TurboTax: Box 52 & T1 General

 

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Relevant Material: "

Line 20600 – Pension adjustment

The pension adjustment (PA) amount is the value of the benefits you earned in 2024 under your employer's registered pension plans (RPP) and deferred profit sharing plans (DPSP), and possibly some unregistered retirement plans or arrangements.

The amount is shown in box 52 of your T4 slip or box 034 of your T4A slip.

Generally, the PA reduces your registered retirement savings plan (RRSP) deduction limit for the following year. You can find your RRSP deduction limit and more by logging in to My Account for individuals.

If you have questions about how your PA was calculated, contact your employer or RPP administrator.

If you live in Canada and participated in a foreign pension plan in 2024, you may have to enter an amount on line 20600. For more information, Contact the Canada Revenue Agency.

Special situations

If you lived in Canada and participated in a foreign pension plan in 2024, you may have to enter an amount on line 20600 of your return. Contact the CRA for information.

If you contributed to a foreign employer-sponsored pension plan or to a social security arrangement (other than a United States (U.S.) arrangement), complete Form RC269, Employee Contributions to a Foreign Pension Plan or Social Security Arrangement – Non-United States Plans or Arrangements.

If you are temporarily working in Canada and you continue to participate in a qualifying retirement plan offered by your employer in the United States, complete Form RC267, Employee Contributions to a United States Retirement Plan – Temporary Assignments.

If you are a Canadian resident travelling to work in the U.S. and contributed to a U.S. employer-sponsored retirement plan, complete Form RC268, Employee Contributions to a United States Retirement Plan – Cross-Border Commuters.

For more information, refer to Questions and answers about Line 20600 – Pension adjustment..." (Line 20600 – Pension adjustment - Canada.ca) 

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Relevant Material: "In the context of Canadian personal income tax filing, Box 52 and Line 206 (now updated to Line 20600) refer to the Pension Adjustment (PA). 
Summary of Connection
  • Box 52: Located on your T4 slip (Statement of Remuneration Paid). It shows the value of the benefits you earned during the tax year under your employer's registered pension plan (RPP) or deferred profit-sharing plan (DPSP).
  • Line 20600: The specific line on your T1 General income tax return where you must report the total amount from Box 52 of all your T4 slips (and Box 034 of any T4A slips). 
Key Details for Tax Filing
  • Not a Deduction or Income: The amount entered on Line 20600 is not deducted from your income, nor is it added as taxable income.
  • RRSP Impact: The Canada Revenue Agency (CRA) uses this figure to calculate your RRSP deduction limit for the following year. A higher pension adjustment reduces your future RRSP contribution room because it reflects tax-deferred savings already occurring through your employer.
  • Verification: You can view your current RRSP limits and past pension adjustments by logging into the CRA My Account service. 
For more information, refer to the official CRA Guide for Line 20600" (Google)

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