The T4RSP slip is an important tax document for reporting income and activity related to your Registered Retirement Savings Plan (RRSP).
Yet many RRSP holders do not fully understand how to report the income and transactions from their plans correctly when filing their annual tax return. This lack of knowledge leads to costly mistakes, lost tax savings, and potential audits down the road.
Our guide here will provide detailed information on what a T4RSP is, its key data, when you receive it, how to report it properly, and answers to common questions. With helpful insights, you’ll learn everything you need to know to understand your T4RSP slip and use it correctly when filing your tax slips.
What is a T4RSP Slip?
A T4RSP slip is a tax information slip issued by the financial institution or issuer of your RRSP to report income you received from the plan during the calendar year.
It summarizes all transactions and activity that occurred in your RRSP account, including regular income like interest or dividends earned, as well as any withdrawals, transfers, or other payments made to you.
In other words, the T4RSP provides a complete picture of RRSP activity for the year that must be reported on your income tax return.
If you are a resident of Quebec, you will receive a Relevé 2 (RL-2) slip rather than a T4RSP. The information is essentially the same. Outside of Quebec, all other Canadian residents who have an RRSP will receive a T4RSP slip.
What Information is Included on a T4RSP Slip?
T4RSP slips contain detailed information about your RRSP account transactions and income for the year. Here are some of the key data fields that will be reported:
| Box on T4RSP | Information Reported | Description |
|---|---|---|
| Recipient area | Recipient name, address, SIN | Identifies the RRSP annuitant |
| Box 12 | Social insurance number | Annuitant’s social insurance number |
| Box 14 | Contract number | RRSP contract or account number |
| Box 16 | Annuity payments | RRSP retirement income/annuity paid out |
| Box 18 | Refund of premiums | Refunded to surviving spouse on death |
| Box 20 | Refund of unused contributions | Refunded contributions not deducted |
| Box 22 | Withdrawal/commutation payments | Lump sum withdrawals before maturity |
| Box 24 | Transfers to spousal RRSPs | Transfers between spousal RRSPs |
| Box 25 | LLP withdrawals | Lifelong Learning Plan withdrawals |
| Box 26 | Deregistration information | If RRSP no longer qualifies/deregistered |
| Box 27 | HBP withdrawals | Home Buyers’ Plan withdrawals |
| Box 28 | Other income/deductions | Other taxable income or deductions |
| Box 30 | Tax withheld | Tax withheld by issuer on payments |
| Box 34 | Amount deemed received on death | Value of RRSP assets at date of death |
| Box 35 | Transfers on marriage breakdown | Direct transfer to spouse’s RRSP |
| Box 36 | Transfers to spousal RRSPs | Transfers between spousal RRSPs |
| Box 37 | ALDA purchases | Advanced Life Deferred Annuity purchases |
| Box 40 | Tax-paid amount | Tax-paid amount for beneficiaries |
| Boxes 60-61 | Issuer name and account number | Issuer identification information |
How to Fill Out the T4RSP Slip
Financial institutions that issue T4RSP slips must fill out all applicable boxes correctly. Here are some key guidelines:
- Report gross amounts before tax or other deductions in Boxes 16-34.
- Include the recipient’s SIN, name and address.
- Enter the RRSP contract number and tax year.
- Fill out the income, withdrawal, and transfer boxes as applicable.
- Report tax withheld and issuer account details.
- Issuers should refer to Guide RC4157 for detailed instructions on filling out and issuing T4RSP slips accurately to recipients.
When Should I Expect to Receive My T4RSP Slip?
By law, financial institutions must mail out T4RSP slips for the preceding tax year by the end of February. Specifically, the deadline is February 28th.
For example, you should receive your T4RSP slip reporting on your RRSP activity for the 2022 tax year by February 28th, 2023. Most issuers send them out early to mid-February to ensure clients receive them well before the deadline.
If you have not received your T4RSP slip for the previous tax year by early March, contact your bank or financial institution to request it.
Make sure your contact information is up-to-date so T4RSP slips are sent to the correct address every year. Many financial institutions also offer electronic delivery of tax slips for convenience.
How Do I Report T4RSP Amounts on My Tax Return?
When you receive your T4RSP slip, review it carefully and ensure you understand what each box and amount represents. Then, transfer the applicable amounts from your T4RSP to the appropriate lines on your income tax and benefit return. Here are some of the key ways T4RSP amounts get reported:
- Annuity payments (Box 16) get reported on Line 12900 as taxable income.
- The refund of unused contributions (Box 20) is reported on Line 12900 as income, and you can deduct the same amount on Line 23200.
- Withdrawal and commutation payments (Box 22) are also reported on Line 12900 as taxable income.
- The HBP withdrawal amount (Box 27) does not get reported as income. Instead, you enter this amount on Line 24700 of Schedule 7.
- Any tax withheld (Box 30) gets reported on Line 43700 of your return.
- Depending on the situation, special rules apply for the amount deemed received on death (Box 34). Refer to the CRA guide T4040.
Certain amounts, like direct transfers between spousal RRSPs or LLP withdrawals, do not get reported as taxable income. Always refer to the CRA’s guidelines to ensure you report T4RSP amounts correctly. If you need help, consider consulting a tax professional.
What If I Have Questions About My T4RSP Slip?
If you have any concerns or need clarification about the information shown on your T4RSP slip, contact your financial institution that administers the RRSP for assistance. Some common reasons to inquire further include:
- You believe the amounts or figures reported are inaccurate.
- You contributed to or held an RRSP but did not receive a T4RSP slip.
- You are unsure what a certain box amount represents.
- You want to confirm which RRSP account the slip pertains to.
- You need information about transactions shown, such as a withdrawal amount.
Your RRSP issuer can look into any issues and make corrections to your T4RSP slip as needed. They can also explain what each amount on your T4RSP means.
The CRA provides a detailed publication – Guide T4040 – that clarifies what each box on the T4RSP slip represents. This can help you understand your T4RSP amounts.
If you have trouble reporting your T4RSP correctly when filing your taxes, consider consulting with a certified tax preparation professional. They can review your T4RSP with you, explain what the amounts mean, and ensure your tax return is completed accurately.
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
The T4RSP slip contains valuable information you need for filing your income tax return. Now that you know the key details about what it is, the data it reports, when you receive it, how to use it correctly, and where to get help, you can feel confident in managing your T4RSP slip every tax season. Being organized and taking time to review it will ensure you maximize the tax advantages of your RRSP.
FAQs related to the T4RSP slip
How do I get my T4RSP slip?
Your financial institution or RRSP issuer will mail your T4RSP slip by February 28 for the previous tax year. Many also offer electronic delivery through online banking. Contact your issuer if you don't receive it by early March.
What should I do if my T4RSP slip is wrong?
If you notice any errors on your T4RSP slip, contact your RRSP issuer right away to request a corrected version. Do not file your taxes with incorrect T4RSP amounts.
When will I get a T4RSP slip?
T4RSP slips must be mailed or made available electronically by February 28 for the prior tax year. Most are sent in early-to-mid February.
Where do I find my RRSP contribution amount for my tax return?
Your total RRSP contributions for the year are shown in Box 12 of your T4RSP slip. This amount gets claimed as a deduction.
Why didn't I get a T4RSP slip?
If you held and contributed to an RRSP last year but did not get a T4RSP slip, contact your issuer to request it be re-issued. You cannot file without it.
How long should I keep my T4RSP slips?
Keep your T4RSP slips for at least 7 years along with your tax returns in case you get audited by the CRA.
