A PAR restores the reduction of your RRSP deduction limit if you earn benefits under an RPP or a DPSP and then lose your entitlement to the benefits, usually because you leave your plan before retirement. Your plan administrator or trustee will report a PAR for you, if the amount you receive from the plan is less than the total PAs and PSPAs that were previously reported for you.
Your plan administrator or trustee will send you a T10 slip that shows your PAR amount in box 2. Do not report this amount on your return. Your plan administrator or trustee will send us a copy of your T10 slip. We use that copy to increase your RRSP deduction limit for the year.
If you had a PAR at the end of the current taxation year, it will be added to your RRSP deduction limit for the next taxation year. In such a case, we will usually send you Form T1028, RRSP Information for the next taxation year, and give you your revised RRSP deduction limit for the next taxation year once we have updated our records. If you do not receive Form T1028 and you want to confirm your RRSP deduction limit for the next taxation year, visit our Web site at https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html, or call our Tax Information Phone Service (T.I.P.S.) at 1-800-267-6999. The T.I.P.S. RRSP service is available from mid-September to April 30. For RRSP information, you will be asked to provide your social insurance number, your month and year of birth, and the total income you reported on line 15000 of your current taxation year’s return.