T4RSP and T4RIF information returns

What's new

Requirement for reporting the fair market value (FMV)

Starting January 1, 2024, payers (issuers or carriers) have to file an information return to report the total FMV at the end of the year of all property held by the RRSP or RRIF. The FMV can only be filed by Internet file transfer (XML) or Web Forms. For more information on FMV reporting, go to Payers (issuers or carriers) who have to file an information return.

New box added to the information returns (slips)

Box 38 – FMV amount of RRSP or RRIF. This is the FMV amount of the RRSP or RRIF at the end of the year that you have to report. This annual reporting requirement is in effect starting January 1, 2024 and subsequent taxation years. The FMV can only be filed by Internet file transfer or Web Forms. For more information, go to Box 38 for T4RSP or Box 38 for T4RIF.

Remittance or payment to the Receiver General of Canada

As of January 1, 2024, payments or remittances to the Receiver General of Canada should be made as an electronic payment if the amount is more than $10,000. Payers may face a penalty, unless they cannot reasonably remit or pay the amount electronically. For more information, go to Payments to the CRA.

New electronic filing requirement

For returns filed after December 31, 2023, they must be filed electronically if the number of returns (slips) is more than 5. For more information, go to Electronic filing methods.

New penalty on the number of information returns (slips) filed

Starting January 1, 2024, the penalty applies if you file more than 5 information returns (slips) for a calendar year and you do not file the returns by Internet File Transfer or Web Forms. For more information, go to Mandatory electronic filing.

T4RSP and T4RIF information returns

Use the T4RSP and T4RIF information returns to report amounts from an RRSP or a RRIF that residents of Canada have to include in or can deduct from their income. Use the T4RSP information return to report amounts residents must include on Schedule 7, RRSP, PRPP and SPP Contributions and Transfers, and HBP and LLP Activities. For information about payments to non-residents of Canada, see Chapter 7 – Payments to non-residents of Canada.

To prepare a T4RSP or a T4RIF information return, you must fill out the T4RSP or T4RIF slips and the related summary. A summary alone is not an information return.

The slip – The slip is used to report amounts a taxpayer must include on their income tax and benefit return or on their Schedule 7, RRSP, PRPP and SPP Contributions and Transfers, and HBP and LLP Activities. For information on how to fill out the T4RSP and the T4RIF slips, see Chapter 3 – How to fill out the T4RSP and T4RIF slips. See a sample of the T4RSP and T4RIF.

The summary – Use the summary to register the total of all amounts reported on all related slips. For information on how to fill out the summary, see Filling out the T4RSP and T4RIF Summary. See a sample of the T4RSP Summary and the T4RIF Summary.

Topics

Page details

Date modified: