Line 129 - Registered retirement savings plan (RRSP) income

Registered retirement savings plan (RRSP) income refers to money you withdraw from or receive out of your RRSP. This income will be shown on a T4RSP, Statement of RRSP Income slip.

If the money you received relates to:

• A spousal or common-law partner RRSP, see Withdrawing from spousal or common-law partner RRSPs.
• Funds withdrawn under the Home Buyers' Plan, see Home Buyers' Plan.
• Funds withdrawn under the Lifelong Learning Plan, see Lifelong Learning Plan.

Annuity payments shown in box 16 of your T4RSP slip may qualify for the pension income amount (line 314 of Schedule 1).

If you or your spouse or common-law partner withdrew unused (unclaimed) RRSP contributions (made after 1990), you may be able to claim a deduction on line 232 - Other deductions.

Also, you may be able to jointly elect with your spouse or common-law partner to split RRSP annuity payments that you reported on line 129.

Questions and answers for 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?
  
  
• 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?
  
  
• 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?
  
  
• I forgot to put money into my RRSP to pay back the HBP. When should I have done that? What do I do now?
  
  
• 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.
  

Completing your tax return

On line 129, enter the total of amounts shown in boxes 16, 18, 28, and 34 of your T4RSP slips.

Also include the amounts from boxes 20, 22, and 26, unless your spouse or common-law partner made a contribution to your RRSP in 2007, 2008 and 2009. If this is your case, see Withdrawing from spousal or common-law partner RRSPs first.

Forms and publications

• General Income Tax and Benefit Guide
• Guide T4040, RRSPs and Other Registered Plans for Retirement
• Form T1032, Joint Election to Split Pension Income

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