Form T1171 Tax Withholding Waiver on Accumulated Income Payments From Resps - Canada

Form T1171 Instructions

Follow these steps to prepare the T1171 Form:

1. Enter your full name, social insurance number, and current address. Write down the amount of the AIP you are going to receive.
2. State the deduction limit on the registered retirement savings plan - you can find it in the notice of assessment you have received for the previous year. Record the smaller amount on the third line of the form.
3. Calculate the total amount of money you have saved in previous years. Deduct the number above from the allowable lifetime limit of $50,000.
4. Indicate the total amount you and your spouse or common-law partner have put into your savings this year.
5. Deduct the number above from the sum of money you have computed for Line 6. Choose the lower number between Lines 3 and 8 and write it down - this will be considered the AIP part on which you authorize the promoter not to withhold tax.
6. State the name of the provider and the number of the contract you have signed with them.
7. Indicate the amount of money transferred and specify the recipient - the name of the savings plan and the account number. Check the box to show which savings plan will remain untouched and who it belongs to.