Hey everyone,
My employer has set up a DPSP (deferred profit sharing plan) that I'm apart of. For the past few years I didn't think anything about it, but I'm curious how is it reported to the CRA? Do I need to include it on my tax return somewhere?
The way my company works, is the match up to a certain percentage of my gross income (to a max of 2%). I know the portion I add is into an RRSP, and is reported, but what about the portion they match into the dpsp. I can't report it as RRSP, but it needs to be reported since it decreases my RRSP room.
I have been filing my taxes with Simpletax and don't see any options for it. Reading online, it looks like the employer needs to do something when they submit everything, but does that take care of making sure my RRSP room is adjusted accordingly?
Anyone clear this up for me?