Enter Pooled Registered Pension Plan in TurboTax
A pooled registered pension plan (PRPP) is a plan that is registered under the Pooled Registered Pension Plans Act or a similar law of a province or territory. Contributions are made to the members' accounts and are invested to provide retirement income to the plan members.
A PRPP enables its members to benefit from lower administration costs that result from participating in a large, pooled pension plan. It's also portable, so it moves with its members from job to job.
Since the investment options within a PRPP are similar to those for other registered pension plans, its members can benefit from greater flexibility in managing their savings and meeting their retirement objectives.
Entering PRPP in TurboTax
- On the second page of the Profile section, check Yes for the question: Did you make contributions to a retirement plan such as an RRSP, PRPP, a Registered Pension Plan, or the Saskatchewan Pension Plan?
- Select the I made or my employer made PRPP contributions... checkbox.
- Continue through the screens until you reach the RRSPs section of the return.
- On the PRPP Contribution Summary screen, click Enter New PRPP for [NAME] to enter your Employee contributions. Make sure to enter the Contribution period as well.
- Click Done with PRPPs when finished.
- On the PRPP Contribution Summary, enter the Employer PRPP Contributions made for the Jan 1-Dec. 31 time period.
- Once finished, click Done with PRPPs.