T4RSP Statement of RRSP Income

You’ll receive a T4RSP : Statement of RRSP income slip to report the income you received or withdrew from your RRSP plan, as well as any income tax you’ve paid on it.

A T4RSP slip also shows the amount you took out from an RRSP under the Home Buyers Plan and/or the Lifelong Learning Plan, as well as any amount transferred from an RRSP to a spouse or common-law partner due to a marriage or partnership breakdown.

How to Fill out

The costs associated with redeeming units of a mutual fund are RRSP expenses. If the proceeds of the RRSP are reduced by such withdrawal fees, the amount to be reported on the T4RSP slip is the net amount paid out of the RRSP. Fill out boxes 16 to 40 as they apply. The amount you enter in each of the boxes 16 to 34 is the gross amount of the payment before deducting tax or any other deduction

Administrators who must complete and issue the T4RSP can find more details about a box, information on how to fill out T4RSP slips in “Chapter 3 – How to fill out the T4RSP and T4RIF slips” of guide 4079, Filing the T4RSP and T4RIF information returns.

Box 12 – Social insurance number

This is the recipient’s social insurance number (SIN).

Box 14 – Contract number

RRSP contract number.

Recipient’s name and address

Enter the last name first, in capital letters, followed by the first name and initials, and then the complete address. Enter the name of only one recipient on each slip.

Year

This is the year on each T4RSP slip the year entered is the same as the year on the summary.

Box 61 – Account number

This is the account number of the RRSP payer (issuer). The 15-character account number used by the payer to send CRA the client's deductions (which appears at the top of the payer’s PD7A statement of account) it consists of three parts:

the nine-digit business number (BN)

a two-letter program identifier

a four-digit reference number

Box 16 – Annuity payments

IEnter the amount of annuity payments made in the year on or after maturity of the plan, or after the plan became an amended plan if this occurred before May 26,1976. For the meaning of the term amended plan, see Box 26.

Box 18 – Refund of premiums

This is an amount you paid from an unmatured RRSP to the spouse or common-law partner of the RRSP annuitant because the RRSP annuitant died. This amount does not include income that can be considered a refund of premiums if paid to other qualifying survivors because of the annuitant’s death. Report this income in box 28.

For a death in 1993 and later years, the refund of premiums from a depositary and trusteed RRSP can include income earned in the RRSP after the annuitant’s date of death, up to December 31 of the year after the year of death.

Amounts from a deceased annuitant's RRSP that were rolled over to a registered disability savings plan (RDSP) are entered in box 28 of a T4RSP slip rather than in box 18.

Box 20 – Refund of unused contributions

This is the gross amount of unused contributions refunded to the RRSP annuitant. No tax is withheld from the withdrawal if an annuitant asks for a refund of the unused contributions and gives a completed Form T3012A, Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, or SPP from your RRSP, PRPP or SPP, that we have approved (Part 3).

Tax must be withheld on the withdrawal if the RRSP annuitant does not give a completed Form T3012A that was approved in Part 3 by us.

Box 22 – Withdrawal and commutation payments

It is the following amounts:

any amount the RRSP annuitant withdrew in the year before the plan matured

any amount paid to the annuitant in the year to commute full or partial annuity payments under the plan

A commutation payment is a fixed or lump-sum payment from an RRSP annuity that equals the current value of all or part of the future annuity payments.
Do not report the following in box 22:

any amount withdrawn under the Lifelong Learning Plan and reported in box 25

any amount withdrawn under the Home Buyers’ Plan and reported in box 27

withdrawals for which you received an approved Form T3012A

amounts directly transferred on breakdown of a marriage or common-law partnership and reported in box 35

Boxes 24 and 36

A spousal or common-law partner RRSP is any RRSP to which the RRSP annuitant’s spouse or common-law partner contributed, any RRSP that received payments or transfers of property from RRSPs to which the annuitant’s spouse or common-law partner contributed, or any RRSP that received payments or transfers of property from RRIFs to which the RRSP annuitant transferred amounts from other spousal or common-law partner RRSPs.

For a spousal or common-law partner RRSP
Yes is selected in box 24. In addition, the contributor spouse or common-law partner’s SIN is entered in box 36 if:

there is an amount in boxes 20, 22, 26, or 35

the annuitant is less than 74 years of age at the end of 2022

When property is transferred from or between spousal or common-law partner RRSPs or RRIFs, the plan administrator must keep track of the property no matter how often it is transferred.

If yes is selected : If yes is selected in box 24, for a situation other than a direct transfer on breakdown of a marriage or common-law partnership, the RRSP annuitant should fill out Form T2205, Amounts from a Spousal or Common-law Partner RRSP, RRIF or SPP to Include in Income. This will help determine the amount that the annuitant and the contributor have to include in the income.

If no is selected : For all other situations, no is selected in box 24, and box 36 is left blank, unless there is a direct transfer on breakdown of a marriage or common-law partnership, in which case the SIN of the RRSP annuitant of the transferee plan is indicated in box 36.

This includes the following situations:

at the time of the payment, the spouses or common-law partners were separated and living apart because of a breakdown of their relationship

the contributor spouse or common-law partner died during the year the payer made or is considered to have made the payment

at the time of the payment, either the RRSP annuitant or the contributor spouse or common-law partner was a non-resident

Box 25 – LLP withdrawal

This is the amount withdrawn from an RRSP by an eligible individual participating in the Lifelong Learning Plan (LLP).

