in December 2019, some members were mailed a T215 tax statement and a letter about the effects to RRSP contribution room. Here’s some additional information.
Why did I receive a T215 statement?
On October 1, 2019, you received a past service pension improvement because you earned service between April 1, 2006, and March 31, 2018. This increased the value of your pension.
This has implications for your available RRSP contribution room because there is a combined limit to how much you can contribute to a pension plan and to an RRSP. Members who received the past service pension improvement will have less RRSP contribution room in the 2020 tax year and potentially beyond.
What is a T215 statement—Past Service Pension Adjustment Exempt from Certification?
This statement shows the value of your pension improvement expressed as a past service pension adjustment. This statement is for tax purposes and the plan reports it to the Canada Revenue Agency (CRA).
Will I receive a cheque for the amount listed in the T215 statement?
No, you will not receive a cheque. The statement tells you how much your RRSP contribution room is reduced, because the value of your pension has already increased.
What do I do with the T215 statement?
After you file your 2019 taxes, you will receive a 2019 Notice of Assessment with information about your RRSP contribution room for the 2020 tax year. Past service pension adjustments only affect RRSP contribution room in future years.
No action is required if your RRSP contribution room is reduced. Depending on your personal circumstances, you may have no available RRSP contribution room left for 2020 or beyond. RRSP contribution room is granted every year, so if you have no more space you will wait for future room to be granted before you can contribute to your RRSP again. Please keep your T215 statement for your tax records.
Who can I talk to about the effects to my RRSP contribution room?
Please seek the advice of a tax professional or contact the Canada Revenue Agency online at canada.ca/en/revenue-agency or by phone at 1-800-959-8281.
BC Public Service Pension Plan representatives are unable to provide advice on tax implications.