T4RSP Statement of RRSP income

T4RSP slip image
Image of a T4RSP form

Completing a T4RSP slip

The costs associated with redeeming units of a mutual fund are RRSP expenses. If the proceeds of the RRSP are reduced by such redemption 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 entered in each of boxes 16 to 34 is the gross amount of the payment before deducting tax or any other deductions.

Administrators who must fill out and issue the T4RSP can find more details about a box, information on how to fill out T4RSP slips in “Chapter 3 – How to complete the T4RSP and T4RIF slips” of T4079, T4RSP and T4RIF Guide.

Box 12 – Social insurance number

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

The plan administrator has to make a reasonable effort to get the recipient’s SIN. However, when there is no SIN and they have to apply or have already applied, do not delay filling out the information return beyond the required filing date. If the recipient has not provided a SIN before the information slip filling dead line, nine zeroes will be entered.

For more information, see Failure to provide information on a return.

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 calendar year of the T4RSP slip. It has to be entered on each individual slips. The year entered must be 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 us the tax withheld from payments (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

The account number (box 61) is not printed on the recipient’s copies.

Box 16 – Annuity payments

This is 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 paid from an unmatured RRSP to the spouse or common-law partner of the RRSP annuitant because the RRSP annuitant died.

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 following the year of death.

For information on situations that arise when an RRSP annuitant under an unmatured RRSP dies see Unmatured RRSPs.

Amounts from a deceased RRSP that were rolled over to a registered disability savings plan are entered in box 28 . Do not include income that can be considered a refund of premiums if paid to other qualified beneficiaries because of the RRSP annuitant’s death. Report this income in box 28.

Box 20 – Refund of excess contributions

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

Tax must be withheld on the withdrawal if the RRSP annuitant does not give a filled out 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 RRSP 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.

The following amounts  are not to be reported  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 RRSP 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 box 20, 22, 26, or 35
  • the RRSP annuitant is less than 74 years of age at the end of 2017

When property is transferred from or between spousal or common-law partner RRSPs and spousal or common-law partner 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 RRSP 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).

To make an eligible withdrawal, an individual has to use Form RC96, Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP. The individual can withdraw up to $10,000 a year, but cannot withdraw more than $20,000 in total over a four-year period. Any amount withdrawn that is more than the annual limit must be reported in box 22.

For more information, see Guide RC4112, Lifelong Learning Plan (LLP) Includes Form RC96.

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 $25,000. Any amount withdrawn that is more than the withdrawal limit is reported in box 22.

Box 28 – Other income or deductions

Although an RRSP 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 RRSP 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 RRSP 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 RRSP 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 RRSP 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 RRSP 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 RRSP annuitant’s death
  • the benefit the deceased RRSP 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 RRSP 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.

For more information, see Information Sheet RC4177, Death of an RRSP Annuitant.

Box 30 – Income tax deducted

This is the amount of income tax you deducted.

Tax must be withheld from all payments (including withdrawals and commutation payments) made during the lifetime of the original RRSP annuitant, other than:

Total withdrawals under the LLP are limited to $10,000 in a given year. Total withdrawals under the HBP are limited to $25,000. The plan administrator may want to check with the RRSP annuitant that the maximum has not been exceeded before paying out the amount. He must withhold tax on the amount that is more than the withdrawal limits.

In addition, if a payment is made in the year as a result of deregistration, tax must be withheld from the FMV of property of the plan just before the RRSP became an amended plan under subsection 146(12). If the payment is made after the year of deregistration, do not withhold tax.

For more information on withholding rates, see "Chapter 2 – Deducting income tax" in Guide RC4157, Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary.

Box 34 – Amounts deemed received on death

Matured RRSPs

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 RRSP annuitant’s death.

Unmatured RRSPs

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).

The plan administrator enters the social insurance number of the RRSP annuitant of the plan receiving the funds (the transferee plan) in box 36No is selected in box 24, unless the transferring plan is a spousal or common-law partner plan.

Form T2220, Transfer from an RRSP, RRIF, PRPP or SPP to Another RRSP, RRIF, PRPP, or SPP on Breakdown of Marriage or Common-law Partnership, is used to document the details of the transfer.

