Your T4RSP (Statement of RRSP Income) is issued any year you take income from your RRSP — regular withdrawals, HBP, LLP, estate rollovers, or annuity payments. This guide explains every box on the slip, where each flows on your T1 general, and what to double-check against your records.
Planning an RRSP withdrawal? Run the exact tax in advance with the RRSP withdrawal tax calculator — it layers federal + provincial marginal rates on top of the CRA withholding to show the real net after-tax amount.
Annuity payments
You converted your RRSP to an annuity and received regular payments. Fully taxable. If you are 65 or older, Box 16 amounts qualify for the $2,000 pension income amount (Line 31400) and for pension income splitting with your spouse on Form T1032.
Refund of premiums
Amount paid to you as a surviving spouse or financially dependent child/grandchild from a deceased annuitant's RRSP. Normally fully taxable, but a qualifying surviving spouse can roll it into their own RRSP within 60 days and claim an offsetting deduction on Line 20800 — no tax liability.
Check against: Estate T3 final return; the deceased's T4RSP should have a matching Box 34 ("amounts deemed received at death").
Refund of excess contributions
Return of excess (over-contribution) amounts from your RRSP using Form T3012A or T746. Generally taxable, but if the excess was in the month of the over-contribution and you filed T3012A, the issuer may have withheld tax — claim that on Line 43700.
Other income (regular withdrawals)
Standard cash withdrawal from your RRSP before converting to a RRIF or annuity — the most common T4RSP box. Fully taxable at your marginal rate in the year received. The issuer applies CRA withholding tax (10% / 20% / 30% federal by size) reported in Box 30.
Check against: Your withdrawal confirmations; double-check for commuted LIRA/locked-in lump-sums that should be under Box 28 instead.
Lifelong Learning Plan (LLP) withdrawal
LLP withdrawals for qualifying full-time education — up to $10,000 per year and $20,000 lifetime. Non-taxable when received. Must be repaid over 10 years starting the 5th year after the first withdrawal; missed repayments are added to income on Line 12900.
Check against: Your LLP repayment schedule (reported on Schedule 7); missed payments silently become taxable income.
Home Buyers' Plan (HBP) withdrawal
HBP withdrawals for a qualifying first home — up to $60,000 per person (increased from $35,000 in April 2024). Non-taxable when received. Must be repaid over 15 years starting the 2nd year after the first withdrawal (5-year grace for 2022-2025 withdrawals). Missed repayments become Line 12900 income.
Check against: Your HBP statement of account from CRA My Account; missed repayments add to income in the year missed.
Other income
Catch-all box for RRSP income that does not fit Boxes 16-27 — commuted payments, non-cash distributions in-kind, some locked-in RRSP unlockings. Fully taxable.
Income tax deducted
Federal tax the RRSP issuer withheld from your withdrawal. The standard CRA withholding schedule is 10% on withdrawals up to $5,000, 20% from $5,001-$15,000, and 30% above $15,000 (rates double in Quebec because of separate provincial withholding).
Check against: Whether withholding was adequate for your marginal rate — often too low for large withdrawals, leading to a tax balance owing at filing.
Amounts deemed received on death
The fair market value of the RRSP at the date of death. Reported on the deceased's final T1 unless rolled to a qualifying survivor (spouse, financially dependent child) — then the survivor reports under Box 18 with an offsetting RRSP transfer deduction.
Transfers
Amounts transferred directly between RRSPs / RRIFs, or between spouse plans after breakdown, using Form T2033 or T2220. The full amount hits Line 12900 as income and a matching deduction hits Line 20800 — net tax effect is zero.
Check against: Form T2033 / T2220 on file; the transferor and transferee slips should reconcile.
A T4RSP (Statement of RRSP Income) reports withdrawals, annuity payments, and other amounts from your Registered Retirement Savings Plan. Issued by the RRSP administrator any year you take income from the plan.
Box 22 (Other income — standard RRSP withdrawal) goes on Line 12900 of your T1. Fully taxable at marginal rate. Tax already withheld (Box 30) flows to Line 43700.
No — HBP withdrawals (Box 27) are tax-free up to $60,000 per person. They must be repaid to your RRSP over 15 years; missed repayments become taxable income in the year the repayment was due.
T4RSP reports income from an RRSP (accumulation phase or early withdrawal). T4RIF reports income from a RRIF or LIF (payout phase — mandatory minimum withdrawals begin the year after conversion).
CRA prescribed: 10% up to $5,000, 20% on $5,001–$15,000, 30% above $15,000 (Quebec rates are roughly half because provincial withholding is separate). Often too low for high earners — plan for a balance owing at filing.
RRSP Withdrawal Tax Calculator →
Federal + provincial marginal tax on any withdrawal, all 13 provinces.
RRSP Contribution Room Calculator →
Figure out how much room you have this year, including unused carry-forward.
Spousal RRSP Calculator →
3-year attribution rule, income-splitting at retirement.
T4 Slip Guide →
Every T4 box explained — CPP, EI, RPP, benefits, and 15 Other Information codes.
Sources
T4RSP box definitions from the CRA T4RSP and T4RIF guide (T4079) and Line 12900 (RRSP income) guidance. HBP limit $60,000 effective April 16, 2024 (Budget 2024). CRA withholding schedule per Making RRSP withdrawals before you retire.