What is a T4RSP slip for?

A T4RSP slip reports amounts withdrawn or received from your RRSP during the tax year. This includes cash withdrawals, Home Buyers' Plan (HBP) amounts, Lifelong Learning Plan (LLP) amounts, and deemed income when your RRSP is deregistered. The slip shows the gross amount withdrawn and taxes withheld at source.

Why did I get a T4RSP slip?

You received a T4RSP because you withdrew money from your RRSP, received HBP or LLP amounts, converted your RRSP to a RRIF (partial deregistration), or the RRSP was deregistered. Any funds leaving your RRSP — except transfers to another RRSP or RRIF — trigger a T4RSP.

Is the withholding tax on my T4RSP enough to cover my taxes?

Often no. Withholding rates are 10% (up to $5,000), 20% ($5,001–$15,000), or 30% (over $15,000) — but these are minimums. RRSP withdrawals are added to your income and taxed at your marginal rate, which may be 30–50%+ depending on your total income. You may owe additional tax when you file.

Do I have to report T4RSP income even if tax was withheld?

Yes. All T4RSP amounts must be reported on your tax return regardless of withholding. The withdrawal is taxable income (Box 16/22), and the withheld tax (Box 30) is a credit against your total tax owing — similar to how employment income and T4 withholding work.

What is the difference between Box 16, Box 18, Box 20, and Box 22 on a T4RSP?

Box 16 is annuity payments from an RRSP annuity. Box 18 is refund of excess contributions and is generally not taxable. Box 20 is HBP or LLP amounts withdrawn. Box 22 is other RRSP income — the most common box for regular cash withdrawals. Each has different tax treatment.

Will a T4RSP withdrawal affect my government benefits?

Yes. RRSP withdrawals increase your net income, which can reduce income-tested benefits like OAS (clawback starts at $90,997 in 2026), GIS, CCB, and GST/HST credit. Consider the full impact before making large withdrawals, especially in retirement.

T4RSP Slip Explained Canada 2026: RRSP Withdrawals & Income

If you withdrew money from your RRSP, used the Home Buyers’ Plan or Lifelong Learning Plan, or converted your RRSP to income, you’ll receive a T4RSP slip. This slip reports the amounts you received and any taxes withheld at source. Unlike contributions (which you track with RRSP receipts), withdrawals trigger immediate reporting because the money is now taxable income. The withholding tax shown on your slip is often insufficient — RRSP withdrawals add to your total income and are taxed at your marginal rate, which can be significantly higher than the statutory withholding rates.

What Is a T4RSP Slip?

Feature	Details
Full name	Statement of RRSP Income
Issued by	Financial institution holding your RRSP
Reports	Withdrawals, annuity payments, HBP/LLP amounts, deregistered income
Due date	Last day of February (same as T4 slips)
Tax treatment	Fully taxable income (except Box 18)

When You Receive a T4RSP

You’ll get a T4RSP slip if you:

Situation	What’s Reported
Made a cash withdrawal	Withdrawal amount + withholding tax
Withdrew under HBP	Home Buyers’ Plan amount (Box 20)
Withdrew under LLP	Lifelong Learning Plan amount (Box 20)
Received RRSP annuity payments	Annuity income (Box 16)
Had excess contributions refunded	Refund amount (Box 18)
Converted RRSP to RRIF	Transferred amount (typically no T4RSP if direct transfer)
RRSP was deregistered	Full value of RRSP (Box 22)
Passed away (estate receives)	Fair market value at death (Box 34)

T4RSP Boxes Explained

Key Income Boxes

Box	Description	Tax Treatment
16	Annuity payments	Fully taxable income
18	Refund of excess contributions	Generally tax-free (already taxed)
20	HBP or LLP withdrawals	Taxable if not repaid
22	Other income (withdrawals)	Fully taxable income
34	Amounts at death	Taxable to deceased/estate

Withholding and Credits

Box	Description	Use On Return
30	Income tax deducted	Credit against taxes owing
24	Recipient’s SIN	Your social insurance number
28	RRSP issuer’s name	Financial institution

Understanding Each Box

Box 22: Other Income (Most Common)

This is where regular RRSP withdrawals appear — the money you take out before converting to a RRIF.

What It Includes	Example
Cash withdrawals	You withdraw $10,000 for expenses
Early withdrawals	You need funds before retirement
Lump sum withdrawals	You cash out part of your RRSP
Deregistration	Your RRSP is collapsed

Tax treatment: Fully included in income. Added to Line 12900 of your tax return.

Box 20: HBP and LLP Amounts

If you withdrew under the Home Buyers’ Plan or Lifelong Learning Plan, that amount appears here.

Plan	Maximum	Repayment Period
HBP (Home Buyers’ Plan)	$60,000	15 years
LLP (Lifelong Learning Plan)	$10,000/year ($20,000 total)	10 years

Important: HBP/LLP withdrawals are not immediately taxable if you repay the minimum each year. If you miss a repayment, the missed amount is added to your income via your tax return.

Box 16: Annuity Payments

If your RRSP was converted to an annuity (not a RRIF), periodic payments appear here.

Feature	Details
What it is	Regular payments from RRSP annuity
Tax treatment	Fully taxable
Withholding	Tax is withheld at source
Report on	Line 12900

Box 18: Refund of Excess Contributions

If you overcontributed to your RRSP and received a refund, this box shows the amount.

Situation	Tax Treatment
Refund of undeducted contributions	Not taxable (wasn’t deducted)
Refund of deducted contributions	Already taxable when contributed
Excess contribution penalty	1% per month on excess (separate)

Box 30: Income Tax Deducted

This shows the withholding tax your financial institution remitted to CRA on your behalf.