Box 26 – Amounts deemed received on deregistration

The terms of an RRSP can change after registration, or a new plan can be substituted for an old plan. If an RRSP changes and no longer satisfies the rules it was registered under, the plan is no longer an RRSP. It becomes an amended plan under subsection 146(12), and the fair market value (FMV) of all property held by the plan just before the revision or substitution becomes taxable.

In this situation, box 26 will display the FMV of all the property of the plan just before it was revised or substituted. This is the only type of income reported in box 26.

Box 27 – HBP withdrawal

This is the amount withdrawn from an RRSP by an eligible individual participating in the Home Buyers’ Plan (HBP).

To make an eligible withdrawal, an individual has to use Form T1036, Home Buyers’ Plan (HBP) Request to Withdraw Funds from an RRSP. The individual can withdraw up to $35,000. Any amount withdrawn that is more than the withdrawal limit is reported in box 22.

Box 28 – Other income or deductions

Although an annuitant has to include certain amounts in income, other amounts can be deducted. The difference in the income and deductions indicated below is calculated and indicated in box 28. If the deductions are greater than the income, the difference is shown in brackets.

Include the following amounts in the income of an annuitant of a trusteed RRSP:

the FMV of the property when it began to be used as security for a loan, if the trustee used any of the trust’s property as security for a loan or allowed any of its property to be used as security for a loan during the year

the difference between the FMV of a property and its proceeds of disposition, if the trustee disposed of the property during the year and its proceeds of disposition were nil or less than its FMV when the trustee disposed of it

the difference between the acquisition cost of the property and its FMV, if the trustee acquired the property during the year and its acquisition cost was greater than its FMV when it was acquired

The annuitant of a trusteed RRSP can deduct the following two amounts in calculating income:

If the trustee disposed of a property during the year and it was a non-qualified investment when it was acquired, the annuitant of a trusteed RRSP can deduct the lesser of the following two amounts in calculating income:

the FMV of the non-qualified property when it was acquired, if an issuer reported that amount as income of the RRSP annuitant

the proceeds of disposition of the non-qualified property

If the trustee used any of the property as security for a loan or allowed any of the property to be used as security for a loan and the loan is extinguished during the year, the difference between:

The amount an issuer previously reported as the annuitant’s income because the property was used as security for the loan

Any loss incurred as a result of the property being used as security for the loan. When you calculate such a loss, do not use the interest part of any loan payments the RRSP trust made or any decrease in value of the property used as security for the loan.

Matured RRSP
If the RRSP annuitant of a matured RRSP dies, box 28 must include the part of an amount paid from the RRSP to a beneficiary, other than the deceased annuitant’s spouse or common-law partner that is more than the total of the following amounts:

the part of the RRSP property that becomes receivable by the surviving spouse or common-law partner as a result of the annuitant’s death

the benefit the deceased annuitant is considered to have received just before death (amount reported in box 34)

Unmatured RRSP
If the RRSP annuitant of an unmatured RRSP dies, box 28 may include a part or the entire amount of income earned in the RRSP after the annuitant’s date of death that was paid to another beneficiary.The amounts from a deceased annuitant’s RRSP that was rolled over to a registered disability savings plan is entered in box 28.

Box 30 – Income tax deducted

Enter the amount of income tax you deducted. Leave the box blank if you did not deduct income tax.

You have to withhold tax from all payments (including withdrawals and commutation payments) made during the lifetime of the original annuitant, other than:

periodic annuity payments

a refund of unused RRSP contributions for which the annuitant has given an approved Form T3012A, Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, or SPP Contributions from your RRSP, PRPP or SPP

amounts directly transferred on breakdown of a marriage or common-law partnership as reported in box 35.

Box 34 – Amounts deemed received on death

Matured RRSP
We consider the RRSP annuitant under a matured RRSP to have received, immediately before the time of death an amount equal to the FMV of all the property held by the RRSP at the time of death, minus the part of that amount that the surviving spouse or common-law partner can receive because of the annuitant’s death.

Unmatured RRSP
We consider the RRSP annuitant under an unmatured RRSP to have received, immediately before the time of death, an amount equal to the FMV of all the RRSP property held by the RRSP at the time of death. Before entering an amount in box 34, see Unmatured RRSPs.

Box 35 – Transfers on breakdown of marriage or common-law partnership

The plan administrator enters the amount directly transferred under a decree, order, judgment of a court, or under a written agreement relating to a division of property between the individual’s current or former spouse or common-law partner in settlement of rights arising from the breakdown of their relationship. The slip is prepared in the name of the individual whose funds are being transferred (the transferor).

Box 37 – Advanced Life Deferred Annuity (ALDA) Purchase

This is an amount you transferred to purchase an Advanced Life Deferred Annuity (ALDA). It is not reported on the income tax and benefit return and no deduction can be claimed for the amount transferred.

Box 40 – Tax-paid amount

This is a tax-paid amount paid to certain beneficiaries from a trusteed RRSP. The legal representative needs this amount to determine the amount to report on the deceased RRSP annuitant’s final tax return. The tax-paid amount also applies to depositary RRSPs, but do not report it in box 40, since it has to be reported on a T5 slip.

Box 60 – Name of payer (issuer) of plan

This is the full name of the RRSP payer (issuer) who remits the withholding tax to the CRA and whose account number is shown in box 61.

For further information please contact Taxtron Support at 416-491-0333 or visit www.taxtron.ca