A T4RSP slip is the Canadian tax slip your RRSP issuer sends when funds come out of a registered retirement savings plan. It shows what was paid out, by type, and how much income tax was withheld, and the total goes on line 12900 of your return. The tax withheld at the bank is only a prepayment: the full withdrawal is added to your income for the year, so you can still owe more.
You'll get one T4RSP from each issuer that paid you something from an RRSP during the calendar year. Issuers have to file the slips by the last day of February after that year. Every rate and box below comes from the CRA's own pages and Guide T4079, as of October 2026.
What triggers a T4RSP
Income earned inside an RRSP is usually exempt from tax while it stays in the plan. You generally pay tax when you cash in, make withdrawals or receive payments from the plan, and that's what the slip records. A few things that look like withdrawals aren't:
- A direct transfer from one RRSP to another is treated as a transfer of funds, not a withdrawal.
- Locked-in RRSPs generally can't be withdrawn from at all; ask your issuer if you're not sure whether yours is locked in.
- Home Buyers' Plan and Lifelong Learning Plan withdrawals still appear on the slip, but in their own boxes, because they're repaid rather than taxed when they come out.
The T4RSP boxes that matter
| Box | What it reports |
|---|---|
| 16 | Annuity payments made on or after the plan matured |
| 18 | Refund of premiums paid to a surviving spouse or common-law partner |
| 20 | Refund of unused contributions |
| 22 | Withdrawal and commutation payments, the usual box for a cash withdrawal |
| 24 | Yes or no: whether the payment came from a spousal or common-law partner RRSP |
| 25 | Lifelong Learning Plan (LLP) withdrawal |
| 26 | Amounts deemed received on deregistration |
| 27 | Home Buyers' Plan (HBP) withdrawal |
| 28 | Other income or deductions |
| 30 | Income tax deducted |
| 34 | Amounts deemed received on death |
| 35 | Transfers on breakdown of marriage or common-law partnership |
| 40 | Tax-paid amount paid to certain beneficiaries of a trusteed RRSP |
Box 22 is net of fees such as redemption charges, and the issuer withholds tax on that net amount. If box 24 says yes, the contributor's social insurance number can appear in box 36, and the annuitant may need Form T2205 to work out whose income the withdrawal is.
How much tax the bank withholds
For residents of Canada, the issuer withholds tax based on the size of the withdrawal, as of October 2026:
| Amount withdrawn | Withholding outside Quebec | Withholding in Quebec (federal part) |
|---|---|---|
| Up to $5,000 | 10% | 5% |
| Over $5,000, up to and including $15,000 | 20% | 10% |
| Over $15,000 | 30% | 15% |
For funds held in Quebec, provincial tax is withheld on top. For non-residents of Canada, withholding is 25% unless a tax treaty reduces it.
The part people miss: withholding isn't your tax bill
This is where most T4RSP surprises come from. The CRA says plainly that the tax withheld may not be enough to cover the tax you owe at your bracket, and you may have to pay more when you include the withdrawal on your return. The rate is set by the size of each withdrawal, not by your income. Someone earning a good salary who takes out $5,000 has 10% withheld, then the whole $5,000 is taxed at their marginal rate in April.
So if you're withdrawing from an RRSP mid-year, set some aside. The slip will show the gross amount in the payout boxes and the tax already paid in box 30, and your return does the rest.
Where the slip goes on your return
- Add up the income amounts from all your T4RSP slips and enter the total on line 12900, "RRSP income (from all T4RSP slips)".
- Enter the tax shown in box 30 with the other tax deducted on your return, so it's credited against what you owe.
- If you made an HBP or LLP withdrawal, use the amount from box 27 or box 25 for that plan's records rather than as ordinary income.
- If the slip shows a spousal RRSP (box 24 ticked yes), check Form T2205 before you file, because part or all of the income may belong on the contributor's return.
- Keep the slip with your records even if you file online, in case the CRA asks to see it.
If you've also got employment income, your T4 slip goes on a different line, and pension or other income from a T4A slip sits elsewhere again. The T4RSP only ever carries RRSP payouts.
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When there's no withholding
Issuers withhold tax on payments made during the original annuitant's lifetime, with exceptions. Periodic annuity payments aren't subject to it, and neither is a refund of unused contributions where you've given the issuer an approved Form T3012A. If you ask for a refund of unused contributions without that form, tax is withheld and the amount goes in box 20.
The verdict
A T4RSP isn't a bill and it isn't a refund. It's the record of what came out of your RRSP and what was prepaid on it. Put the income on line 12900, claim the tax in box 30, and if you withdrew a lump sum during the year, expect to owe a top-up when your marginal rate is higher than the withholding rate. Planning the withdrawal is far cheaper than being surprised by it.
Frequently asked questions
What is a T4RSP slip?
It's the slip an RRSP issuer gives you to report amounts paid out of a registered retirement savings plan during the year and the income tax withheld on them.
Where do I enter a T4RSP on my tax return?
Add the income amounts from all your T4RSP slips and enter the total on line 12900, RRSP income. The tax in box 30 is claimed as tax already deducted.
How much tax is withheld on an RRSP withdrawal?
For Canadian residents outside Quebec, 10% on up to $5,000, 20% on over $5,000 up to $15,000, and 30% over $15,000, as of October 2026. Non-residents have 25% withheld unless a treaty reduces it.
Why do I owe tax after an RRSP withdrawal when tax was already withheld?
The withholding is based on the size of the withdrawal, not your income. The full amount is added to your income, so if your marginal rate is higher than the withholding rate, you pay the difference.
When are T4RSP slips issued?
RRSP issuers have to file T4RSP information returns by the last day of February following the calendar year the slips cover.