Withdrawal Amount	Withholding Rate	Example Tax Withheld
Up to $5,000	10%	$500 on $5,000
$5,001 – $15,000	20%	$2,000 on $10,000
Over $15,000	30%	$6,000 on $20,000

Quebec residents: Rates are 5%, 10%, and 15% (federal portion only). Quebec tax is withheld separately.

How to Report T4RSP Income

On Your Tax Return

T4RSP Box	Tax Return Line	Description
Box 16 + Box 22	Line 12900	RRSP income
Box 18	Usually not reported	Tax-free refund
Box 20	See HBP/LLP schedule	May be taxable if not repaid
Box 30	Line 43700	Tax withheld credit

Step-by-Step

Step	Action
1	Gather all T4RSP slips (may have multiple)
2	Add Box 16 + Box 22 amounts
3	Enter total on Line 12900
4	For HBP/LLP, complete Schedule 7
5	Enter Box 30 withholding on Line 43700
6	Complete return — you may owe more tax

RRSP Withholding Tax vs Actual Tax

The withholding rates (10%, 20%, 30%) are minimums — not your actual tax rate.

Example: $20,000 RRSP Withdrawal

Factor	Amount
RRSP withdrawal	$20,000
Withholding (30%)	$6,000
You receive	$14,000

If Your Marginal Rate Is…	Actual Tax	Owing at Filing
30%	$6,000	$0
40%	$8,000	$2,000
45%	$9,000	$3,000
50%	$10,000	$4,000

Takeaway: If you’re in a high tax bracket, expect to owe additional tax when you file.

Common T4RSP Situations

Early Withdrawal (Before Retirement)

Consideration	Impact
Immediate tax	Withholding at source + filing
Lost contribution room	Gone permanently
Lost tax-sheltered growth	Compounding interrupted
Benefit clawbacks	May affect CCB, GST credit

When it may make sense: Emergency, paying high-interest debt, low-income year.

HBP Withdrawal and Repayment

Year	HBP Balance	Required Repayment	Taxable If Missed
2026 (withdraw $60,000)	$60,000	$0 (grace period)	$0
2028 (repayments start)	$60,000	$4,000	$4,000
2029	$56,000	$4,000	$4,000

If you repay $4,000+ to your RRSP, nothing is added to income. If you repay $0, the $4,000 shortfall is added to Line 12900 as income.

Withdrawal in Low-Income Year

Strategy	Benefit
Withdraw when income is low	Pay tax at lower marginal rate
Examples	Gap year, sabbatical, early retirement
Caution	Still affects benefit calculations

Death and T4RSP

When an RRSP holder dies, the RRSP is deemed disposed:

Beneficiary	Tax Treatment
Spouse/common-law partner	Can transfer to spouse’s RRSP/RRIF tax-free
Financially dependent child/grandchild	Special rules may apply
Other beneficiary (named)	Full value taxable to deceased
Estate	Full value taxable to deceased

Box 34 on the T4RSP shows amounts paid after death.

Multiple T4RSP Slips

You may receive multiple T4RSP slips if you:

Situation	Number of Slips
Withdrew from multiple RRSPs	One per institution
Made multiple withdrawals	May be combined on one slip
Have different RRSP products	One per registered account

Add all amounts: Combine all Box 22 (and Box 16) amounts for Line 12900.

T4RSP vs T4RIF

Slip	Source	Issued When
T4RSP	RRSP	Withdrawals from RRSP
T4RIF	RRIF	Minimum or excess withdrawals from RRIF

After you convert your RRSP to a RRIF at age 71, you’ll receive T4RIF slips instead for your retirement income.

Impact on Government Benefits

RRSP withdrawals increase your net income, which can affect:

Benefit	Income Threshold	Impact
OAS clawback	$90,997 (2026)	15% clawback on excess
GIS	Various	Dollar-for-dollar reduction
CCB	Family net income	Gradual reduction
GST/HST credit	Net income	Gradual reduction

Planning tip: Consider the full impact of withdrawals on benefits, especially in retirement.

Tax Planning Strategies

Minimize Tax on Withdrawals

Strategy	How It Works
Withdraw in low-income years	Lower marginal rate applies
Gradual withdrawals	Avoid jumping to higher bracket
Before age 65	RRIF withdrawals don’t qualify for pension credit; RRSP can
Coordinate with spouse	Split withdrawals if possible

Maximize After-Tax Amount

If You Need $15,000 Net	Amount to Withdraw
30% marginal rate	~$21,400 gross
40% marginal rate	~$25,000 gross
45% marginal rate	~$27,300 gross

Factor your marginal rate when planning withdrawal amounts.

How to Get Your T4RSP

Method	Details
Mail	Sent by end of February
Online banking	Download from your bank/brokerage
CRA My Account	Available via Auto-fill by late February

If your slip is missing, contact the financial institution that holds your RRSP.

Common Mistakes to Avoid

Mistake	Consequence
Not reporting T4RSP	CRA will reassess + penalty
Assuming withholding covers tax	May owe more at filing
Ignoring HBP repayments	Missed amounts become taxable
Large withdrawal in high-income year	Pays highest marginal rate
Not considering benefit clawbacks	May lose OAS, GIS, CCB

T4RIF Slip Explained — For RRIF withdrawals
RRSP Withdrawal Rules — Complete withdrawal guide
Home Buyers’ Plan — HBP program details
Marginal Tax Rate Calculator — Calculate your actual tax rate
OAS Clawback Guide — Understanding the clawback threshold