Did Revenue Canada Reassess your Past Service Pension Adjustment and now you owe them $$$$ ?
Many of you may have received a reassessment from Revenue Canada stating that you owe thousands of dollars in respect to your Past Service Pension Adjustment.
The following letter was received from the Administrator of the Waterfront Industry Pension Plan and should shed some light on what happened and what you can/should do:
“To the Secretary Treasurers of: Locals 500, 502, 505, 508 and 519
Subject: Past service pension adjustment issue
There were three PSPA’s filed in 2017 which relate to the 2015, 2016 and 2017 pension increases.
We have become aware of an issue that relates to these PSPA’s. The T215 slips that the members received were correct but the electronic files that were sent to CRA had incorrect dates.
This has resulted in some members receiving notices of reassessment and being charged penalties.
We are working with CRA to correct this issue and when corrected the affected members will receive a second reassessment which should eliminate these penalties.
Having CRA make these changes can take some time and the members may wish to pay the reassessment and then receive a refund as this may avoid further interest charges. This is up to the individual member.
We apologize for the inconvenience this has caused these members.
Yours truly,
Tony Griffin CPA, CMA CEBS
Pension Administrator
Waterfront Employers of B.C.”