Line 208 – RRSP and PRPP deduction

A registered retirement savings plan (RRSP) is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute.

A pooled registered pension plan (PRPP) is a retirement savings option for individuals, including self-employed individuals who do not have access to a workplace pension plan or where a workplace pension plan does not exist. For more information on PRPPs, go to Pooled Registered Pension Plan (PRPP) – information for individuals.

Deductible RRSP and PRPP contributions can be used to reduce your tax. Generally, any income you earn in the RRSP or PRPP is exempt from tax as long as the funds remain in the plan, however, you usually have to pay tax when you receive payments from these plans. For more information, see How much can I contribute and deduct?

Important dates

February 29, 2016, is the deadline for contributing to your RRSP for amounts you want to deduct on your 2015 tax return.

For more information, see Questions and answers about Line 208 – RRSP deduction.

Completing your income tax and benefit return

On line 208, enter your RRSP or PRPP deduction claim. Attach Schedule 7 if you are required to complete it.

Receipts

Attach receipts for all amounts you contributed from March 3, 2015 to February 29, 2016, to your paper income tax and benefit return, including those you are not deducting on your income tax and benefit return for 2015 and those you are designating as Home Buyers' Plan or Lifelong Learning Plan repayments.

Completing your Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities

Follow the guidelines at the top of Schedule 7 to find out if you have to complete it.

Forms and publications

Related links

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