Canada Revenue Agency
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Questions and answers about Line 129 - Registered retirement savings plan (RRSP) income
I took money out of my RRSP to pay last year's taxes. Now I have a T4RSP slip with an amount in box 22 and tax deducted in box 30. Where do they go?
Enter the amount from box 22 on line 129 and the amount from box 30 on line 437 of you tax return.
When you withdraw any amount from your RRSPs, you must report it as income on your tax return for the year. The financial institution will send you a T4RSP slip to show the amount you withdrew and the income tax they withheld.
I am 67 years old and I have been taking money out of my RRSP, and the T4RSP shows an amount in box 22. How do I report this amount?
Enter the amount from box 22 of the T4RSP slip on line 129 of your tax return. Enter the amount from box 30 of the T4RSP slip on line 437.
I am 63 years old and getting an annuity from my RRSP because I don't want to work any longer. My husband is still working. Where do I claim the amount in box 16 of the T4RSP slip?
Enter the amount from box 16 of the T4RSP on line 129 of your tax return.
I forgot to put money into my RRSP to pay back the HBP. When should I have done that? What do I do now?
You must contribute to your RRSP during the tax year, or during the first 60 days of the next year, to be eligible as a repayment under the HBP.
If you fail to make these payments to your RRSP for the HBP, you must include this amount as income on line 129 of your tax return for the year.
The HBP repayment guidelines require a minimum repayment amount each year beginning the second year following the year of withdrawal. You are not able to skip a year and double up next year.
My spouse passed away and left me his RRSP. I put it into my RRSP. Now I've received a T4RSP that shows $50,000 in box 18. I thought I didn't have to pay taxes. I can't afford that much.
Payments from an unmatured RRSP to a surviving spouse, who is named as beneficiary in the RRSP contract, may be transferred to the surviving spouse's RRSP before December 31 of the year after the year of death. If you do this, you will not have to pay tax on the transferred amount. The financial institution should give you an official receipt for the amount that was transferred.
Enter the amount transferred on line 2 or 3 of Schedule 7 and do the necessary calculations. Also enter the amount on line 240 of Schedule 7. Attach the schedule and your receipt to your tax return. Enter the RRSP amount on line 129 of your tax return, and claim a deduction for the same amount on line 208.