Withdrawing the unused contributions

If you did not deduct all the contributions you made to your RRSP, PRPP, SPP, or your spouse's or common-law partner's RRSP in 1991 and later years (or your spouse’s or common-law partner’s SPP in 2010 and later years), you have two options:

• you can leave the unused contributions in the plan
• you can withdraw the unused contributions

In either case, you may have to pay a 1% per-month tax on the part of your unused contributions that are excess contributions. For more information see, Excess Contributions.

If you withdraw the unused contributions, you have to include them as income on your income tax and benefit return. However, you may be able to deduct an amount equal to the withdrawn contributions that you include in your income if you or your spouse or common-law partner received the unused contributions from an RRSP, a PRPP, an SPP or a RRIF:

• in the year you contributed them
• in the following year
• in the year that you were sent a notice of assessment or notice of reassessment for the year you contributed them, or in the following year

You can deduct the amount if you meet all of the following conditions:

• You have not deducted, for any year, the unused contributions that you made to your RRSP, PRPP or SPP, your spouse’s or common-law partner’s RRSP or SPP.

• You have not designated the withdrawal of the unused RRSP, PRPP or SPP contributions as a qualifying withdrawal to have your PSPA certified.

• No part of the withdrawn contributions was a lump-sum amount from an RPP, an SPP, a PRPP, or certain DPSP amounts that you transferred directly to an RRSP, an SPP, or a PRPP. For more information, see Transferring.  

In addition, it has to be reasonable for us to consider that at least one of the following applies. You:

• reasonably expected to be able to fully deduct the RRSP, PRPP or SPP contributions for the year you made the contributions or the immediately preceding year

• did not make the RRSP, PRPP or SPP contributions intending to withdraw them and deduct an offsetting amount

If you meet all of the previous conditions and have not already withdrawn the unused RRSP contributions, you can withdraw them without having tax withheld. To do this, fill out Form T3012A, Tax Deduction Waiver on the Refund of Your Unused RRSP, PRPP, or SPP Contributions from your RRSP, PRPP or SPP.

If you made contributions to your RRSP or to your spouse's RRSP or common-law partner's RRSP that you did not deduct for any year and those funds are transferred from that RRSP to a RRIF, you may be allowed a deduction for amounts you or your spouse or common-law partner withdraws from that RRIF for those unused RRSP contributions. Claim this deduction on line 23200 of your return.

This form cannot be used to withdraw unused RRSP contributions that were transferred to a RRIF. The financial institution must withhold tax for withdrawals made without Form T3012A.

Filling out your Income Tax and Benefit Return

Withdrawal made without Form T3012A

The amount should be reported on your income tax and benefit return as follows:

Withdrawal from

• RRSP – Information slip received T4RSP box 22, reported on line 12900
• RRIF – Information slip received T4RIF box 16, reported on line 11500 (if you are 65 years or older on December 31, 2023. Regardless of your age, if you received the amount on the death of your spouse or common-law partner. In all other cases line 13000)
• PRPP – Information slip received T4A box 194, reported on line 11500 (if you are 65 years or older on December 31, 2023. In all other cases line 13000)
• SPP – Information slip received T4A box 18, reported on line 13000

Claim the tax the issuer withheld on Line 43700 of your income tax and benefit return.

Fill out Form T746, Calculating Your Deduction for Refund of Unused RRSP, PRPP or SPP Contributions, to calculate the amount you can deduct for the withdrawal.

Withdrawal made with Form T3012A that we approved

The amount should be reported on your income tax and benefit return as follows:

Withdrawal from

• RRSP – Information slip received T4RSP box 20, reported on line 12900
• PRPP – Information slip received T4A box 194, reported on line 11500 (if you are 65 years or older on December 31, 2023, or on line 13000 otherwise)
• SPP – Information slip received T4A box 18, reported on line 13000

Deduct on line 23200 of your income tax and benefit return an amount equal to the unused contributions withdrawn in the year.

Attach a copy of Form T3012A and the related T4RSP or T4A slip to your income tax and benefit return. 

Forms and publications

• Guide T4040, RRSPs and Other Registered Plans for Retirement