The plan administrator must review and keep on file the court order or separation agreement if both individuals have not signed the form.

The plan administrator keeps Form T2220 for his records. No copies are sent to the CRA.

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.

For more information, see Tax-paid amount and after-tax amount from an unmatured RRSP.

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.

Reporting your RRSP income

Taxpayers who receives the income can find more information on how to report the income in the General Income Tax and Benefit Guide.

Box 16 – Annuity payments

Report the amount on line 129 of your income tax and benefit return. This is the total amount of annuity payments received in the year.  For more information, see Receiving income from an RRSP.

Box 18 – Refund of premiums

Report the amount on line 129 of your return. This is the amount paid from an unmatured RRSP to the spouse or common-law partner because of the RRSP annuitant’s death.

Box 20 – Refund of excess contributions

Report the amount on line 129 of your income tax and benefit return. This is the amount refunded because it was not deducted from income. Include a copy of the approved Form T3012A, Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, or SPP Contributions from your RRSP.

You can deduct an offsetting amount on line 232 for the amount shown in this box.

For more information, see Withdrawing unused RRSP contributions.

Box 22 – Withdrawal and commutation payments

Report the amount on line 129 of your income tax and benefit return. This is the amount withdrawn from an RRSP in the year, or the amount paid as full or partial commutation of an RRSP annuity.

If the amount withdrawn was not deducted from income as an RRSP contribution, you may be able to claim an offsetting amount on line 232 by using Form T746, Calculating Your Deduction for Refund of Unused RRSP, PRPP, and SPP Contributions.

For more information, see Receiving income from an RRSP.

Boxes 24 and 36

If yes is ticked in box 24, or the SIN of the spouse or common-law partner who made the contributions is shown in box 36, the contributor spouse or common-law partner may have to include in income part or all of the amounts in boxes 20, 22, or 26. Complete Form T2205, Amounts from a Spousal or Common-law Partner RRSP, RRIF or SPP to  Include in Income to see who must report the income.

For more information, see Withdrawing from spousal or common-law partner RRSPs.

Box 25 – LLP withdrawal

This is the amount withdrawn from an RRSP under the Lifelong Learning Plan.

This amount is not included in your income, but you have to report the amount on line 21 of Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities.

Box 26 – Amounts deemed received on deregistration

Report the amount on line 129 of your income tax and benefit return. This is the fair market value of all the property held by the RRSP just before it became an amended plan.  For more information, see Receiving income from an RRSP.

Box 27 – HBP withdrawal

This is the amount withdrawn from an RRSP under the Home Buyers’ Plan (HBP).

This amount is not included in income, but you have to enter it on line 19 of Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities.

Box 28 – Other income or deductions

Report any income amounts on line 129 and any deductions (amount shown in brackets) on line 232 of your income tax and benefit return.

However, if this is an amount that was rolled over from a deceased annuitant’s RRSP to a registered disability savings plan (RDSP), report this amount on line 129 and line 232 of the deceased’s return. Form RC4625, Rollover to a Registered Disability Savings Plan  (RDSP) under Paragraph 60(m) must be attached to the deceased’s return. If you are an eligible individual, report the amount of the rollover on line 130 and the amount transferred on line 232 of your return.

For more information, see Receiving income from an RRSP or "RDSP rollover reporting" in  Information Sheet RC4177 – Death of an RRSP Annuitant.

Box 30 – Income tax deducted

Report the amount on line 437 of your income tax and benefit return.

Box 34 – Amounts deemed received on death

This is the fair market value of all the property held by the RRSP at the time of the RRSP annuitant’s death.

For information on how to report this amount, see Chart 6 in the Guide T4040, RRSPs and Other Registered Plans for Retirement.

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

This is the amount directly transferred on breakdown of a marriage or common-law partnership. This amount is not included in income. For more information, see Chart 10 in the Guide T4040, RRSPs and Other Registered Plans for Retirement.

Box 40 – Tax-paid amount

This amount is used to calculate the amount that has to be reported on the final return of the deceased annuitant’s. For more information, see Guide T4040, RRSPs and Other Registered Plans for Retirement.

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