Form T4RSPSUM T4rsp Summary - Canada (English / French)

Form T4RSPSUM, also known as T4RSP Summary, is used in Canada to report distributions from a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF). This form summarizes the information related to these distributions, such as the total amounts received and the tax withheld. It is used by individuals to report their income and by the Canada Revenue Agency for tax purposes.

The form T4RSPSUM T4RSP Summary in Canada is filed by individuals who have received withdrawals from their registered retirement savings plans (RRSPs) or registered retirement income funds (RRIFs).

FAQ

Q: What is a T4RSPSUM?
A: T4RSPSUM is a summary of the distributions from Registered Retirement Savings Plans (RRSPs) made to you during the year.

Q: What is a T4RSP?
A: T4RSP is a slip that shows the amounts withdrawn from your RRSP and transferred to a Registered Retirement Income Fund (RRIF) or an annuity.

Q: Do I need to include T4RSPSUM with my tax return?
A: Yes, you must include the T4RSPSUM with your tax return when reporting your RRSP income.

Q: Will I be taxed on the distributions from my RRSP?
A: Yes, distributions from your RRSP are generally considered taxable income and must be reported on your tax return.

Q: Do I need to report distributions from my RRSP if I reinvested them into another RRSP?
A: Yes, even if you reinvested the distributions into another RRSP, you must still report them as income on your tax return.

Q: How do I get a copy of my T4RSPSUM?
A: You can usually get a copy of your T4RSPSUM from your financial institution or from the issuer of the RRSP.

Q: Are there any penalties for not reporting my RRSP income?
A: Yes, failing to report your RRSP income can lead to penalties and interest charges from the Canada Revenue Agency.

Q: Do I need to attach the T4RSP slips to my tax return?
A: No, you do not need to attach the T4RSP slips to your tax return, but you should keep them for your records in case of an audit.