Filing your tax slips can be confusing at the best of times. But when you have income from a Registered Retirement Income Fund (RRIF), it gets even trickier.
The T4RIF slip is a vital tax document for any Canadian who has a Registered Retirement Income Fund (RRIF). This information slip reports the income and other details related to RRIF payments, which must be reported when filing your annual tax return.
Understanding what the T4RIF is, the information it contains, and how to use it can help you avoid problems or delays when filing your taxes. This guide will explain everything you need to know about the T4RIF slip.
What is a T4RIF Slip?
A T4RIF slip is a Statement of Income from an RRIF issued by the financial institution or company that administers your RRIF. It is an information slip that reports the amounts paid out of the RRIF to you in the tax year.
The T4RIF helps the Canada Revenue Agency determine how much taxable income you received from your RRIF in the year. The amounts shown on your T4RIF slips must be reported on your personal income tax return.
Key Information on the T4RIF Slip
The T4RIF slip contains boxes with specific information related to your RRIF that you’ll need for filing your tax return. Here are some of the key details:
| Box | Description |
| Box 16 – Taxable Amount | Total payments or income received from your RRIF during the year that must be reported as taxable income. |
| Box 18 – Fair Market Value at Death | If the RRIF annuitant died during the year, shows the fair market value of all property held in the RRIF at the time of death. |
| Box 20 – Deregistration Amount | Shows the fair market value of all property held in the RRIF just before deregistration, if deregistered during the year. |
| Box 22 – Other Income or Deductions | Reports any other taxable income or deductions from the RRIF. Certain amounts here may qualify for the pension income tax credit. |
| Box 24 – Excess Amount | Shows the part of your RRIF payments exceeding the year’s minimum amount. This excess amount is taxable. |
| Box 26 – Spousal or Common-law Partner RRIF | Indicates if RRIF payments were made under a spousal or common-law partner plan. This may affect reporting. |
| Box 28 – Income Tax Deducted | Shows any income tax withheld from your RRIF payments during the year that can be claimed as a tax credit. |
| Box 30 – Date of Death | If applicable, shows the date of death of the RRIF annuitant. |
| Box 35 – Transfers on Marriage Breakdown | Shows direct transfers made under divorce/separation agreements to split RRIF assets. These are non-taxable. |
| Box 37 – ALDA Purchase Amount | Any non-taxable amounts transferred from your RRIF to buy an Advanced Life Deferred Annuity (ALDA). |
Who Gets a T4RIF Slip?
You will receive a T4RIF slip if you receive any payments or income from an RRIF during the tax year. The financial institution or company that administers your RRIF is responsible for issuing T4RIF slips each year.
You should get a T4RIF slip by the end of February following the tax year if any of the following apply:
- You are the annuitant of an RRIF that made payments to you in the year
- You are the spouse, common-law partner, or financially dependent child/grandchild of a deceased RRIF annuitant and received RRIF death benefits
- You received RRIF income as the beneficiary or estate of a deceased annuitant
- Ownership of the RRIF was transferred to you due to a marriage/relationship breakdown
So, any person who receives any type of payment or income distribution from an RRIF will receive a T4RIF slip.
When To Expect Your T4RIF Slip
Your T4RIF slip for the previous tax year should be mailed to you by the end of February at the latest. The company or financial institution that administers your RRIF is responsible for issuing and mailing your T4RIF slip based on the following deadlines:
- February 28th – Deadline for mailing T4RIF slips to recipients
- March 31st – Deadline for filing copies of all T4RIF slips with the CRA
You should contact your RRIF issuer if you have not received your T4RIF slip by early March. This gives time to request a copy or rectify any errors before the April 30th tax filing deadline.
Keep in mind that amended T4RIF slips may be issued if corrections are needed after original slips have been mailed out.
Why Is the T4RIF Slip Important?
