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 and reported on Line 12900 with your other RRSP income. 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 the surviving spouse or common-law partner from a deceased annuitant's unmatured RRSP. (A refund of premiums paid to other qualifying survivors, such as a financially dependent child or grandchild, is reported in Box 28 instead.) 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 unused contributions
Refund of RRSP contributions you made in 1991 or later and did not deduct. Report it as income; you can claim an offsetting deduction with Form T746. If the CRA approved Form T3012A before the refund, the issuer withholds no tax; otherwise any tax withheld is in Box 30 and goes on Line 43700.
Withdrawal and commutation payments
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. Commutation payments (a lump sum in place of future RRSP annuity payments) are also reported in this box.
Lifelong Learning Plan (LLP) withdrawal
LLP withdrawals for qualifying education — up to $10,000 per year and $20,000 in total each time you participate. Non-taxable when received. Repaid over 10 years; repayments start no later than the 5th year after the first withdrawal, and often sooner. 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 2022-2028 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 or deductions
Income and deductions that do not fit the other boxes, netted to one figure — for example a refund of premiums paid to a qualifying survivor other than a spouse, or the value of RRSP property used as security for a loan. A negative (bracketed) amount is a deduction.
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 paid to a qualifying survivor as a refund of premiums — a spouse or common-law partner reports it from Box 18, another qualifying survivor (such as a financially dependent child) from Box 28.
Transfers on breakdown of marriage or common-law partnership
Amounts transferred directly to a current or former spouse's or common-law partner's plan to divide property after the relationship broke down, usually with Form T2220. Routine transfers between your own RRSPs or to a RRIF (Form T2033) do not appear on a T4RSP.
Check against: Form T2220 and the court order or separation agreement.
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, including regular withdrawals, HBP/LLP participation, and inherited RRSP amounts.
T4RSP Box 22 (Withdrawal and commutation payments — the standard RRSP withdrawal box) goes on Line 12900 of your T1 general. It is fully taxable at your marginal rate. The tax already withheld by the issuer is shown in Box 30 and flows to Line 43700.
No. HBP withdrawals (Box 27 of the T4RSP) are not taxable in the year received, up to $60,000 per person. They must be repaid to your RRSP over 15 years; missed repayments are added to income on Line 12900 in the year the repayment was due.
T4RSP reports income from a RRSP (still in accumulation phase or early withdrawal). T4RIF reports income from a RRIF or LIF (the payout phase — mandatory minimum withdrawals start the year after conversion). T4RSP amounts go on Line 12900; RRIF payments from a T4RIF (Boxes 16 and 22) go on Line 11500 if you are 65 or older (or received them because your spouse died), otherwise on Line 13000. The qualifying rules for pension splitting and the pension income amount also differ.
CRA prescribed withholding: 10% on withdrawals up to $5,000, 20% on $5,001-$15,000, 30% on amounts over $15,000. Quebec residents see a lower federal component — 5%/10%/15% at the same thresholds — but Revenu Québec adds a separate 14-point provincial withholding on top, so the Quebec combined rate (19%/24%/29%) is close to, not half of, the rest-of-Canada rate. For high-income earners in high-tax provinces, this withholding is often too low and leaves 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.
RRSP Withholding Tax Rates →
Quick-reference table for Box 30 withholding — federal and Quebec, by withdrawal size.
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 Tax rates on RRSP withdrawals.