Reporting and filing a deferred profit sharing plan
The employer and/or trustee of a deferred profit sharing plan (DPSP) has certain filing obligations under the Income Tax Act. Failing to file, or filing late, can result in monetary penalties as well as cause the plan’s registration to become revocable. For more information on penalties, see Compliance Bulletin 6R1.
Services and information
Reporting a pension adjustment
Required for contributions or allocations made on behalf of a beneficiary under the plan during the year, as well as correcting errors made on a pension adjustment
Reporting a pension adjustment reversal
Required if a beneficiary leaves the plan before amounts become vested
Reporting payments from a DPSP
Reporting taxable amounts for lump-sum payments, annual payments, and annuity payments
Filing a trust return
When a return for a deferred profit sharing plan must be filed