The T4RIF slip is a key document for correctly filing your personal income tax return. Here’s why it’s so important:
- Reports your RRIF income – This is needed to calculate and report your total taxable income from all sources.
- Shows tax withheld – Any tax withheld by your RRIF issuer can be claimed as a credit on your tax return.
- Avoids reassessments – Reporting your RRIF income accurately based on your T4RIF avoids problems like tax reassessments and adjustments later on.
- Qualifies for deductions/credits – Eligible amounts shown on your T4RIF may qualify you for tax deductions or credits.
- Validates RRIF transactions – Details like withdrawals, transfers, and death benefits are validated for tax purposes.
Having accurate T4RIF information ensures you report the right RRIF income amounts and get all the credits you’re entitled to when you file.
What To Do With Your T4RIF Slip
When you receive your T4RIF slip for the previous tax year, here’s what you need to do:
- Review for accuracy – Look over all the information on your T4RIF to ensure amounts are correct and no data is missing. Contact your RRIF issuer if you find any errors.
- Enter amounts on your tax return – Use the information on the T4RIF slip to fill out the corresponding boxes and lines when completing your tax return.
- File supporting documents – If you transferred RRIF funds to an RRSP or annuity, file documents like Form T746 with your return.
- Keep your T4RIF slip – Do not send your T4RIF slip to the CRA. Keep it along with your other tax slips as proof to validate your return.
- File by April 30th – Use your T4RIF to file your personal tax return by the April 30th deadline to avoid late filing penalties.
Having your T4RIF slip readily available makes filing fast and easy. Just transfer the needed information to your return.
Special Reporting Scenarios
Certain situations require special treatment when reporting T4RIF amounts:
- Transfers to an RRSP or Annuity: Any taxable RRIF amounts transferred to your RRSP or annuity are deductible. See Form T746 and the RRSP Deduction Worksheet.
- Death of a Spouse: You may qualify to have RRIF death benefits taxed at a lower amount. See Form T1090.
- RRIF Rollover to an RDSP: In the case of a rollover to an RDSP, file Form RC4625 and report amounts on Lines 13000 and 23200.
- Marriage or Relationship Breakdown: Detail non-taxable RRIF asset transfers due to marriage/relationship breakdown on Form T2220.
Consult the CRA’s published guides or an accountant for guidance on reporting RRIF amounts in these special situations.
Tax time can be confusing with all the different slips you might get. To help you out, we’ve made a quick list of the most common ones. You can check them out below:
The bottom line
Understanding your T4RIF tax slip is important for reporting your RRIF income accurately and getting the tax credits you deserve. Use this guide to learn what a T4RIF is, the key information it provides, what to do when you receive it, and how to properly report amounts from your T4RIF on your Canadian personal income tax return. Referring to your T4RIF slip and filing your taxes correctly can save you from problems like reassessments down the road.
FAQs related to the T4RIF slip in Canada
How do I get my T4RIF slip?
Your T4RIF slip will be mailed to you by the financial institution that administers your RRIF by the end of February following the tax year. If you have not received it by early March, contact your RRIF issuer.
Where do I report amounts from my T4RIF on my tax return?
Amounts from various boxes on your T4RIF slip must be reported on specific lines of your T1 personal income tax return. See CRA's guide T4040 for instructions.
Why are excess RRIF amounts taxable?
If your total RRIF payments exceeded the minimum amount for the year, the excess is taxable income. This excess amount will be shown in Box 24 of your T4RIF.
When should I expect to get a T4RIF slip?
Your RRIF issuer must mail out T4RIF slips by February 28th each year for the previous tax year. You need your T4RIF to file your personal tax return by April 30th.
Can I claim tax withheld on my T4RIF?
Yes, any income tax withheld from your RRIF payments will be shown in Box 28 of your T4RIF. You can claim this amount as a tax credit.
How long should I keep my T4RIF slips?
You must keep your T4RIF slips for a minimum of 6 years along with your other tax records.